The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) annual improvements 2023 cycle, to produce a collection of unrelated minor amendments to IFRS® Accounting Standards.
There is an inconsistency between paragraph 28 of IFRS 7 Financial Instruments: Disclosures and paragraph IG14 of its accompanying implementation guidance. In 2011 the IASB amended paragraph 28 of IFRS 7 but did not similarly amend paragraph IG14 accompanying IFRS 7. The objective of this project is to amend paragraph IG14 to make it consistent with paragraph 28 of IFRS 7.
The AcSB’s due process includes ensuring that Canadian entities’ financial reporting needs are considered by the IASB and issuing the AcSB’s own exposure draft on each IASB proposal. Subject to the responses to the AcSB’s exposure draft on whether the IASB’s proposals are appropriate for application in Canada, the AcSB expects that the amendments will be incorporated into Canadian GAAP in accordance with the AcSB’s strategy of adopting IFRS Accounting Standards for publicly accountable enterprises.