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 currently potential confusion in paragraph B38 of IFRS 7 Financial Instruments: Disclosures arising from the reference to a paragraph that has been deleted from the Accounting Standard (paragraph 27A). The objective of this project is to replace the reference to this paragraph with a reference to paragraphs 72-73 of IFRS 13 Fair Value Measurement and also amend wording in paragraph B38 to align with IFRS 13.
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.