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IFRS® Accounting Standards

Annual Improvements to IFRS® Accounting Standards — Transaction Price (Amendments to IFRS 9)


The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) Annual Improvements to IFRS® Accounting Standards – Volume 11 project, to produce a collection of unrelated minor amendments to IFRS® Accounting Standards.

There is currently potential confusion arising from a reference in Appendix A to IFRS 9 Financial Instruments to the definition of ‘transaction price’ in IFRS 15 Revenue from Contracts with Customers. The term ‘transaction price’ is used in certain paragraphs of IFRS 9 with a meaning that is not necessarily consistent with the definition of that term in IFRS 15. The objective of this project is to amend IFRS 9 to remove this inconsistency by deleting the reference to ‘transaction price’ and the associated references to IFRS 15.

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.

Staff Contact(s)

Dominique Hamel, MSc, CPA Principal, Accounting Standards

Eric English, CPA, CA Principal, Accounting Standards

Project Status

  • Information gathering

    Ongoing as part of the AcSB’s support during various international consultative activities

  • Approving project

    The IASB discussed several proposed amendments that will be included in the next Annual Improvements to IFRS Accounting Standards cycle at its February and May 2023 meetings

  • Engaging Communities

    The IASB issued its Exposure Draft, Annual Improvements to IFRS Accounting Standards – Volume 11, in September 2023

    The AcSB issued its Exposure Draft, which corresponds to the IASB Exposure Draft, in October 2023

  • Deliberating feedback

    The AcSB submitted its response letter to the IASB in December 2023

    The IASB is currently deliberating comments on their Exposure Draft

  • Final pronouncement

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal voting process.