November 5, 2014
AcSB Decision Summary – November 5-6, 2014
The AcSB discussed the Office of the Superintendent of Financial Institutions of Canada’s draft advisory regarding early adoption of IFRS 9 for federally regulated entities with October year ends. The AcSB decided to submit a comment letter on this topic. The letter notes that the AcSB concerns itself with the quality of Canadian entities’ implementation of new IFRSs, in particular standards as complex as IFRS 9, given the interpretation risk and the associated implementation costs.
March 20, 2012
AcSB Decision Summary – March 20-21, 2012
The AcSB approved the incorporation of Mandatory Effective Date and Transition Disclosures, amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, recently issued by the IASB, into Part I of the CICA Handbook – Accounting.
October 12, 2011
AcSB Decision Summary – October 12, 2011
The AcSB agreed on the content of its response to the IASB’s Exposure Draft, “Financial Instruments — Mandatory Effective Date of IFRS 9”.
December 15, 2010
AcSB Decision Summary – December 15, 2010
The AcSB approved the incorporation of IFRS 9 Financial Instruments, as amended by the IASB in October 2010, concerning financial liabilities, into Part I of the Handbook.
September 7, 2010
AcSB Decision Summary – September 7-8, 2010
The AcSB approved a comment letter to the US Financial Accounting Standards Board (FASB) on its Exposure Draft, “Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities.”
July 14, 2010
AcSB Decision Summary – July 14, 2010
The AcSB discussed the development of a response to the FASB Exposure Draft, "Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities". No decisions were made.
June 16, 2010
AcSB Decision Summary – June 16, 2010
The AcSB directed the staff to develop a response to the IASB Exposure Draft, “Fair Value Option for Financial Liabilities.” The AcSB agrees that most financial liabilities should be measured at amortized cost. It is concerned with the following aspects of the proposal:
- The possible diversity of approaches to measuring the component of the change in fair value of a financial liability that would be recognized in other comprehensive income.
- The inconsistency in use of other comprehensive income that would result from not requiring recycling of a gain or loss on early settlement of a financial liability.
The AcSB also decided to respond to the FASB’s Invitation to Comment in its May 26, 2010 Exposure Draft, “Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities.”
April 9, 2010
AcSB Decision Summary – April 9, 2010
The AcSB agreed to issue exposure drafts on measurement of financial liabilities and hedge accounting when issued by the IASB. These documents are expected to be issued during the second quarter of 2010.
December 10, 2009
AcSB Decision Summary – December 10, 2009
The AcSB reviewed comment letters received in response to its July 2009 Exposure Draft, “Financial Instruments: Classification and Measurement,” as well as responses submitted by Canadians to the IASB on its Exposure Draft of the same name. The AcSB approved the addition of IFRS 9 Financial Instruments to Part I of the CICA Handbook – Accounting. IFRS 9 applies to the classification and measurement of financial assets and is mandatory for years beginning on or after January 1, 2013. Earlier application is permitted. IFRS 9 will be included in the first update to Part I, at the end of the first quarter of 2010.
October 14, 2009
AcSB Decision Summary – October 14, 2009
The AcSB received an update on the IASB project to replace IAS 39 Financial Instruments: Recognition and Measurement.
July 16, 2009
AcSB Decision Summary – July 16, 2009
The AcSB discussed the recently published IASB Exposure Draft, “Financial Instruments: Classification and Measurement." This document proposes a new standard that would replace some of the requirements of IAS 39, Financial Instruments: Recognition and Measurement. It is the first of three Exposure Drafts the IASB intends to publish before the end of 2009 that would ultimately result in a complete replacement of IAS 39. The IASB comment deadline on this Exposure Draft is September 14, 2009. The IASB intends to make the proposed requirements on classification and measurement available for implementation for December 2009 year-ends. The standard resulting from this Exposure Draft, as well as related new standards on impairment of financial assets and hedge accounting, is not expected to be mandatory before January 1, 2012. Canadian entities are expected to be able to adopt the entire set of new requirements on transition to IFRSs.
The AcSB will issue the Exposure Draft for comment but does not intend to incorporate the resulting standard into existing Canadian accounting requirements. The AcSB is concerned that it will be difficult to assess fully the implications of the Exposure Draft’s proposals without the proposals on impairment of financial assets and hedge accounting. The AcSB will continue to monitor the IASB’s deliberations and the effect of new proposals on Canadian entities’ transition to IFRSs.
The AcSB also decided on plans to respond to the IASB Exposure Draft.