The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) targeted standards-level review of disclosures project.
The objective of this project is to help preparers improve the usefulness of disclosures for the primary users of financial statements. The IASB is:
- developing guidance for itself to use when developing and drafting disclosure requirements in the future; and
- testing this draft guidance by applying it to the disclosure requirements in IAS 19 Employee Benefits and IFRS 13 Fair Value Measurement. The aim of the test is to improve the guidance for the IASB and the disclosure requirements in these two standards.
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 Standards for publicly accountable enterprises.