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IFRS® Accounting Standards

Disclosure Initiative – Targeted Standards-level Review of Disclosures

Summary

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  • testing this draft guidance by applying it to the disclosure requirements in IAS 19 Employee Benefits and IFRS 13 Fair Value Measurement.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.

Staff Contact(s)

Jayshal Rajendra Daya, CPA, CA Principal, Accounting Standards Board

Jamie Goodman, CPA, CA Principal, Accounting Standards Board

Project Status

  • Information gathering

    Completed prior to March 2018

  • Approving project

    The IASB added the project to its agenda in March 2018

  • Consulting stakeholders

    IASB Exposure Draft issued in March 2021

    AcSB Exposure Draft, which corresponds to the IASB Exposure Draft, issued in May 2021

    The AcSB held outreach events throughout June and July 2021

  • Deliberating feedback

    The AcSB submitted its response letter to the IASB in January 2022

    The IASB deliberated comments on their Discussion Paper between February 2022 – October 2022

    At its meeting in October 2022, the IASB decided to use a ‘middle-ground’ approach to drafting disclosure requirements

    The IASB also decided not to proceed with any further work on the disclosure requirements in IFRS 13 Fair Value Measurement and IAS 19 Employee Benefits

  • Final pronouncement

    The IASB published a Project Summary in March 2023

Read the IASB’s Project Report

News


January 19, 2022

International Activity

AcSB Response – Disclosure Requirements in IFRS Standards – A Pilot Approach

On January 12, 2022, the AcSB responded to the IASB’s Exposure Draft issued in March 2021. The AcSB’s letter included several comments, most notably that stimulating changes to current behaviour towards disclosure requirements may prove to be the most significant barrier to achieving effective application of the IASB’s proposed amendments. Read our letter to find out more!

July 30, 2021

International Activity

Update – IASB and AcSB extend comment period on Exposure Draft – Disclosure Requirements in IFRS Standards

The IASB extended the comment period for its Exposure Draft to January 12, 2022. The extended comment period will allow more time for preparers to engage in fieldwork and provide feedback on the practical application of the proposals. The AcSB updated its Exposure Draft that corresponds to the IASB’s Exposure Draft to reflect the extended deadline.

May 3, 2021

News

AcSB Exposure Draft – Disclosure Requirements in IFRS Standards — A Pilot Approach

The AcSB has issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by October 21, 2021.

April 12, 2021

International Activity

IASB Exposure Draft – Disclosure Requirements in IFRS Standards – A Pilot Approach

The IASB issued an Exposure Draft proposing guidance on developing and drafting disclosure requirements for IFRS Standards in the future. The document includes also amendments to the disclosure section of IFRS 13 Fair Value Measurement and IAS 19 Employee Benefits. Canadian stakeholders are encouraged to submit their comments to the IASB by October 21, 2021.

Meeting & event summaries


November 10, 2021

AcSB Decision Summary – November 10-11, 2021

The AcSB discussed its draft response letter to the IASB’s Exposure Draft, “Disclosure Requirements in IFRS Standards—A Pilot Approach,” and provided staff with comments to incorporate into the final letter. The Board encourages stakeholders to share their views on the Exposure Draft by submitting their response letters to the IASB by January 12, 2022, with a copy to the AcSB. If respondents would like the Board to consider their comments before finalizing its letter to the IASB, they should submit their response letters to the AcSB before December 15, 2021.

October 28, 2021

AcSB Decision Summary – October 13-14, 2021

The AcSB discussed the key points to include in its response letter to the International Accounting Standard Board’s (IASB) Exposure Draft, “Disclosure Requirements in IFRS Standards – A Pilot Approach.”. As part of the discussion, the Board considered stakeholder feedback obtained through its outreach on this project, including a targeted user event. The Board will discuss a draft of its response letter at its meeting in November 2021.

The AcSB encourages stakeholders to share their views on the Exposure Draft by submitting comment letters to the IASB by January 12, 2022, with a copy to the AcSB. If respondents would like the Board to consider their comments when drafting its letter to the IASB, they should submit their response letters to the AcSB before November 30, 2021.

May 13, 2021

AcSB Decision Summary – May 5, 2021

The AcSB received education sessions on the International Accounting Standard Board’s (IASB) Request for Information, “Third Agenda Consultation,” and the Exposure Draft, “Disclosure Requirements in IFRS Standards—A Pilot Approach (Proposed amendments to IFRS 13 and IAS 19).” The Board discussed plans to respond to the Request for Information and the Exposure Draft. The Board requested staff to assess the extent of outreach it will undertake on these projects, including a coordinated approach that includes the forthcoming AcSB Draft Strategic Plan and the demands that will be placed on stakeholders.

Stakeholders are encouraged to monitor the AcSB’s website for opportunities to share feedback on the Request for Information and the Exposure Draft. Response letters to the IASB (with a copy to the AcSB) are due on September 27, 2021, for the Request for Information and October 21, 2021, for the Exposure Draft.

Disclaimer

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.