The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’ s(IASB) project to amend 11 International Financial Reporting Standards (IFRSs) as part of its 2010—2012 Annual Improvements project.
This cyclical project is an efficient method to deal with a collection of narrow‑scope IFRS amendments, specifically relating to the following:
- IFRS 2: definition of “vesting conditions”;
- IFRS 3: accounting for contingent consideration in a business combination;
- IFRS 8: aggregation of operating segments and reconciliation of the total of the reportable segments’ assets to the entity’s assets;
- IAS 1: current/non-current liabilities classification ;
- IAS 7: interest paid that is capitalized;
- IAS 12: recognition of deferred tax assets for unrealized losses;
- IAS 16 and IAS 38: requirements for revaluation model;
- IAS 24: key management personnel services provided by management entity;
- IAS 36: disclosures harmonization for value in use and fair value less costs of disposal; and
- Basis for Conclusions IFRS 13: short-term receivables and payables measurement.
The AcSB participates in the consultations and activities on the project to ensure that Canadian entities’ financial reporting needs are considered by the IASB. The amendment will be incorporated into Canadian GAAP in accordance with the AcSB’s strategy of adopting IFRSs for publicly accountable enterprises.