The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to amend four International Financial Reporting Standards (IFRSs) as part of its 2011 – 2013 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 3: scope exception for joint arrangements;
- IFRS 13: portfolio exception;
- IAS 40: interrelationship of IFRS 3 and IAS 40 when classifying property; and
- Basis for Conclusions IFRS 1: meaning of effective IFRSs.
The AcSB is participating in the activities on the project to ensure that Canadian entities’ financial reporting needs are considered by the IASB. The amendments will be incorporated into Canadian GAAP in accordance with the AcSB’s strategy of adopting IFRSs for publicly accountable enterprises.