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 2012 – 2014 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 5: changes in methods of disposals;
- IFRS 7: servicing contracts;
- IFRS 7: applicability of the amendments to IFRS 7 to condensed interim financial statements;
- IAS 19: discount rate: regional market issue; and
- IAS 34: disclosure of information ‘elsewhere in the interim financial report’.
The AcSB is participating in the activities of 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.