The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to amend three International Financial Reporting Standards (IFRSs) as part of its 2014 – 2016 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 1: deletion of short-term exemptions for first-time adopters;
- IFRS 12: clarification of the scope of the disclosure requirements; and
- IAS 28: measuring investees at fair value through profit or loss on an investment-by-investment basis.
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 IFRSs for publicly accountable enterprises.