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IFRS® Accounting Standards

Management Commentary

Summary

The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to revise IFRS Practice Statement 1 Management Commentary (Practice Statement). This Practice Statement sets out a non-binding framework for preparing management commentary on financial statements prepared applying IFRS Standards.

The revised Practice Statement is intended to help entities prepare management commentaries that better meet the information needs of the primary users of financial reports.

The Practice Statement is not an IFRS standard. Consequently, entities applying IFRSs are not required to comply with the Practice Statement, unless specifically required by their jurisdiction.

Staff Contact(s)

Katherine Knowlton, CPA, CA Associate Director, Accounting Standards Board

Project Status

  • Information gathering

    Completed prior to November 2017

  • Approving project

    The IASB added the project to its agenda in November 2017

  • Consulting stakeholders

    The IASB issued an Exposure Draft, Management Commentary in May 2021

  • Deliberating feedback

    The AcSB submitted its response letter to the IASB in November 2021

    The IASB is currently deliberating comments on their Exposure Draft

  • Final pronouncement

News


December 6, 2021

International Activity

AcSB Response – Management Commentary

On November 18, 2021, the AcSB responded to the IASB’s Exposure Draft, issued in May 2021. The AcSB’s letter expresses support for the IASB’s project to update the existing Management Commentary Practice Statement. Specifically, the AcSB commented on aspects of the proposals, including the users of management commentary, materiality, and the statement of compliance. Read our letter to find out more!

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, “Management Commentary,” 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 November 23, 2021, with a copy to the AcSB.

July 8, 2021

AcSB Decision Summary – June 16-17, 2021

The AcSB received an education session on the IASB’s Exposure Draft, “Management Commentary.” The Board will decide on its plan to respond to this Exposure Draft and will finalize its plan at a future meeting. Responses to this Exposure Draft are due to the IASB by November 23, 2021.

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.