The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to develop targeted improvements to the structure and content of the primary financial statements, with a focus on the statement of financial performance. This project is part of the IASB’s plan to promote better communication in financial reporting.
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 IFRS Standards for publicly accountable enterprises.