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IFRS® Accounting Standards

Primary Financial Statements


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.

Staff Contact(s)

Matthew Bishop, CPA, CA Principal, Accounting Standards Board

Project Status

  • Information gathering

    Completed prior to July 2014

  • Approving project

    The IASB added the project to its research agenda in July 2014

  • Consulting stakeholders

    The IASB issued its Exposure Draft, General Presentation and Disclosures in December 2019

    The AcSB has issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic

    Virtual roundtable discussions held in April and May 2020

    Stakeholders are encouraged to respond with their comments by September 30, 2020

  • Deliberating feedback

    The IASB and the AcSB are deliberating comments on their Exposure Drafts

  • Final pronouncement

    The IASB issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024


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.