The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) comprehensive project to determine whether (or how) IFRS Accounting Standards should be amended to provide guidance on rate-regulated activities. In January 2014, the IASB issued interim IFRS 14 Regulatory Deferral Accounts to provide guidance for first-time adopters of IFRS Accounting Standards with rate-regulated activities pending completion of this project.
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 generally accepted accounting principles in accordance with the AcSB’s strategy of adopting IFRS® Accounting Standards for publicly accountable enterprises.