The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) post-implementation review of the hedge accounting requirements in IFRS 9 Financial Instruments and the hedge accounting disclosure requirements in IFRS 7, Financial Instruments: Disclosures. The third stage of this post-implementation review focuses on assessing the effectiveness of the hedge accounting requirements.
In undertaking the review, the IASB will assess whether:
- the new requirements are working as intended;
- benefits to users of the information resulting from entities applying the new requirements not significantly lower than was expected; and
- the costs of applying the new requirements, as well as of auditing and enforcing their application, are as expected.
The AcSB is participating in the consultations and activities on this project to ensure that Canadian entities’ financial reporting needs are considered by the IASB.