The AcSB has approved for issuance a document summarizing the endorsement activities carried out as part of its due process in support of the changes made to IFRS Standards in Part I of the CPA Canada Handbook – Accounting in 2019.
The AcSB’s Due Process – Endorsing IFRS Standards
New or amended IFRS Standards are not part of Canadian GAAP until the AcSB has endorsed and incorporated them into Part I of the Handbook. The AcSB performs the following three steps before reaching a conclusion on whether the new or amended standard is appropriate for application in Canada:
Step 1 – Gain an understanding of the new or amended IFRS Standard
Step 2 – Assess the IASB’s due process in developing the new or amended IFRS Standard
Step 3 – Evaluate whether the requirements of the new or amended IFRS Standard are appropriate for application in Canada
Documenting Endorsement Activities
The AcSB issues a due process summary to communicate the actions taken and the considerations that Board members deemed significant in deciding to endorse and incorporate new and amended IFRS Standards into Canadian GAAP.
2019 Changes to Part I
The 2019 changes made to Part I to incorporate new or amended IFRS Standards, as well as the Board’s endorsement activities for each change, is summarized in Appendix 1 in the document below.