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 2020.
The AcSB’s Due Process – Endorsing IFRS Standards
The AcSB is involved early in the process and throughout the life of an IFRS® Standards project to understand the views of Canadian stakeholders and influence the development of 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.
2020 Changes to Part I
The 2020 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.
The 2020 changes to Part I include COVID-19-Related Rent Concessions, Interest Rate Benchmark Reform – Phase 2, amendments to IFRS 17 Insurance contacts, and much more!
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