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® Accounting Standards in Part I of the CPA Canada Handbook – Accounting in 2025.
The AcSB’s Due Process – Endorsing IFRS Accounting Standards
The AcSB is involved early in the process and throughout the life of an IFRS® Accounting Standards project to understand the views of Canadians and influence the development of standards. New or amended IFRS Accounting 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 Accounting Standard.
Step 2 – Assess the IASB’s due process in developing the new or amended IFRS Accounting Standard.
Step 3 – Evaluate whether the requirements of the new or amended IFRS Accounting 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 Accounting Standards into Canadian GAAP.
2025 Changes to Part I
The 2025 changes made to Part I to incorporate new or amended IFRS Accounting Standards, as well as the Board’s endorsement activities for each change, are summarized in the Appendix in the document below.
The 2025 changes to Part I include IFRS 9 Financial Instruments, IFRS 7 Financial Instruments: Disclosures, and IFRS 19 Subsidiaries without Public Accountability: Disclosures.
DOWNLOAD