News Listings

At its November 9-10, 2017 meeting, AASOC approved revised Terms of Reference, which were updated following a joint review of the activities of AASOC and AcSOC. The Terms of Reference of both Councils are now more closely aligned and reflect current oversight procedures.

The 2016-2021 AcSB Strategic Plan has a new look to align with the Board’s new brand and image. Initially released in April 2016, the goals and objectives remain the same. Stay tuned for more info on the Plan’s current status and what’s to come in 2018-2019.

The IASB has issued final amendments to four IFRS^® Standards as part of its Annual Improvements project. The amendments are effective from January 1, 2019, with early application permitted.

The Group discussed topics such as disclosing the effects of adopting IFRS 9 and IFRS 15 in interim financial statements, determining lease terms and classifying financial assets. Read about the views expressed on these topics for helpful tips.

Read the report for details about the discussions of: green infrastructure, restructuring transactions, the consolidation of entities using IFRS® Standards for leases, and social impact bonds.

Read this article for an update on the new information auditors will need to include in audit reports. Darrell Jensen, AASB Chair, talks key audit matters, next steps and what Canadian stakeholders had to say.

October 25, 2017. The IAASB has issued an update for its project to revise ISA 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors). This publication highlights the issues under consideration in the revision of this standard and other current projects.

The International Accounting Standards Board (IASB) has issued narrow-scope amendments to IFRS 9 Financial Instruments clarifying the accounting for financial assets with prepayment features that may result in negative compensation. The amendments are effective for annual periods beginning on or after January 1, 2019 with earlier application permitted. The IASB has also amended the Basis for Conclusions for IFRS 9 to confirm the accounting for modifications or exchanges of financial liabilities measured at amortized cost that do not result in derecognition.

The International Accounting Standards Board has issued narrow-scope amendments to IAS 28 Investments in Associates and Joint Ventures, clarifying that an entity applies IFRS 9 Financial Instruments (including its impairment requirements) to long-term interests in an associate or joint venture to which the equity method is not applied.

PotashCorp is one of six companies featured in a case study report published by the IFRS Foundation with before and after examples of how companies from different parts of the world have improved communication in their IFRS financial statements.