Cloud Computing Arrangements

The AcSB completed its deliberations on stakeholder comments on the Exposure Draft, “Customer’s Accounting for Cloud Computing Arrangements”, considering feedback from its Private Enterprise Advisory Committee and Not-for-Profit Advisory Committee.

The AcSB discussed how Section 4410, Contributions – Revenue Recognition, would interact with the new Accounting Guideline AcG-20, Customer’s Accounting for Cloud Computing Arrangements, as not-for-profit organizations (NFPOs) may receive contributed materials and services and cash funding in relation to a cloud computing arrangement. The Board noted that for a NFPO to apply Section 4410, it needs to determine the nature of the contributed items received. There are different accounting requirements for contributions of materials and services in paragraph 4410.16, and contributions of capital assets recognized in accordance with Section 4433, Tangible Capital Assets Held by Not-for-Profit Organizations and Section 4434, Intangible Assets Held by Not-for-Profit Organizations. Entities would apply the Guideline to determine the nature of the contributed items received.

The AcSB then considered whether it is appropriate for a NFPO to apply its accounting policy choice for contributed materials and services in paragraph 4410.16 to contributions received in a cloud computing arrangement, that are not intangible assets. The Board recognizes that if a NFPO has a preexisting accounting policy to not recognize contributed materials and services in accordance with paragraph 4410.16, then it would not recognize contributed materials and services in a cloud computing arrangement, unless the NFPO retrospectively changes its accounting policy. The Board noted it currently has a project on accounting for contributions and related topics for NFPOs and decided any consideration of changes to paragraph 4410.16 should be considered more holistically as part of that project.

The AcSB also finalized the transition provisions by including additional transition relief to address stakeholders’ concerns over the cost and efforts required to analyze historical information when applying the Guideline retrospectively.

The AcSB approved the issuance of AcG-20, subject to drafting changes and a written ballot. Two Board members intend to dissent from issuing the Guideline. The Board plans to issue the Guideline in mid-November 2022.

The Not-for-Profit Advisory Committee discussed stakeholder feedback on the Exposure Draft, “Customer’s Accounting for Cloud Computing Arrangements.”

The Committee supported the AcSB’s tentative decisions at its July 20-21, 2022 meeting, specifically discussing the following: 

• The accounting policy choices in the Guideline should be applied consistently to all cloud computing arrangements.
• Adding an example to illustrate the accounting for a software module implemented after access to the software has commenced would be helpful.
• Providing additional transition relief to address concerns raised by stakeholders.
• Deferring the Guideline’s effective date by one year to apply to annual financial statements relating to fiscal years beginning on or after January 1, 2024. 

The Committee also considered feedback on the presentation of cloud computing expenditures on the balance sheet. In a software service situation, the nature of expenditures on implementation activities is like an operating expense because the entity does not control the software. However, given stakeholders’ concerns with the proposed prepaid expenses presentation, the Committee thought the Board’s tentative decision to create a new balance sheet caption to present capitalized expenditures on implementation activities is appropriate.

The Committee also provided input on the issue of how CONTRIBUTIONS – REVENUE RECOGNITION, Section 4410, should interact with the Guideline. Specifically, the Committee considered whether there is an issue that the AcSB needs to address with respect to contributed materials and services that may occur in a cloud computing arrangement. If a NFPO has historically selected an accounting policy to not recognize contributed materials and services in accordance with paragraph 4410.16, then it would not recognize contributed materials and services in a cloud computing arrangement, unless the NFPO retrospectively changes its accounting policy. The Committee expressed mixed views whether this will be an issue in practice. A few members noted that contributed materials and services in a cloud arrangement may be more prevalent in some sectors than others. Furthermore, the significance of contributed materials and services in a cloud computing arrangement may vary. They also observed that some NFPOs may receive funding related to a cloud computing arrangement instead of directly receiving contributed material and services. 

The AcSB will consider the Committee’s comments at its meeting on September 14-15, 2022.

The AcSB assessed the sufficiency of stakeholders’ feedback from its outreach activities and comment letters received on its Exposure Draft, “Customer’s Accounting for Cloud Computing Arrangements.” The Board concluded that it has received sufficient feedback from a wide range of stakeholders, including practitioners, preparers, users, and academics.

The AcSB then deliberated stakeholders’ feedback on its Exposure Draft. The Board tentatively decided to:

• create a new balance sheet caption to present capitalized expenditures on implementation activities when the cloud computing arrangement is a software service;
• provide additional transition relief to address stakeholders’ concerns;
• defer the effective date of the proposed Accounting Guideline 20, Customer’s Accounting for Cloud Computing Arrangements, from January 1, 2023, to January 1, 2024, with early application permitted; and
• include an example to illustrate implementing an additional module to the software after commencement of accessing the software.

The AcSB tentatively decided to finalize the following proposals in the Exposure Draft, subject to certain minor edits:

• scope;
• determining a method for allocating arrangement consideration on a rational and consistent basis;
• optional simplification approach;
• accounting policy choice to capitalize expenditures on implementation activities that are directly attributable to preparing the software service for intended use or expense as incurred;
• applying the accounting policy chosen by the enterprise consistently to expenditures in cloud computing arrangements;
• factors to consider when determining whether a cloud computing arrangement includes a software intangible asset;
• factors to consider in determining the expected period over which the capitalized expenditures on implementation activities should be expensed when a cloud computing arrangement is a software service; and
• disclosure requirements.

The AcSB will seek the advice of its Not-for-Profit Advisory Committee at its July 2022 meeting and continue deliberations in September 2022. 

The Private Enterprise Advisory Committee discussed stakeholder feedback on the Exposure Draft, “Customer’s Accounting for Cloud Computing Arrangements.”

The Committee advised the AcSB of the following:

• The accounting policy choices in the Guideline should be applied consistently to all cloud computing arrangements.
• In a software service situation, the nature of expenditures on implementation activities is like an operating expense because the entity does not control the software. However, given stakeholders’ feedback, the Committee thought presenting such capitalized expenditures as long-term prepaid expenses would be more appropriate than allocating between a current and non-current portion.
• Adding an example to illustrate the accounting for a software module implemented after access to the software has commenced would be helpful.

The Committee also considered stakeholders’ feedback on the challenges entities may encounter in obtaining information to allocate arrangement consideration. The Committee thought some entities may need more time to review their cloud computing arrangements and assess whether they need additional information from their vendors to develop a supportable method for allocating arrangement consideration. Therefore, the Committee advised deferring the Guideline’s effective date by one year to apply to annual financial statements relating to fiscal years beginning on or after January 1, 2024. The Committee discussed options to provide additional transition relief.

The AcSB will consider the Committee’s comments at its meeting on July 20-21, 2022.

The Not-for-Profit Advisory Committee was asked to provide feedback on the examples included in the AcSB’s Exposure Draft, “Customer’s Accounting for Cloud Computing Arrangements.” The Exposure Draft is open for comments until June 20, 2022.

The Committee generally thought the examples were helpful as they illustrated the accounting outcomes and the fact pattern reflected simpler cloud computing arrangements. The Committee recommended adding more examples to illustrate some of the complexities found in other arrangements, such as when implementation is completed in stages or when access to software is provided prior to completion of implementation activities. Also, the Committee indicated that it would be helpful to have an example showing when an entity has control of a software intangible asset.

The Committee discussed the availability of pricing information to allocate arrangement consideration. The Committee observed that the price for software access and implementation would generally be available. However, pricing for specific implementation activities, such as customization, configuration, testing, and training, may not be provided by vendors. The Committee also briefly discussed the presentation of capitalized expenditures on implementation activities when the arrangement is a software service.

The AcSB will consider the Committee’s feedback on the Exposure Draft together with feedback from its Private Enterprise Advisory Committee and other stakeholders at its July 2022 meeting, after the comment period ends.

The Private Enterprise Advisory Committee received an update on the AcSB’s discussions regarding the proposals in the Exposure Draft, “Customer’s Accounting for Cloud Computing Arrangements.” The Exposure Draft is currently open for comments, with a comment period ending June 20, 2022.

The Committee provided feedback for the AcSB to consider on the fact pattern and related analysis of the illustrative examples included in the Exposure Draft. The Committee thought that the examples were helpful to illustrate the application of the Accounting Guideline when an enterprise:

• chooses to apply the simplification approach to expense as incurred all intangible elements in a cloud computing arrangement; and
• chooses not to apply the approach and, instead, chooses to capitalize qualifying expenditures on implementation activities when the arrangement is a software service.

The Committee recommended adding more examples to illustrate some of the complexities found in other cloud computing arrangements. For example, cloud vendors often provide access to the software before completing implementation activities. Implementation may also be completed in stages where additional modules are provided later. Furthermore, some cloud software implementation may involve three parties: the customer, the software developer, and an implementation consultant. The Committee also suggested that the illustrative examples show the impact on the balance sheet and income statement, as it would be helpful to users and preparers.

Regarding the availability of pricing information to allocate arrangement consideration, the Committee observed that such information is likely part of vendor quotations or can be requested by the customer. However, the Committee noted that sometimes the pricing may not always represent the value received. Therefore, further consideration of allocating the price to each element in the arrangement may be necessary.

The AcSB will consider feedback from its Private Enterprise Advisory Committee’s feedback, its Not-for-Profit Advisory Committee, and other stakeholders on its Exposure Draft, at its July 2022 meeting after the comment period ends. 

The AcSB approved a communication and outreach plan for the Exposure Draft, “Customer’s Accounting for Cloud Computing Arrangements.” The proposed Accounting Guideline takes a pragmatic approach by providing accounting policy choices to address a range of stakeholders’ concerns when accounting for cloud computing arrangements.

The AcSB intends to engage in targeted consultation activities with financial statement users, preparers, and practitioners. The Board will also hold general roundtable discussions for all stakeholders in the second quarter of 2022. Stakeholders can monitor the Cloud Computing project page for opportunities to share feedback on the Exposure Draft. The comment deadline is June 20, 2022.

The Private Enterprise Advisory Committee received an update on the AcSB’s recent discussions regarding the development of proposals to address the customer’s accounting for fees paid in a cloud computing arrangement and the related implementation costs. The proposals involve:

• clarifying the application of existing guidance;
• permitting entities to apply a simplified approach to account for cloud computing arrangements; and
• capitalizing directly attributable implementation costs when the arrangement is a software service.

The Committee provided additional feedback for the AcSB to consider.

Some Committee members noted it would be helpful to clarify the accounting for subsequent changes to the software in a cloud computing arrangement. For example, the guidance should clarify whether the assessment of entity’s control of the software element needs to be performed again when there are upgrades or version changes.

The Committee considered options in developing the simplified approach.

Some Committee members observed that it is rare in practice for an enterprise to control the software in a cloud computing arrangement. Therefore, they thought performing the control analysis is often not difficult. These Committee members prefer an option that provides a choice to either capitalize or expense only implementation costs when the cloud computing arrangement is a service contract.

Other Committee members noted that performing the control analysis could be difficult and costly for smaller enterprises. Therefore, they supported an option that permits enterprises to expense as incurred the amounts in a cloud computing arrangement without having to perform the control analysis.

The Committee discussed the presentation of capitalized implementation costs when the arrangement is a software service. A few Committee members thought such costs should be presented as an intangible asset so that the expensing of such costs would not affect earnings before interest, taxes, depreciation and amortization. However, as long as there are sufficient disclosures to identify the balance sheet and income statement impact, users can make the necessary adjustments. Committee members supported the proposed disclosure requirements.

The Committee also provided feedback on the transition provisions, and comments on the draft of the accounting guideline.

The AcSB will consider the Committee’s feedback, as well as feedback from its Not-for-Profit Advisory Committee, in December 2021.

The Not-for-Profit Advisory Committee received an update on the AcSB’s recent discussions about developing proposals to address the customer’s accounting for fees paid in a cloud computing arrangement and the related implementation costs. The proposals involve:

• clarifying the application of existing guidance;
• permitting entities to apply a simplified approach to account for cloud computing arrangements; and
• capitalizing directly attributable implementation costs when the arrangement is a software service.

The Not-for-Profit Advisory Committee generally supported these proposals and provided additional feedback for the AcSB to consider. Specifically, the Committee discussed the term over which capitalized implementation costs should be expensed. Some Committee members advised that, in practice, cloud computing arrangements often can have a subscription term as short as only one year. However, the implementation activities can enhance the software service well beyond the subscription term. Therefore, determining the term over which the implementation costs should be expensed would require professional judgment.

The Not-for-Profit Advisory Committee also discussed the presentation of these capitalized implementation costs on an organization’s balance sheet. A few Committee members supported presenting such costs as intangible assets. They noted that the nature of the costs to implement a cloud computing arrangement is the same as the costs to implement an on-premises software solution. Therefore, the presentation of such implementation costs should be the same. However, some Committee members supported presentation as prepaid expenses. They noted that since the organization does not control the software, it does not meet the requirements for recognition as an intangible asset. Therefore, presentation of the asset and related expenses should be different than intangible assets and amortization expense. They also thought that presenting as prepaid expenses better reflects the service nature of the software.

The Not-for-Profit Advisory Committee then provided feedback on a preliminary draft of the accounting guideline, including the disclosure requirements and transition provisions.

The AcSB will consider the Not-for-Profit Advisory Committee’s feedback, as well as feedback from its Private Enterprise Advisory Committee, in December 2021.

The AcSB reviewed a revised draft of the proposed Accounting Guideline and other information in the exposure draft. The Board gave permission to begin the balloting process and plans to publish the exposure draft before the end of March 2022, with a 90-day comment period. 

The AcSB continued discussing the proposed Accounting Guideline. The Board discussed some wording clarifications to its proposals, including the following:

1. For expenditures on implementation activities that are capitalized using the proposed accounting policy choice when the cloud computing arrangement is a software service, clarify the period over which such expenditures shall be expensed. The Board discussed various factors an enterprise should consider when determining this period.
2. Clarify that when an enterprise applies the simplification approach, it is permitted to expense all intangible elements in a cloud computing arrangement, irrespective of the enterprise’s existing accounting policy for expenditures on internally generated intangible assets.

The AcSB also discussed the illustrative examples in the proposed Accounting Guideline. The Board decided to use one fact pattern illustrating the application of the Accounting Guideline when an enterprise:

1. chooses to apply the simplification approach to expense as incurred all intangible elements in a cloud computing arrangement; and
2. chooses not to apply the simplification approach and, instead, chooses to capitalize qualifying expenditures on implementation activities when the arrangement is a software service.

The AcSB will review a revised draft of the proposed Accounting Guideline and other information in an exposure draft based on its comments. The Board plans to issue an exposure draft in the first quarter of 2022, with a 90-day comment period.

The AcSB discussed the feedback from its Not-for-Profit Advisory Committee and its Private Enterprise Advisory Committee on proposals to address customer’s accounting for fees paid in a cloud computing arrangement including related implementation costs. The Board also reviewed a preliminary draft of the accounting guideline.

The AcSB tentatively decided to provide an optional simplification approach to permit an entity to expense as incurred all intangible elements in a cloud computing arrangement. If the simplification approach is not applied, the Board tentatively decided to also provide an accounting policy choice to account for certain directly attributable implementation costs when the arrangement is considered a software service. The accounting policy choice will allow entities either to expense as incurred or to capitalize these costs as prepaid expenses.

The AcSB then discussed the proposed guidance in the accounting guideline for analyzing a cloud computing arrangement for the various goods and services received. The Board directed staff to redraft the proposed guidance to include using judgment in determining the extent of analysis needed.

The AcSB also discussed the proposed disclosure and transition requirements. The Board tentatively decided not to allow prospective application of the accounting guideline to improve comparability between the financial statements of different preparers. The Board directed staff to explore a modified retrospective transition method.

The AcSB’s next step is to review a revised draft of the accounting guideline and other information to include in the exposure draft. The Board plans to issue the exposure draft in the first quarter of 2022, with a 90-day comment period.

The AcSB continued its discussions on developing proposals to address the issues regarding the customer’s accounting for fees paid in a cloud computing arrangement and the related implementation costs.

The AcSB tentatively decided at its September 2021 meeting to develop guidance that would allow entities to capitalize directly attributable implementation costs in a situation when the cloud computing arrangement is a software service. At this meeting, the Board discussed how an entity should present such costs in the financial statements. The Board considered various balance sheet presentation options and tentatively decided that an entity should present such costs as prepaid expenses.

In addition, the AcSB considered a revised simplification approach aimed at permitting entities to expense the amounts in a cloud computing arrangement without having to perform a complex analysis of the arrangement. The Board directed staff to seek input from its Private Enterprise Advisory Committee and Not-for-Profit Advisory Committee on the approach developed to date to determine if the approach achieves the intended simplification objective.

The AcSB will discuss the Advisory Committees’ feedback on the proposals developed to date at its December 2021 meeting.

The AcSB continued its discussion of the issues regarding the customer’s accounting for fees paid in a cloud computing arrangement and the related implementation costs. The Board discussed a proposal that involves:

• clarifying the application of existing guidance;
• permitting entities to apply a simplified approach to account for cloud computing arrangements; and
• capitalizing directly attributable implementation costs when the arrangement is a software service.

The simplified approach is aimed at permitting entities to expense the amounts in a cloud computing arrangement without having to perform a complex analysis. The Board tentatively decided to proceed with the simplified approach but directed the staff to consider how the approach could be applied in a manner that alleviates the current complexity in practice.

The AcSB also tentatively decided to proceed with developing guidance for entities to capitalize directly attributable implementation costs in a situation when the cloud computing arrangement is a software service. The Board began discussing how such costs would be presented in the financial statements.

The AcSB will continue its discussions on developing the proposals, including considering presentation, disclosure, and transitional provisions, at its October 2021 meeting.

The AcSB continued discussing the identified accounting issues relating to the customer’s accounting for fees paid in a cloud computing arrangement and the accounting for the related implementation costs. The Board discussed factors that could be considered in assessing whether a cloud computing arrangement provides an entity with a software that it can control. The Board considered the guidance in U.S. Generally Accepted Accounting Principles as well as other factors that an entity might consider when assessing control of the software in the context of Section 3064, Goodwill and Intangible Assets.

The AcSB directed staff to explore a simplification approach that would allow entities the option to expense the costs related to a cloud computing arrangement without having to perform an analysis to identify and evaluate the elements in the arrangement.

The AcSB will continue to deliberate the draft Accounting Guideline at its September 2021 meeting.

The AcSB discussed a summary of the accounting issues identified relating to the customer’s accounting for fees paid in a cloud computing arrangement and the accounting for the related implementation costs.

On the customer’s accounting for fees paid in a cloud computing arrangement, the AcSB discussed undertaking standard-setting activity to develop an Accounting Guideline to help entities navigate the application of existing guidance, including factors to consider in determining whether the arrangement includes a software intangible asset.

On the accounting for related implementation costs, the Board discussed the feedback from its Private Enterprise Advisory Committee and Not-for-Profit Advisory Committee on possible approaches to account for such costs when the cloud computing arrangement is a service contract.

At its meeting in June 2021, the AcSB will continue to deliberate implementation costs and the development of an Accounting Guideline. 

The Private Enterprise Advisory Committee received an update on the AcSB’s recent discussions on the accounting for cloud computing arrangements. The Committee also provided feedback on the staff’s analysis of different approaches to account for implementation costs incurred in a cloud computing arrangement that is a service contract.

The AcSB will consider the Committee’s feedback, as well as feedback from its Not-for-Profit Advisory Committee, at its March 2021 meeting.

The Not-for-Profit Advisory Committee received an update on the AcSB’s recent discussions on the accounting for cloud computing arrangements. The Committee noted that the guidance needs to be clarified for both the customer’s accounting for fees paid in a cloud computing arrangement and the related implementation costs because NFPOs refer to financial statement concepts to determine the accounting in the absence of specific guidance. The Committee also noted that some cloud computing contracts are complex, and the terms and conditions of the arrangement may not be transparent or may change as the cloud computing solution is implemented. 

The Not-for-Profit Advisory Committee provided feedback on the staff’s analysis of different approaches to account for implementation costs incurred in a cloud computing arrangement that is a service contract.

The AcSB will consider the Committee’s feedback, as well as feedback from its Private Enterprise Advisory Committee, in March 2021.

The AcSB discussed an analysis on the accounting treatment under existing guidance for implementation costs incurred in a cloud computing arrangement. Specifically, the analysis focused on the customer’s accounting for the configuration or customization costs. The Board noted the complexity involved in applying the guidance in practice and discussed whether the complexity is warranted and if the accounting outcome would provide decision-useful information to financial statement users. 

The AcSB directed staff to seek input on possible solutions from its Private Enterprise Advisory Committee and Not-for-Profit Advisory Committee and present a project proposal for the Board’s consideration at its March 2021 meeting. 

The Not-for-Profit Advisory Committee discussed a fact pattern that consists of various expenditures an entity might incur to implement a cloud computing arrangement. The Committee provided feedback on the staff’s analysis of the accounting treatment for each of the expenditures described in the fact pattern. In addition, the Committee considered the economic substance of the expenditures and discussed whether the accounting treatment provides decision-useful information to users of not-for-profit financial statements.

The AcSB will consider the Committee’s feedback, as well as feedback from its Private Enterprise Advisory Committee, at a future Board meeting.

The AcSB received feedback from its Private Enterprise Advisory Committee and Not-for-Profit Advisory Committee on the issues relating to cloud computing arrangements. Based on the feedback, the Board tentatively decided that the two main issues to consider are:

• the customer’s accounting for fees paid in a cloud computing arrangement; and
• accounting for the related implementation costs.

The AcSB noted that these arrangements are prevalent for both private enterprises and not-for-profit organizations. The Board discussed various options to address these two issues, such as producing educational materials or undertaking standard-setting activities. The Board directed staff to gather more information on the various cloud computing arrangements occurring in practice to better inform its decision on the appropriate way forward.

The Committee advised the AcSB on the accounting challenges relating to cloud computing arrangements. The Committee also discussed the research findings on accounting for these arrangements in other jurisdictions.

The AcSB will consider the Committee’s comments, as well as those received from its Not-for-Profit Advisory Committee, at its meeting on September 9, 2020.

The Committee provided feedback to the AcSB on the issues to be addressed relating to cloud computing arrangements. The Committee also discussed the research findings on accounting for these arrangements in other jurisdictions.

The AcSB will consider the Committee’s comments, as well as comments received from its Private Enterprise Advisory Committee, at the Board meeting on September 9, 2020.

The AcSB discussed how the COVID-19 pandemic affects its ability to achieve the objectives laid out in its 2020-2021 Annual Plan. The Board identified its priority projects for the short term, including responding to COVID-19-specific issues, initiating the Part II and Part III cloud computing projects, supporting the IASB’s primary financial statements project, and responding to the Canadian Securities Administrator’s proposed National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure.

The AcSB also discussed its approach to determining its priorities for the remainder of the fiscal year. The Board agreed to seek input from both its Private Enterprise and Not-for-Profit Advisory Committees to ensure that the standards and disclosure requirements in Parts II and III of the Handbook continue to meet the stakeholders’ evolving needs in light of the COVID-19 pandemic. The Board decided to revisit the objectives in its 2020-2021 Annual Plan in July 2020.

The AcSB continued discussing its 2020-2021 Annual Plan for the operating year commencing April 1, 2020. The discussion included considering its priorities related to projects for the standards for private enterprises and not-for-profit organizations that the Board may undertake. The Board decided to add the accounting for cloud computing arrangements to its 2020-2021 Annual Plan. It also discussed activities related to the Framework for Reporting Performance Measures. The Board also considered feedback from the Accounting Standards Oversight Council.

The AcSB approved its 2020-2021 Annual Plan and expects to issue it on April 1, 2020.

The Committee considered recent amendments issued in other jurisdictions to assess whether any of the new accounting in those standards would provide significant benefit to Canadian NFPOs reporting under Part III of the Handbook. Committee members discussed amendments made to the following frameworks related to NFPOs since February 2018:

• U.S. generally accepted accounting principles issued by the U.S. Financial Accounting Standards Board (FASB);
• Public Benefit Entity Standards issued by the External Reporting Board in New Zealand;
• Australian Accounting Standards; and
• The “Statement of Recommended Practice – Accounting and Reporting by Charities,” which provides guidance for financial reporting by Charities in the United Kingdom.

The Committee recommended that the FASB amendments related to accounting for cloud computing arrangements have merit for the AcSB’s consideration when deciding on future Part II and III projects. It also discussed recent FASB amendments related to the accounting for goodwill and intangibles by NFPOs and advised the Board that this topic has limited relevance to NFPOs in Canada.

The Committee considered recent amendments issued in other jurisdictions to assess whether some or all of the new accounting in those standards would provide significant benefit to Canadian private enterprises reporting under ASPE. Committee members discussed:

• new or amended standards under U.S. generally accepted accounting principles issued by the U.S. Financial Accounting Standards Board (FASB) since December 2017; and
• IFRS® Standards issued or amended by the International Accounting Standards Board since December 2017.