 Comparative IFRS 7 Disclosures for First-time Adopters
January 29, 2010. The IASB has issued an amendment to IFRS 1 providing the same relief on transition to IFRSs that those already applying IFRSs received on adopting IFRS 7 amendments issued in March 2009. Liabilities — Improving IAS 37
January 27, 2010. The AcSB has issued an Exposure Draft proposing to adopt the new standard the IASB is developing on liabilities, including the proposals in the IASB’s Exposure Draft Measurement of Liabilities in IAS 37. Comments are requested by April 12, 2010. IFRSs Available
January 21, 2010. IFRSs are available in Part I of the CICA Handbook – Accounting. IFRSs will be mandatory for publicly accountable enterprises for years beginning on or after January 1, 2011. IFRS Discussion Group — Report on Public Meeting
January 20, 2010. At its November meeting, the IFRS Discussion Group (IDG) discussed various issues arising from the application of IFRSs in Canada. The meeting notes are a summary of the discussion and should be reviewed in conjunction with the archived audio webcast of the meeting. AcSB January 13, 2010 Decision Summary
January 19, 2010. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: Emerging Issues Committee; IASB Proposals; IFRS Discussion Group; Not-for-Profit Organizations; Pensions Plans; Planning and Strategy; Private Enterprise Financial Reporting; Extractive Industries. AcSOC Survey of the AcSB's Performance
January 19, 2010. The AcSOC is seeking stakeholder views on the AcSB's performance regarding private enterprises. Completed Surveys are requested by February 5, 2010. IFRS Discussion Group Meeting
January 12, 2010. The next meeting of the IFRS Discussion Group (IDG) will be held on March 4th, 2010 in Toronto. Individuals are encouraged to submit issues relating to the application of IFRSs in Canada by February 1st for consideration at this meeting. For further information see Submission of Issues. FYI Newsletter December 2009
January 11, 2010. The December issue includes the message from the Chair and articles on other topics of interest to stakeholders. Measurement of Liabilities in IAS 37
January 11, 2010. The IASB has issued an Exposure Draft re-exposing proposals on measuring liabilities for asset decommissioning, legal disputes and similar items. The revised proposals address measuring liabilities within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The comment deadline is April 12, 2010. Financial Instruments: Amortized Cost and Impairment
January 4, 2010. The AcSB has issued an Exposure Draft (ED) that corresponds to the IASB’s ED on this topic. Comments are requested by June 15, 2010. Interested in Becoming a Member of the AcSB’s Private Enterprises Advisory Committee?
January 4, 2010. The AcSB is seeking members for its new Private Enterprises Advisory Committee. FYI Newsletter Special Edition 2009
December 23, 2009. This special edition of FYI summarizes the activities of the AcSB and staff that should be considered in financial statement preparation in the 2009 and 2010 fiscal years. Comparative IFRS 7 Disclosures for First-time Adopters
December 23, 2009. AcSB staff has submitted a comment letter responding to the IASB’s Exposure Draft. Webinar — Getting Familiar with New Accounting Standards for Private Enterprises
December 22, 2009. Take part in a free webinar on Thursday, January 14, 2010 at 12:30 pm EST that will help you better understand the new accounting standards for private enterprises. For anyone considering early adoption, learn more about the one-time transitional provisions in Section 1500, First-time Adoption. AcSB December 10, 2009 Decision Summary
December 17, 2009. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: Financial Instruments; Pension Plans; Private Enterprise Financial Reporting; Public Company Strategy. Accounting Standards for Private Enterprises Available
December 16, 2009. New accounting standards for private enterprises have been issued and are available for 2009 reporting for entities that choose to adopt them early. New standards will be mandatory for private enterprises for years beginning on or after January 1, 2011. IASB Chair
December 15, 2009. The International Accounting Standards Committee Foundation has announced their search for a successor to Sir David Tweedie for the position of the Chair of the IASB. Comparative IFRS 7 Disclosures for First-time Adopters
December 14, 2009. The AcSB has issued an Exposure Draft (ED) that corresponds to the IASB’s ED on this topic. The amendment resulting from the proposal could be applied by enterprises adopting IFRSs before January 1, 2010. Comments are requested by January 10, 2010. Interim Financial Statements
December 8, 2009. AcSB staff has issued a financial reporting commentary on interim financial statements in the year of IFRS adoption. IASCF Constitution Review, Part 2
December 7, 2009. The AcSOC and the AcSB have submitted a joint response to the IASC Foundation (IASCF) Discussion Document, “Part 2 of the Constitution Review: Proposals for Enhanced Accountability.” IFRS Discussion Group — November Meeting
December 7, 2009. An archive of the audio webcast of the IFRS Discussion Group’s (IDG) first meeting on November 25, 2009 is now available. For a detailed list of the topics discussed see the agenda. Rate-regulated Activities
December 2, 2009. The AcSB has submitted a comment letter responding to the IASB’s Exposure Draft. Comparative IFRS 7 Disclosures for First-time Adopters
December 2, 2009. The IASB has issued an Exposure Draft proposing an amendment to IFRS 1. The proposals provide the same relief on transition to IFRSs that those already applying IFRSs received on adopting IFRS 7 amendments issued in March 2009. The comment deadline is December 29, 2009. Extinguishing Financial Liabilities with Equity Instruments
December 2, 2009. The IASB has issued IFRIC 19 clarifying the requirements of IFRSs when an entity renegotiates the terms of a financial liability with its creditors and the creditor agrees to accept the entity’s shares or other equity instruments to settle the liability. Prepayments of a Minimum Funding Requirements
December 2, 2009. The IASB has amended IFRIC 14 IAS 19 — The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction to allow an entity subject to minimum funding requirements to record as a an asset, in limited circumstances, the early payment of contributions to cover those funding requirements. Improvements to International Financial Reporting Standards
December 1, 2009. AcSB staff has submitted a comment letter responding to the IASB’s Exposure Draft. Strategic Opportunities in Canada’s Transition to IFRSs
November 26, 2009. View the archived November 5, 2009 webcast co-hosted by the Canadian Public Accountability Board (CPAB) and the AcSB that provides insights into the key opportunities and risks faced in the transition to IFRSs and sets out a roadmap for what small and mid-size companies should be doing now to prepare for IFRSs. Notice of IFRS Discussion Group Meeting
November 19, 2009. The first meeting of the IFRS Discussion Group will be held on Wednesday, November 25, 2009 in Toronto. The meeting is open to public observation. An audio webcast of the meeting will also be available for those who are unable to attend the meeting in person. Not-for-Profit Organizations
November 18, 2009. The AcSB and PSAB have issued an update on the future financial reporting directions for NFPOs in Canada. Financial Instruments
November 13, 2009. The IASB has issued a new standard IFRS 9 Financial Instruments that replaces the classification and measurement of financial assets in IAS 39 Financial Instruments: Recognition and Measurement. Publicly Accountable Enterprises Strategy
November 13, 2009. AcSB staff has updated the paper explaining which IFRSs are expected to apply on changeover to IFRSs in 2011. Financial Instruments
November 10, 2009. The IASB has issued an Exposure Draft on the amortized cost measurement and impairment of financial instruments. The comment deadline is June 30, 2010. Related Party Transactions
November 10, 2009. The IASB has issued amendments to IAS 24 Related Party Disclosures that simplify the disclosure requirements for government-related entities and clarify the definition of a related party. Memorandum of Understanding
November 10, 2009. In a joint statement, the IASB and the FASB reaffirmed their commitment to improve and converge IFRSs and US GAAP. Both Boards have committed to monthly joint meetings and quarterly updates of the progress on convergence projects. AcSB November 3, 2009 Decision Summary
November 6, 2009. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: International Activities; Employee Future Benefits. AcSOC Seeking New AcSB Members
November 2, 2009. The Accounting Standards Oversight Council is currently seeking new members to appoint to the Accounting Standards Board. Candidates for IASB Panel — Expected Cash Flow
October 28, 2009. The IASB is seeking candidates to participate in an expert advisory panel. The panel will advise the Board on the operational issues surrounding the application of the Expected Cash Flow Approach, as part of its project to replace IAS 39 Financial Instruments: Recognition and Measurement. Applications are due by November 5, 2009. Extinguishing Financial Liabilities with Equity Instruments
October 26, 2009. AcSB staff has submitted a comment letter agreeing with the IFRIC’s Draft Interpretation 25. Financial Instruments — Typescript
October 23, 2009. A typescript of the Background Information and Basis for Conclusions relating to amendments to Section 3855, Financial Instruments — Recognition and Measurement, issued in December 2008, June 2009 and August 2009, is now available. The Lawyer, the Banker, the Investor and IFRSs
October 23, 2009. AcSB staff has issued a bulletin emphasizing the need to anticipate how trend analyses, debt covenants and financial ratios that are included in contracts and used to make decisions will change when IFRSs are adopted. This is essential reading for lawyers, bankers and investors. Webcast — Strategic Opportunities in Canada’s Transition to IFRSs
October 22, 2009. The Canadian Public Accountability Board (CPAB) and Accounting Standards Board (AcSB) will host a webcast that will set out a roadmap for what small and mid-sized companies should be doing now to prepare for IFRS. This free event will be held on November 5, 2009 from 2:00 to 3:00 pm EST. Fair Value Measurement
October 21, 2009. AcSB staff has submitted a comment letter responding to the IASB’s Exposure Draft. AcSB October 14, 2009 Decision Summary
October 21, 2009. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: International Activities; Not-for-Profit Organizations; Structure of the CICA Handbook - Accounting. Annual Improvements
October 15, 2009. The AcSB has issued an Exposure Draft (ED) that corresponds to the IASB’s ED on this topic. The amended standards resulting from the proposals would apply to enterprises adopting IFRSs in 2011. Comments are requested by November 24, 2009. Classification of Rights Issues
October 15, 2009. The IASB issued amendments to IAS 32 Financial Instruments: Presentation. The amendments clarify the classification of rights issues that are denominated in a currency other than the functional currency of the issuer. Adopting IFRSs in Canada, III
October 8, 2009. The AcSB has issued a third omnibus Exposure Draft proposing to incorporate changes to IFRSs since the 2008 Bound Volume into the IFRSs to be adopted by publicly accountable enterprises. Comments are requested by November 15, 2009. Rate-regulated Activities Roundtable
October 5, 2009. Attend a roundtable discussion on October 27, 2009, to share your views on the IASB’s Exposure Draft. Archived News |