National Standard Setters Express Support for IASB
November 17, 2008. The Chairs of a number of national accounting standard setting bodies, including AcSB Chair, Paul Cherry, have issued a communiqué expressing support for the IASB and its efforts to address the current global financial market turmoil.

Improving Disclosures about Financial Instruments
November 12, 2008. The AcSB has issued an Exposure Draft that proposes to amend Section 3862, Financial Instruments — Disclosures, for the improvements recently proposed by the IASB to enhance information disclosed about fair value measurements of financial instruments and liquidity risk. Comments are requested by January 12, 2009.

AcSOC Supports Global Approach to Financial Reporting Standards (PDF)
November 11, 2008. AcSOC has issued a media release supporting a global approach to financial reporting standards.

AcSOC Supports AcSB Approach for Volatile Markets (PDF)
November 11, 2008. AcSOC has issued a media release supporting the AcSB approach for volatile markets.

Fair Value Measurement in Inactive Markets
October 31, 2008. The IASB's Expert Advisory Panel has published a report on “Measuring and Disclosing the Fair Value of Financial Instruments in Markets that Are No Longer Active.”

FYI Newsletter October 2008 (PDF)
October 30, 2008. The October issue of FYI includes a Message from the Chair, information on recent and forthcoming IASB/AcSB documents, an update on financial reporting by private enterprises, and more.

AcSB October 24, 2008 Decision Summary
October 29, 2008. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: Credit Environment — Accounting Implications; Publicly Accountable Enterprises Strategy; Business Combinations and Non-Controlling Interests.

Reclassification of Financial Assets — Typescript (PDF)
October 24, 2008. A typescript of approved amendments to Section 3855, Financial Instruments —Recognition and Measurement, and Section 3862, Financial Instruments – Disclosure, is now available.

Financial Instrument Disclosures
October 22, 2008. The IASB issued an Exposure Draft “Improving Disclosures about Financial Instruments.” The amendments propose to improve information about fair value measurements of financial instruments and liquidity risk. The comment deadline is December 15, 2008. The AcSB will consider issuing corresponding changes in Canada.

Financial Statement Presentation
October 22, 2008. The IASB issued a Discussion Paper “Preliminary Views on Financial Statement Presentation.” The paper discusses some initial ideas on how to present the financial statements in a more cohesive and informative manner. The comment deadline is April 14, 2009.

Reclassification of Financial Assets — AcSB Staff Draft (PDF)
October 20, 2008. AcSB staff has issued a draft of proposed amendments to financial instruments standards for a "fatal flaw review" by October 22, 2008.

Simplifying Earnings per Share
October 17, 2008. The AcSB has issued an Exposure Draft that proposes to replace Section 3500, Earnings per Share, with a new standard that would conform to IAS 33, Earnings per Share, including amendments recently proposed by the IASB. The comment deadline is December 5, 2008.

Reclassification of Financial Assets — Media Release (PDF)
October 17, 2008. The AcSB has issued a media release announcing important changes in the accounting for financial assets.

AcSB October 15, 2008 Decision Summary
October 16, 2008. An executive summary of discussions and decisions with respect to the topics addressed at this meeting, including Handbook amendments regarding reclassification of financial instruments to take effect immediately.

Reclassification of Financial Instruments
October 14, 2008. On October 13, 2008, the IASB issued amendments to IAS 39, Financial Instruments: Recognition and Measurement, and IFRS 7, Financial Instruments: Disclosures. The amendments are to be applied from July 1, 2008.

Statement on Fair Value Accounting (PDF)
October 2, 2008. Paul Cherry, Chair, Accounting Standards Board has issued a statement on fair value accounting.

AcSB September 23-24, 2008 Decision Summary
October 1, 2008. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: International Activities; Publicly Accountable Enterprises Strategy; Financial Reporting by Private Enterprises; Credit Environment — Accounting Implications; Not-for-Profit Organizations; Financial Instruments — Amendment to Effective Interest Method; Insurance.

Discontinued Operations
September 29, 2008. The IASB issued an Exposure Draft “Discontinued Operations.” The proposed amendments to IFRS 5 revise the definition of discontinued operations and require additional disclosures. The comment deadline is January 23, 2009. The AcSB expects to issue a corresponding exposure draft in the near future.

AcSOC 2007-2008 Annual Report (PDF)
September 25, 2008. The Accounting Standards Oversight Council has issued its 2007-2008 Annual Report, which includes reports on the Accounting Standards Board's and Public Sector Accounting Board's activities and performance during the year.

First-time Adoption of IFRSs (PDF)
September 25, 2008. The IASB has issued an Exposure Draft “Additional Exemptions for First-time Adopters.” The proposed amendments to IFRS 1 include relief on transition to IFRSs for those currently using full cost accounting for oil and gas and for operations subject to rate-regulation. The comment deadline is January 23, 2009.

Financial Reporting by Private Enterprises
September 24, 2008. A video recording of an interview with Paul Cherry, AcSB Chair, has been posted. The interview discusses the financial reporting system being developed for private enterprises.

Publicly Accountable Enterprises Strategy (PDF)
September 19, 2008. AcSB staff has published a paper explaining which IFRSs are expected to apply on changeover to IFRSs in 2011.

AcSOC Seeking New AcSB Chair
September 3, 2008. The Accounting Standards Oversight Council is seeking a new Chair to appoint to the Accounting Standards Board.

AcSB August 26, 2008 Decision Summary
September 3, 2008. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: International Activities; Financial Reporting by Private Enterprises.

Private Enterprise Standards — Working Drafts
August 28, 2008. The fourth round of working drafts of standards for private enterprises has been posted for review and comment.

Conceptual Framework ― NFPOs (PDF)
August 27, 2008. A report, issued by the National Standard Setters, on the application to not-for-profit entities in the private and public sectors of the IASB/FASB Exposure Draft on the Objective and Qualitative Characteristics and Constraints, and Preliminary Views on the Reporting Entity, has been posted.

Designation of a Hedged Item
August 21, 2008. The IASB issued amendments to IAS 39, Financial Instruments: Recognition and Measurement, clarifying how the existing principles underlying hedge accounting should be applied in two particular situations. The amendments apply retrospectively. These changes will be adopted into Canadian GAAP for publicly accountable enterprises on January 1, 2011.

Annual Improvements to IFRSs
August 21, 2008. The IASB issued an Exposure Draft of proposed amendments to eight IFRSs as part of its annual improvements project. The comment deadline is November 7, 2008.

Earnings per Share
August 21, 2008. The IASB issued an Exposure Draft, “Simplifying Earnings per Share.” The proposals clarify and simplify the EPS calculation for sale or repurchase of an entity’s own shares, and instruments accounted for at fair value through profit and loss. The comment deadline is December 5, 2008. The AcSB expects to issue a corresponding exposure draft in the near future.

Private Enterprise Standards — Working Drafts
August 14, 2008. The third round of working drafts of standards for private enterprises has been posted for review and comment.

Notice of the IFRS Advisory Committee Meeting
August 8, 2008. The next meeting will be held on Thursday, August 28, 2008 in Toronto and is open to the public.

Private Enterprise Standards — Working Drafts
August 6, 2008. The second round of working drafts of standards for private enterprises has been posted for review and comment.

Private Enterprise Standards — Working Drafts
July 31, 2008. The first round of working drafts of standards for private enterprises has been posted for review and comment. These working drafts are based on existing standards in the CICA Handbook – Accounting; their purpose is to illustrate the proposed approach to developing standards for this sector.

GAAP for Private Enterprises and Not-for-Profit Organizations — Roundtable Discussions
July 31, 2008. The AcSB is seeking input from interested stakeholders on the approach it is currently pursuing to develop a separate set of GAAP standards for private enterprises that could also be applicable to not-for-profit organizations.

AcSOC Seeking New AcSB Member
July 31, 2008. The Accounting Standards Oversight Council is currently seeking a new member to appoint to the Accounting Standards Board.

IASC Foundation Constitutional Review
July 31, 2008. The International Accounting Standards Committee (IASC) Foundation has issued a discussion document including the proposals to establish a body to monitor the activities of the IASC Foundation and the IASB, and to expand the IASB. The comment deadline is September 20, 2008.

AcSB July 16-17, 2008 Decision Summary
July 28, 2008. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: International Activities; Publicly Accountable Enterprises Strategy; Accounting Implications of Credit Risk; Financial Reporting by Private Enterprises; Insurance; Financial Statement Presentation; Not-for-Profit Organizations.

Conceptual Framework — Objective, Qualitative Characteristics and Constraints
July 25, 2008. The AcSB has issued an Exposure Draft proposing to incorporate proposed changes to the existing IASB Framework into Canadian GAAP for publicly accountable enterprises, private enterprises and not-for-profit organizations. Comments are requested by October 31, 2008.

IFRS Advisory Committee (IAC) — Report on Public Meeting (PDF)
July 25, 2008. At its April meeting, the IAC discussed related party transactions, disclosures for the first interim reports prepared in accordance with IFRSs, and the depreciation of components, for enterprises transitioning to IFRSs in Canada.

FYI Newsletter July 2008 (PDF)
July 22, 2008. The July issue of FYI includes a Message from the Chair, and an overview of recent discussion documents issued by the IASB.

Canadian Appointed to IFRIC
July 14, 2008. Effective June 30, 2008, former AcSB member, Jean Paré, was appointed a member of the IASB’s International Financial Reporting Interpretations Committee. Jean is Vice President, Financial Reporting, Bombardier Inc., a large listed Canadian company with operations in many countries.

CSA Announcement re IFRSs in Canada
July 10, 2008. The Canadian Securities Administrators issued CSA Staff Notice 52-321 addressing early adoption of IFRSs, continued use of US GAAP by Canadian companies, and references to IFRSs issued by IASB.

FYI Newsletter June 2008 (PDF)
June 26, 2008. The June issue of FYI includes a Message from the Chair, and articles on private enterprises and not-for-profit organizations.

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