|
Notice of the IFRS Advisory Committee Meeting
March 26, 2008. The next meeting will be held on Thursday, April 10th in Toronto and is open to the
public.
IFRSs in Canada: Cleared for Take-off (PDF)
March 11, 2008. The AcSB has prepared a Bulletin that addresses the convergence with International Financial
Reporting Standards (IFRSs). This Bulletin highlights things to think about now that the date to change over
to IFRSs has been set.
Financial
Instruments with Characteristics of Equity
March 11, 2008 The IASB has issued a Discussion Paper “Financial Instruments with Characteristics of Equity,”
for public comment. The paper considers the distinction between equity financial instruments and other
financial instruments (non-equity instruments). The comment period ends on September 5, 2008
AcSB February 27, 2008 Decision Summary
March 4, 2008. An executive summary of discussions and decisions with respect to the topics addressed at this
meeting: International Activities; Publicly Accountable Enterprises Strategy; Private Enterprises Strategy;
Not-for-Profit Organizations Strategy; Business Combinations; Insurance Contracts; Emerging Issues
Committee.
Puttable
Financial Instruments and Obligations Arising on Liquidation
February 26, 2008 The IASB has issued amendments to IAS 32, Financial
Instruments: Presentation, and IAS 1, Presentation
of Financial Statements, effective January 1, 2009. The amendments require entities to classify
financial instruments having specific characteristics as equity, instead of as financial liabilities. These
changes will be adopted into Canadian GAAP for publicly accountable enterprises on January 1, 2011.
EIC
Abstracts Review — Tentative Decisions
February 25, 2008. Tentative decisions from the review of the issues addressed by each EIC Abstract have been
updated.
The Road to IFRSs (PDF)
February 22, 2008. The AcSB has updated its summary of changes to Canadian GAAP for publicly accountable
enterprises anticipated before the changeover date to IFRSs.
AcSB Confirms Changeover Date to IFRSs (PDF)
February 13, 2008. The AcSB has confirmed the date of changeover to IFRSs will be for interim and annual
financial statements relating to fiscal years beginning on or after January 1, 2011.
AcSB February 5, 2008 Decision Summary
February 12, 2008. An executive summary of discussions and decisions with respect to the topics addressed at
this meeting: International Activities; Publicly Accountable Enterprises Strategy; Business Combinations;
Emerging Issues Committee.
Time for Common Accounting Standards (PDF)
February 12, 2008. Why do we need this new financial reporting language for publicly accountable enterprises
of IFRSs in Canada? Paul Cherry, Chair of the AcSB, highlights many of the reasons in this Op-Ed article that
appeared in the National Post on Wednesday, January 30, 2008.
Business
Combinations
February 8, 2008. The IASB has issued a revised version of IFRS 3, Business
Combinations, and an amended version of IAS 27, Consolidated
and Separate Financial Statements, effective July 1, 2009. Early adoption is permitted. The revised
standard is the result of a converged project with FASB remedying problems that emerged in the application of
the existing IFRS 3 that brings US GAAP closer to the model used in IFRS 3.
Share-based
Payments —Vesting
Conditions and Cancellations
February 8, 2008. The IASB has issued amendments to IFRS 2, Share-based
Payments, effective for annual periods beginning on or after January 1, 2009, clarifying that vesting
conditions are service and performance conditions only, and that cancellations, whether by the entity or by
other parties, should receive the same accounting treatment.
Distributions
of Non-cash Assets to Owners
February 8, 2008. The IFRIC has issued Draft Interpretation D23, “Distributions of Non-cash Assets to
Owners,” providing guidance to entities on how to measure distributions of assets, other than cash, when it
pays dividends to its owners acting in their capacity as owners. IFRIC Interpretations are part of IFRSs and
will become part of Canadian GAAP at the end of the transitional period to IFRSs. The comment deadline is
April 25, 2008.
Customer
Contributions
February 8, 2008. The IFRIC has issued Draft Interpretation D24, “Customer Contributions,” providing guidance
that will standardize practice and clarify the accounting for the receipt of customer contributions. IFRIC
Interpretations are part of IFRSs and will become part of Canadian GAAP at the end of the transitional period
to IFRSs. The comment deadline is April 25, 2008.
Interested in Becoming a Member of the Insurance Accounting Task
Force?
February 8, 2008. The AcSB is seeking a new member for the Insurance Accounting Task Force (IATF).
FYI Newsletter February 2008 (PDF)
February 7, 2008. The February issue of FYI
includes a Message from the Chair, articles related to the changeover to IFRSs and a summary of changes
proposed to certain financial instruments-related standards.
Final Report on AcSB’s Progress Review on Changeover to
IFRSs (PDF)
February 5, 2008 The AcSB has published its Final Report on its Progress Review, in accordance with the
Implementation Plan for Incorporating IFRSs into Canadian GAAP.
Financial Instruments — Non-publicly Accountable
Enterprises
January 28, 2008. The AcSB has issued a clarification to the Highlights and Background Information and Basis
for Conclusions document, accompanying proposed amendments to Sections 1535, 3855 and 3862.
AcSOC
Meeting: February 7-8, 2008
January 28, 2008. The Accounting Standards Oversight Council to discuss date for changeover to IFRSs for
publicly accountable enterprises.
EIC Abstracts Review — IFRS Adoption
January 25, 2008. A review of the issues addressed by each EIC Abstract has commenced. Tentative decisions
from the review have been posted.
Notice
of the IFRS Advisory Committee Meeting
January 21, 2008. The next meeting will be held on Thursday, January 31st in Toronto and is open to the
public.
Non-bank-sponsored Asset-Backed Commercial Paper (PDF)
January 18, 2008. The AcSB staff has issued a second commentary, focusing on the financial reporting issues
facing holders of these securities in preparing their GAAP financial statements for fiscal years ending
December 31, 2007. An AcSB media release (PDF) was also issued.
Financial Instruments — Non-publicly Accountable
Enterprises
January 17, 2008. The AcSB has issued an Exposure Draft, together with a Background Information and Basis for
Conclusions document, proposing amendments to Section 1535, Capital
Disclosures, Section 3855, Financial
Instruments — Recognition and Measurement, and Section 3862, Financial
Instruments — Disclosures. The comment deadline is February 29, 2008
Financial Instruments — Embedded Prepayment Options
January 17, 2008. The AcSB has issued an Exposure Draft proposing amendments to Section 3855, Financial
Instruments — Recognition and Measurement. The comment deadline is February 29, 2008.
Survey of Reported Canadian/US GAAP Differences (PDF)
January 17, 2008. AcSB staff have prepared a summary of its survey of Canadian/US GAAP differences reported
by Canadian companies in years ending in 2006.
IFRS Advisory Committee (IAC) – Report on Public Meeting (PDF)
January 11, 2008. At its December meeting, the IAC discussed issues including possible amendments to IFRS 1,
First-time
Adoption of International Financial Reporting Standards, that might assist Canada’s transition to
IFRSs and the accounting for component depreciation.
IFRIC
Seeking Two New Members
January 10, 2008. The trustees of the International Accounting Standards Committee Foundation are inviting
applications for two vacancies on the International Financial Reporting Interpretations Committee (IFRIC).
Expressions of interest should be sent directly to the IASB by February 7, 2008.
Share-based
Payments
January 10, 2008. The IASB has issued an Exposure Draft proposing amendments to the guidance on how a group
entity that receives goods and services from a supplier should record the cash payment. The comment deadline
is March 17, 2008.
Deemed
Cost of an Investment
January 10, 2008. The IASB issued a revised Exposure Draft proposing an amendment to address concerns about
the cost of retrospectively applying IAS 27, Consolidated
and Separate Financial Statements, on first-time adoption of IFRSs, and about the measurement of cost
in the separate financial statements of a new parent. The comment deadline is February 26, 2008.
AcSB January 3, 2008 Decision Summary
January 10, 2008. An executive summary of discussions and decisions with respect to the topics addressed at
this meeting: International Activities; Publicly Accountable Enterprises Strategy; Not-For-Profit
Organizations; Asset-Backed Commercial Paper; Canada/US GAAP Reconciliations; Planning.
Publicly
Accountable Enterprises
January 7, 2008. On December 21, 2007, the US Securities and Exchange Commission issued a final Rule on “Acceptance from Foreign Private Issuers of Financial
Statements prepared in Accordance with International Financial Reporting Standards without Reconciliation to
US GAAP.” This includes indefinite extension of the accommodation to first-time adopters of IFRSs,
allowing for a foreign private issuer in its first year of reporting under “IFRS as published by the IASB” to
file two years rather than three years of statements of income, changes in shareholders’ equity and cash
flows prepared in accordance with IFRS, with appropriate related disclosure in its registration statements or
annual report filed with the Commission.
AcSB's
Proposed Changeover Date to IFRSs
January 7, 2008. Interested in making a presentation to the Accounting Standards Oversight Council on the
AcSB's proposed changeover date to IFRSs? Please contact AcSOC's Secretary, Harry Klompas, with an outline of
your proposed presentation content, or for more information.
IASB
Seeking New Members
December 14, 2007. The trustees of the International Accounting Standards Committee Foundation are inviting
applications for one full-time member for the International Accounting Standards Board (IASB). Candidates
with experience as preparers of IFRS accounts or investment professionals with a good knowledge of IFRSs will
be given special consideration. Expressions of interest should be sent directly to the IASB by January 18,
2008.
Publicly Accountable Enterprises
December 13, 2007. The AcSB is seeking suggestions, by January 9, 2008, for possible modifications to IFRS 1,
First-time
Adoption of International Financial Reporting Standards, that might be required to assist enterprises
in adopting IFRSs.
AcSB December 5-6, 2007 Decision Summary
December 13, 2007. An executive summary of discussions and decisions with respect to the topics addressed at
this meeting including: International Activities; Publicly Accountable Enterprises Strategy; Private
Enterprises Strategy; Emerging Issues Committee; Planning.
FYI Newsletter Special Edition 2007 (PDF)
November 28, 2007. This special edition of FYI
summarizes pronouncements of the AcSB and EIC that should be considered in financial statement preparation
for 2007 and 2008 fiscal years.
Joint Arrangements
November 27, 2007. The AcSB has issued an Exposure Draft that proposes to issue a new standard, Joint
Arrangements, Section 3056. The comment deadline is January 31, 2008.
Notice
of the IFRS Advisory Committee Meeting
November 20, 2007. The next meeting will be held on Friday, December 7th in Toronto and is open to the
public.
The
Road to IFRSs
November 19, 2007. The AcSB has published a summary of changes to Canadian GAAP for publicly accountable
enterprises anticipated before the changeover date to IFRSs.
AcSB November 8, 2007 Decision Summary
November 19, 2007. An executive summary of discussions and decisions with respect to the topics addressed at
this meeting: International Activities; Publicly Accountable Enterprises Strategy; Private Enterprises
Strategy — Owner Managed Enterprises; Financial Instruments — Recognition and Measurement; Intangible Assets;
Not-For-Profit Organizations; Asset-Backed Commercial Paper; Emerging Issues Committee.
IFRS Canadian GAAP Comparison (PDF)
November 14, 2007. The AcSB has issued an update to its comparison of International Financial Reporting
Standards and Canadian standards as of March 31, 2007.
Financial Instruments Implementation Guidance
November 13, 2007. The implementation guidance has been posted in final form.
Financial Instruments ― Mountain or Molehill (PDF)
November 13, 2007. A brochure for private enterprises has been posted.
Report on AcSB’s Progress Review on Changeover to IFRSs (PDF)
November 12, 2007 The AcSB has published the full Preliminary Report on its Progress Review, in accordance
with the Implementation Plan for Incorporating International Financial Reporting Standards (IFRSs) into
Canadian GAAP.
AcSOC Seeking New AcSB Members
November 9, 2007. The Accounting Standards Oversight Council is currently seeking new members to appoint to
the Accounting Standards Board.
AcSB October 16, 2007 Decision Summary
October 31, 2007. An executive summary of discussions and decisions with respect to the topic addressed at
this meeting: Joint Arrangements.
Non-bank-sponsored Asset-Backed Commercial Paper (PDF)
October 30, 2007. The AcSB staff has issued a commentary on the financial reporting issues facing holders of
these securities in preparing their interim GAAP financial statements for periods ending September 30, 2007.
An AcSB media release (PDF) was also issued on October 31,
2007.
Adopting
IFRSs for Publicly Accountable Enterprises — Roundtable Discussions
October 26, 2007. The AcSB staff is holding roundtable discussions in Montreal, Calgary, Vancouver, Toronto
and Halifax to discuss the views of interested parties on whether Canadian publicly accountable enterprises
are ready to adopt International Financial Reporting Standards for fiscal years beginning on or after January
1, 2011.
Preliminary Report on AcSB’s Progress Review on Changeover to
IFRSs (PDF)
October 26, 2007. The AcSB has published an Executive Summary of its Preliminary Report on its Progress
Review, in accordance with the Implementation Plan for Incorporating IFRSs into Canadian GAAP.
FYI Newsletter October 2007 (PDF)
October 23, 2007. The October issue of FYI
includes the Chair’s Message on a CICA initiative proposing the development of an Accounting Handbook for
Owner Managed Enterprises, articles on differential reporting and advisory groups on IASB projects, and an
executive summary of recent developments on not-for-profit organizations.
Rate-Regulated Operations – International Activities
October 23, 2007. The IASB’s IFRIC Coordinator has written to the AcSB Chair regarding the application of
IFRSs to rate-regulated operations. A copy of the letter is provided, along with a description of the AcSB’s
involvement in other international activities on this topic.
IFRS Advisory Committee (IAC) – Report on Public
Meeting (PDF)
October 19, 2007. At its September 2007 meeting the IAC discussed issues including, Canada’s state of
readiness for adoption of IFRSs in 2011 and other areas identified as creating special challenges for
transition to IFRSs in Canada.
Hedge
Accounting
October 19, 2007. The IASB has issued an Exposure Draft amending IAS 39, Financial Instruments: Recognition
and Measurement, to clarify what can be designated as a hedged item in a hedge accounting relationship. The
IASB comment period ends on January 11, 2008.
Annual
Improvements
October 19, 2007. The IASB has issued an Exposure Draft proposing minor editorial amendments to 25 IFRSs as
part of its first annual improvements project.. The AcSB will be reviewing the proposed amendments to
determine if any should be adopted in Canada prior to changeover to IFRSs. The IASB comment period ends on
January 11, 2008.
AcSB October 9, 2007 Decision Summary
October 15, 2007. An executive summary of discussions and decisions with respect to the topics addressed at
this meeting including: International Activities, Publicly Accountable Enterprises Strategy, Asset-Backed
Commercial Paper.
Joint
Arrangements
October 5, 2007. The IASB has issued an Exposure Draft that proposes improvements to the accounting for joint
arrangements and will replace IAS 31, Joint
Ventures. The AcSB plans to adopt the revised IAS 31 and will be issuing an Exposure Draft in the
fourth quarter of 2007. The IASB comment period ends on January 11, 2008.
AcSOC 2006-2007 Annual Report (PDF)
October 1, 2007. The Accounting Standards Oversight Council has issued its 2006-2007 Annual Report, which
includes reports on the Accounting Standards Board's and Public Sector Accounting Board's activities and
performance during the year.
Financial Instruments Implementation Guidance – Invitation to Comment
September 27, 2007. The Financial Instruments Working Group has released the final in a series of draft
Implementation Guidance documents designed to assist entities with the implementation and application of the
financial instruments standards. Comments are requested by October 31, 2007
FYI Newsletter September 2007 (PDF)
September 18, 2007. This issue of FYI includes an executive summary that
deals with the Re-Exposure Draft of a proposed new standard on intangible assets.
AcSB September 5-6, 2007 Decision Summary
September 13, 2007. An executive summary of discussions and decisions with respect to the topics addressed at
this meeting including: Strategies for Publicly Accountable and Private Enterprises; Planning (including the
AcSB decision to begin a process for an orderly winding up of its Emerging Issues Committee); Financial
Instruments (including issues raised by the Differential Reporting Advisory Committee); and Investment
Companies.
Adopting IFRSs: Next Steps – Ours and Yours (PDF)
September 10, 2007. The AcSB has prepared a Bulletin that deals with converging with International Financial
Reporting Standards. This bulletin points to the advance planning decisions that companies should take to
prepare for their own adoption of IFRSs.
AcSB August 22, 2007 Decision Summary
August 28, 2007. An executive summary of discussions and decisions with respect to the topics addressed at
this meeting: Rate-Regulated Operations.
Notice
of the IFRS Advisory Committee Meeting
August 23, 2007. The next meeting will be held on Thursday, September 13, 2007 in Toronto and is open to the
public.
IASC Foundation Seeking New Trustees
August 17, 2007. The Trustees of the International Accounting Standards Committee Foundation are inviting
applications to fill vacancies created by the retirement of four Trustees. Expressions of interest should be
sent directly to the IASC Foundation by mid-September.
Real
Estate Sales
August 17, 2007. Draft Interpretation D21 “Real Estate Sales,” has been issued for comment by the
International Financial Reporting Interpretations Committee (IFRIC). IFRIC Interpretations are part of
International Financial Reporting Standards (IFRSs) and will become part of Canadian GAAP at the end of the
transitional period to IFRSs. The comment period ends on October 5, 2007.
Hedges
of a Net Investment in a Foreign Operation
August 17, 2007. Draft Interpretation D22 “Hedges of a Net Investment in a Foreign Operation,” has been
issued for comment by the International Financial Reporting Interpretations Committee (IFRIC). IFRIC
Interpretations are part of International Financial Reporting Standards (IFRSs) and will become part of
Canadian GAAP at the end of the transitional period to IFRSs. The comment period ends on October 19,
2007.
Not-for-Profit Organizations
August 7, 2007. The AcSB has issued an Exposure draft, together with a Background Information and Basis for
Conclusions document, proposing amendments to a number of Handbook Sections dealing with not-for-profit
organizations. Comments are requested by November 15, 2007.
AcSB’s Progress Review Plan (PDF)
July 31, 2007. The AcSB has published its plan for assessing the progress Canada is making towards its
convergence with International Financial Reporting Standards, to confirm that anticipated timing of full
convergence continues to be appropriate. Comments are welcomed throughout the process.
AcSB July 24 and 26, 2007 Decision Summary
July 31, 2007. An executive summary of discussions and decisions with respect to the topic addressed at these
meetings: Employee Future Benefits.
Intangible Assets
July 30, 2007. The AcSB has issued a Background Information and Basis for Conclusions document for the June
2007 Re-exposure Draft, Intangible
Assets. Comments on the Re-exposure Draft are requested by September 30, 2007.
AcSB July 11, 2007 Decision Summary
July 17, 2007. An executive summary of discussions and decisions with respect to the topics addressed at this
meeting: International Activities; Publicly Accountable Enterprises Strategy; Employee Future Benefits and
Rate-Regulated Operations; Financial Statement Presentation; Extractive Activities.
Public
Sector Enterprises' Use of IFRSs
July 11, 2007. The Public Sector Accounting Board has issued an Exposure Draft (PDF) clarifying that government business enterprises and
government business-type organizations are publicly accountable enterprises and therefore will be required to
report using International Financial Reporting Standards when Canadian GAAP converges with IFRSs in 2011.
Comments are requested by September 28, 2007.
Intangible Assets
July 9, 2007. The AcSB has issued a Re-exposure Draft proposing amendments to Section 1000, Financial
Statement Concepts, and a new Section 3064, Goodwill
and Intangible Assets. The comment period ends September 30, 2007.
Interested in Making a Presentation to the Accounting Standards
Oversight Council?
June
22, 2007. Interested in making a presentation to the Accounting Standards Oversight Council on the AcSB's new
Strategy? Please contact AcSOC's Secretary, Harry Klompas, with an outline of your proposed presentation
content, or for more information.
Financial Instruments Implementation Guidance – Invitation to Comment
June 20, 2007. The Financial Instruments Working Group has released the fourth in a series of draft
Implementation Guidance documents designed to assist entities with the implementation and application of the
financial instruments standards. Comments are requested by July 31, 2007.
AcSB
Strategy — Publicly Accountable Enterprises
June 19, 2007. The AcSB is seeking expressions of interest from individuals who have experience in the
preparation of financial reports under International Financial Reporting Standards (IFRS), to participate as
a volunteer on the IFRS Advisory Committee. This
Committee assists the AcSB and staff in implementing its strategy for adopting IFRSs for publicly accountable
enterprises. Expressions of interest should be sent, together with a current resumé, to Florita Dinglasan by July 16, 2007
IFRS Advisory Committee (IAC) — Report on Public
Meeting (PDF)
June 14, 2007. At its May 2007 meeting, the IAC discussed the AcSB’s plan for reviewing Canada’s progress in
preparing to implement International Financial Reporting Standards. IAC also discussed the effects of
adopting IFRSs on accounting in the oil and gas sector and for joint ventures.
Financial
Reporting by Private Enterprises
June 13, 2007. A video recording of an interview
with Paul Cherry, AcSB Chair, has been posted. The interview highlights the key elements of the AcSB’s
Invitation to Comment and Discussion Paper.
AcSB May 29, 2007 Decision Summary
June 7, 2007. An executive summary of discussions and decisions with respect to the topics addressed at this
meeting: International Activities; Publicly Accountable Enterprises Strategy; Private Enterprises Strategy;
AcSB Performance.
Implications of Moving to IFRSs for Existing Canada/US
GAAP Differences (PDF)
May 25, 2007. The AcSB has issued an update of this document to provide interested individuals and
organizations with information about the extent to which the move to IFRSs will reduce or increase conflicts
with US GAAP.
Employee
Future Benefits
May 23, 2007. A presentation to assist in understanding the recently issued Exposure Draft on Employee Future
Benefits has been posted.
Employee
Future Benefits
May 17, 2007. The AcSB has issued a Background Information and Basis for Conclusions document for the March
2007 Exposure Draft, Employee
Future Benefits. Comments on the Exposure Draft are requested by June 30, 2007.
FYI Newsletter May 2007 (PDF)
May 17, 2007. The May issue of FYI
includes an article on the AcSB’s recently issued Invitation to Comment “Financial Reporting by Private
Enterprises.” Other articles discuss going concern, materiality and financial instruments.
Implementation Plan for Incorporating International
Financial Reporting Standards into Canadian GAAP (PDF)
May 14, 2007. The AcSB has issued an update to its Implementation Plan, which includes a comparison of IFRSs
and Canadian standards as of March 31, 2007, as well as the AcSB's expectations as to which IFRSs are likely
to be adopted in Canada before the changeover to IFRSs for publicly accountable enterprises.
Insurance
Contracts
May 4, 2007. The IASB has issued a Discussion Paper, “Preliminary Views on Insurance Contracts,” for public
comment. The resulting standard will become part of Canadian GAAP. The comment period ends on November 16,
2007.
AcSB
Strategy — Financial Reporting by Private Enterprises
May 3, 2007. The AcSB has issued an Invitation to
Comment (PDF) (ITC) and accompanying Discussion Paper (PDF)
requesting public comment on the future of financial reporting by Canadian private enterprises. Stakeholders
are encouraged to participate in the ITC consultative process. The comment period ends October 31, 2007.
IFRSs
— The Path to Convergence
May 3, 2007. The CICA is holding a conference on June 11-12, 2007 to explain the AcSB Plan for publicly
accountable enterprises and what it will mean for you. Speakers include the AcSB Chair, an IASB Board member,
Canadian and US regulators and those with experience in adopting IFRSs in Europe. Details are available here.
AcSB
Strategy — Publicly Accountable Enterprises
April 17, 2007. The AcSB is seeking expressions of interest from individuals knowledgeable in International
Financial Reporting Standards and financial reporting by financial institutions, to participate as a
volunteer on the IFRS Advisory Committee. This
Committee assists the AcSB and staff in implementing its strategy for adopting IFRSs for publicly accountable
enterprises. Expressions of interest should be sent, together with a current resumé, to Florita Dinglasan by May 7, 2007.
AcSB March 13 and April 11, 2007 Decision
Summaries
April 17, 2007. An executive summary of discussions and decisions with respect to the topics addressed at
these meetings: Not-for-Profit Organizations; International Activities; Publicly Accountable Enterprises
Strategy; Going Concern; Materiality.
New Appointments to AcSOC, AcSB, PSAB
April 11, 2007. New appointments to the AcSOC have been announced, and the AcSOC has appointed new members to
the AcSB and PSAB.
Notice of IFRS Advisory Committee Meeting
April 11, 2007. The next meeting will be held on Thursday, May 3, 2007 in Toronto and is open to the
public.
Borrowing
Costs
April 4, 2007. The IASB has issued amendments to International Financial Reporting Standard IAS 23, Borrowing
Costs, on March 29, 2007. The AcSB does not plan to adopt these changes until the changeover to
IFRSs.
IFRS
Convergence Strategy
April 2, 2007. A presentation that provides a broad
overview of matters to be aware of leading up to Canada’s convergence with International Financial Reporting
Standards for publicly accountable enterprises has been posted.
Survey of Reported Canadian/US GAAP Differences (PDF)
March 29, 2007. AcSB staff have prepared a summary of its survey of Canadian/US GAAP differences reported by
Canadian companies in years ending in 2005.
Employee
Future Benefits
March 29, 2007. The AcSB has issued an Exposure Draft proposing amendments to Section 3461, Employee
Future Benefits, that recognizes the funded status of a defined benefit plan in an entity's balance
sheet. Comments are requested by June 30, 2007.
Rate-Regulated Operations
March 28, 2007. The AcSB has issued an Exposure Draft, together with a Background Information and Basis for
Conclusions document, proposing amendments to a number of Handbook Sections, as they relate to rate-regulated
operations. Comments are requested by June 30, 2007.
AcSB March 7, 2007 Decision Summary
March 13, 2007. An executive summary of discussions and decisions with respect to the topic addressed at
this meeting: International Activities; Publicly Accountable Enterprises — Strategy; Non-Publicly Accountable
Enterprises — Strategy; Inventories; Materiality; Canada/US GAAP Differences.
Related
Party Disclosures
March 5, 2007. The IASB has issued an Exposure Draft for comment on “IAS 24, Related Party Disclosures”. The
exposure draft proposes to reduce the disclosure requirements for some entities that are related only because
they are state-controlled or significantly influenced by the state. The resulting standard will become part
of Canadian GAAP when IFRSs are adopted. The comment period ends on May 25, 2007.
US SEC Staff Roundtable on IFRS “Roadmap”
March 2, 2007. The US Securities and Exchange Commission (SEC) will be holding a webcast on March 6, 2007, on
the implications of removing the requirement for reconciliations to US GAAP for financial statements prepared
using IFRS. More information can be found on the SEC website.
Investment
Companies
March 1, 2007. A Typescript of the final amendments to AcG-15, Consolidation
of Variable Interest Entities and AcG-18, Investment
Companies has been issued.
Small and Medium-sized Entities
February 27, 2007. The IASB has issued an Exposure Draft for comment on “International Financial Reporting
Standards for Small and Medium-sized Entities ”. The comment period ends on October 1, 2007. The resulting
standards will not necessarily become part of Canadian GAAP when IFRSs are adopted. An AcSB Invitation to
Comment on non-publicly accountable enterprises is expected in the first half of 2007, which will provide
alternatives being considered.
AcSB February 23, 2007 Decision Summary
February 26, 2007. An executive summary of discussions and decisions with respect to the topic addressed
at this meeting: Investment Companies.
Financial Instruments Implementation Guidance — Invitation to Comment
February 16, 2007. The Financial Instruments Working Group has released the third in a series of draft
Implementation Guidance documents designed to assist entities with the implementation and application of the
financial instruments standards. Comments are requested by March 31, 2007.
AcSB January 25 and February 7, 2007 Decision
Summaries
February 12, 2007. An executive summary of discussions and decisions with respect to the topics addressed at
these meetings: Employee future Benefits; International Activities; Non-Publicly Accountable Enterprises -
Strategy; Publicly Accountable Enterprises - Strategy.
IASB
Seeking New Members for IFRIC
February 5, 2007. The Trustees of the International Accounting Standards Committee Foundation are inviting
applications for four new members for the International Financial Reporting Interpretations Committee
(IFRIC). Expressions of interest should be sent directly to the IASB by March 9, 2007.
IASB
Seeking New Members
February 5, 2007. The Trustees of the International Accounting Standards Committee Foundation are inviting
applications for one full-time member and one part-time member for the International Accounting Standards
Board (IASB). Expressions of interest should be sent directly to the IASB by March 16, 2007.
First-time
Adoption: Cost of an Investment in a Subsidiary
February 5, 2007. The IASB has issued an Exposure Draft for comment on IFRS 1 “First-time Adoption: Cost of
an Investment in a Subsidiary ”. The Exposure Draft proposes further exemptions from International Financial
Reporting Standards (IFRS) requirements when adopting IFRS for the first time. The resulting standard will
become part of Canadian GAAP when IFRSs are adopted. The comment period ends on April 27, 2007.
IFRS Advisory Committee (IAC) (PDF) — Report on Public Meeting (PDF)
January 23, 2007. At its December 2006 meeting, the IAC discussed issues encountered with respect to
implementing International Financial Reporting Standards in practice and the possible impact of the removal
of Canadian standards that have no IFRS equivalent
Canada’s Move to International Financial Reporting
Standards (PDF)
January 18, 2007. The AcSB staff has prepared a bulletin for public companies regarding frequently asked
questions about Canada’s move to International Financial Reporting Standards. This bulletin will be of
interest to Boards of Canadian public companies, their management, accountants and auditors.
Investment
Companies
January 18, 2007. The AcSB has issued proposed amendments to AcG-15, Consolidation
of Variable Interest Entities and AcG-18, Investment
Companies. Comments are requested by February 17, 2007.
AcSB December 15, 2006 and January 4.
2007 Decision Summaries
January 10, 2006. An executive summary of discussions and decisions with respect to the topics addressed at
these meetings: Going Concern; International Activities; Public Company Strategy; Private Company Strategy;
Deferral of Effective Dates for Non-publicly Accountable Enterprises; Income Trusts; Investment Companies;
Liabilities and Equity; AcSB Objectives and Work Plan — 2007-2008 Operating Year; AcSB's Role, Processes,
Structure and Resources.
IFRS Advisory Committee (IAC) — Report on Public
Meeting (PDF)
January 2, 2007. At its second meeting, the IAC discussed the definition of “publicly accountable
enterprises,” the extent to which modifications might be made to IFRSs on adoption and IFRS Education.
Income Trusts — Financial Statement Commentary (PDF)
December 19, 2006. A commentary expressing the author’s views on how certain aspects of GAAP should be
applied to the financial statements of income trusts has been posted.
Hedges,
Section 3865
December 15, 2006. A Board Notice has been issued clarifying the transitional provisions of Section 3865.
Fair value measurement
December 11, 2006. The IASB has published a discussion paper, “Fair Value Measurements,” setting out its
preliminary views on providing consistency in the measurement of fair value. The comment period ends May 4,
2007.
Notice of IFRS Advisory Committee Meeting
December 7, 2006. The next meeting will be held on Monday, December 18, 2006 in Toronto and is open to the
public.
AcSB November 30 and December 4, 2006 Decision
Summaries
December 7, 2006. An executive summary of discussions and decisions with respect to the topics addressed at
these meetings: International Activities; Public Company Strategy; Private Company Strategy; Financial
Instruments; Accounting Policy Choice for Transaction Costs; AcSB Objectives and Work Plan — 2007-2008
Operating Year; AcSB's Role, Processes, Structure and Resources; Internally Developed Intangible Assets.
FYI Newsletter Special Edition 2006 (PDF)
November 29, 2006. This special edition of FYI summarizes pronouncements of
the AcSB and EIC that should be considered in financial statement preparation for 2006 and 2007 fiscal years.
This issue also summarizes significant international activities.
AcSB November 6, 14 and 17, 2006 Decision
Summaries
November 28, 2006. An executive summary of discussions and decisions with respect to the topics addressed at
these meetings: Internally Developed Intangible Assets; Not-for-Profit Organizations — Standards
Improvements; Employee Future Benefits.
Conceptual Framework — Roundtable Discussions on Measurement
November 20, 2006. The International Accounting Standards Board and US Financial Accounting Standards Board
are holding Roundtable Discussions, in early January, to solicit constituent views on potential measurement
bases and on issues to consider in the measurement phase of their joint project. The Conceptual Framework
will become part of Canadian GAAP when International Financial Reporting Standards are adopted.
Cash Distributions
November 15, 2006. The AcSB has issued an exposure draft that proposes to modify the disclosure requirements
in Section 1540, Cash
Flow Statement, pertaining to cash distributions made in accordance with contractual agreements.
Comments are requested by December 15, 2006.
AcSB November 1, 2006 Decision Summary
November 6, 2006. An executive summary of discussions and decisions with respect to the topics addressed at
this meeting: International Activities; Income Trusts; Public Company Strategy; Private Company Strategy;
Amendment fo AcG-15, Consolidation
of Variable Interest Entities.
Hedges (Amendments to Transitional Provisions of Section 3865)
October 18, 2006. An Exposure Draft has been issued proposing revised transitional provisions for Section
3865, Hedges.
Hedges, Section 3865
October 18, 2006. A Board Notice has been issued clarifying the transitional provisions of Section 3865. This
Notice should be read together with the Exposure Draft, "Hedges (Amendments to Transitional Provisions of
Section 3865)," of the same date.
Notice of IFRS Advisory Committee Meeting
October 18, 2006. The second meeting of the IAC will be held on Friday, November 3, 2006 in Toronto. It is
open to the public.
IFRS Advisory Committee (IAC) — Report on Public
Meeting (PDF)
October 18, 2006. At its inaugural meeting, the IAC discussed various issues regarding the AcSB’s
Implementation Plan for International Financial Reporting Standards, the International Accounting Standards
Board’s structure and due process, and the IAC’s responsibilities and Terms of Reference.
IASB Working Group on Accounting for Employee Benefits
October 13, 2006. The International Accounting Standards Board is seeking nominations for members of an
international working group to advise on accounting for employee benefits. Nominations should be sent
directly to the IASB by November 17, 2006..
AcSB October 4, 2006 Decision Summary
October 11, 2006. An executive summary of discussions and decisions with respect to the topics addressed at
this meeting: International Activities; Employee Future Benefits; Financial Instruments; Income Trusts.
Employee Future Benefits — Minimum Funding Requirements
October 2, 2006. Draft interpretation D19, "IAS 19 — The Asset Ceiling: Availability of Economic Benefits and
Minimum Funding Requirements," has been issued for comment by the International Financial Reporting
Interpretations Committee (IFRIC). IFRIC Interpretations are part of International Financial Reporting
Standards (IFRSs), and will become part of Canadian GAAP at the end of the transitional period to IFRSs.
Customer Loyalty Programs
October 2, 2006. Draft interpretation D20, "Customer Loyalty Programmes," has been issued for comment by the
International Financial Reporting Interpretations Committee (IFRIC). IFRIC Interpretations are part of
International Financial Reporting Standards (IFRSs), and will become part of Canadian GAAP at the end of the
transitional period to IFRSs.
Financial Instruments — Recognition and Measurement, Section 3855
October 2, 2006. A Board Notice has been issued clarifying the treatment of fees and costs incurred on the
exchange or modification of a financial liability.
AcSOC 2005-2006 Annual Report (PDF)
September 15, 2006. The Accounting Standards Oversight Council has issued its 2005-2006 Annual Report, which
includes reports on the Accounting Standards Board's and Public Sector Accounting Board's activities and
performance during the year.
AcSB September 6-7, 2006 Decision Summary
September 13, 2006. An executive summary of discussions and decisions with respect to the topics addressed at
this meeting: International Activities; Private Business Strategy; Financial Instruments; Measurement
Objectives; Conceptual Framework; Income Trusts; Employee Future Benefits; Joint Ventures.
Public Companies and the Move to International
Accounting: Getting There From Here (PDF)
September 1, 2006. The AcSB staff has prepared a bulletin for public companies about implementing the
strategy for convergence with International Financial Reporting Standards under the new Strategic Plan.
Accounting for Liabilities — IASB Roundtables
August 28, 2006. The International Accounting Standards Board will hold a roundtable discussion in Norwalk,
Connecticut on proposals for accounting for liabilities that will become part of Canadian GAAP when
International Financial Reporting Standards are adopted.
Going Concern
August 23, 2006. The AcSB has issued an Exposure Draft of revisions to Section 1400, General Standards of
Financial Statement Presentation. The proposals provide guidance on assessing and disclosing an entity's
ability to continue as a going concern. Comments are requested by October 31, 2006.
Private Company Strategies: New Directions (PDF)
August 16, 2006. The AcSB staff has prepared a bulletin outlining research into financial reporting needs in
the private business sector under the new Strategic Plan.
Inventories
August 16, 2006. A presentation to assist in understanding the
recently issued Exposure Draft on Inventories has been posted.
Notice of IFRS Advisory Committee Meeting
August 4, 2006. The inaugural meeting of the IAC will be held on Wednesday, August 16, 2006 in Toronto. It is
open to the public.
AcSB July 27, 2006 Decision Summary
August 4, 2006. An executive summary of discussions and decisions with respect to the topic addressed at this
meeting: Rate-Regulated Operations.
Hedges, Section 3865
July 31, 2006. A Board Notice has been posted deleting Hedges, paragraph 3865.54.
Accounting Standards in Canada: New Directions (PDF)
July 31, 2006. The AcSB has issued an "Implementation Plan for Incorporating International Financial
Reporting Standards into Canadian GAAP."
AcSB July 12, 2006 Decision
Summary
July 18, 2006. An executive summary of discussions and decisions with respect to projects addressed in this
meeting. Topics discussed: International Activities; Employee Future Benefits; Joint Ventures; Fair Value
Measurement; Earnings per Share.
Conceptual Framework (PDF)
July 13, 2006. A report on the applicability to not-for-profit entities in the private and public sector of
the International Accounting Standards Board/US Financial Accounting Standards Board "Preliminary Views
on an Improved Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and
Qualitative Characteristics of Decision-Useful Financial Reporting Information" has been posted.
Inventories
July
11, 2006. The AcSB has issued a Background Information and Basis for Conclusions document for the June
2006 Exposure Draft, "Inventories, Section 3031." Comments on the Exposure Draft are requested by September
15, 2006.
Conceptual Framework
July 6, 2006. The IASB and FASB have published "Preliminary Views on the Objective of Financial Reporting and
Qualitative Characteristics of Decision-Useful Financial Reporting Information." The comment period ends
November 3, 2006.
Financial Instruments Implementation Guidance — Invitation to Comment
July 4, 2006. The Financial Instruments Working Group has released the second in a series of draft
Implementation Guidance documents designed to assist entities with the implementation and application of the
financial instruments standards. Comments are requested by July 31, 2006.
Inventories
June 29, 2006. The AcSB has issued an Exposure Draft of new Section 3031, Inventories. The proposals
provide more guidance on the measurement and disclosure requirements for inventories than existing Section
3030, Inventories. Comments are requested by September 15, 2006.
Interested in Becoming a Member of the Emerging Issues Committee?
June 23, 2006. The Accounting Standards Board (AcSB) is seeking a new member for the Emerging Issues
Committee (EIC).
Emerging Issues Committee Secretary
June 23, 2006. The Emerging Issues Committee is seeking candidates to take on the position of Secretary
to the Committee.
Financial Instruments Puttable at Fair Value and Obligations Arising on
Liquidation
June 22, 2006. The IASB has published an Exposure Draft of proposed amendments to International Financial
Reporting Standards IAS 32, Financial Instruments: Presentation, and IAS 1, Presentation of
Financial Statements. The Exposure Draft proposes to classify as equity: (a) financial instruments
puttable at the fair value of a pro rata share of the net assets of an entity; and (b) instruments with
obligations for a pro rata share of the net assets of the entity on its liquidation. The comment period ends
October 23, 2006.
AcSB June 14, 2006 Decision Summary
June
20, 2006. An executive summary of discussions and decisions with respect to projects addressed in this
meeting. Topics discussed: International Activities; Conceptual Framework; Private Business Reporting;
Financial Instruments; Internally Developed Intangible Assets; Fair Value Measurement; Uncertain Tax
Positions; Liabilities and Equity; Income Trusts.
FYI Newsletter June 2006 (PDF)
June 14, 2006. The June issue of FYI includes
details of the March 2006 accounting standard setters' meeting in Toronto, and of recent developments related
to the financial instruments standards.
Financial Instrument Disclosures and Capital Disclosures
June
14, 2006. The AcSB has issued a Background Information and Basis for Conclusions document for the April 2006
Exposure Draft, "Financial Instrument Disclosures and Capital Disclosures." Comments on the Exposure Draft
are due by June 30, 2006.
Borrowing Costs
May 29, 2006. The IASB has published an Exposure Draft of proposed amendments to International Financial
Reporting Standard IAS 23, Borrowing Costs, proposing to require capitalization of borrowing costs
directly attributable to the acquisition, construction or production of a qualifying asset as part of the
cost of that asset. The comment period ends September 29, 2006.
New AcSB
Appointments
May 12, 2006. The AcSOC announces new appointments to the AcSB.
AcSB May 3, 2006 Decision Summary
May 9, 2006. An executive summary of discussions and decisions with respect to projects addressed in this
meeting. Topics discussed: International Activities; Strategic Planning; Income Trusts; Financial Instruments
— Recognition and Measurement; Rate-Regulated Operations; Non-Controlling Interests/Consolidations;
Going Concern.
Financial Instrument Disclosures and Capital Disclosures
April 28, 2006. The AcSB has issued an Exposure Draft proposing new requirements for disclosures about
financial instruments and an entity’s capital. The AcSB proposes that the new financial instrument disclosure
requirements may be applied on a voluntary basis in place of those in Section 3861, Financial Instruments — Disclosure and Presentation. Comments are requested by June 30,
2006.
Hedges, Section 3865
April 25, 2006. A Board Notice has been issued clarifying the transitional provisions in
Hedges, paragraph 3865.71.
Global Positioning: The New Direction (PDF)
April 24, 2006. The AcSB staff has prepared a bulletin providing an executive summary of accounting
changes facing public companies as a result of the new Strategic Plan.
Survey of Reported Canadian/US GAAP Differences
April 17, 2006. AcSB staff have prepared a summary of its survey of Canadian/US GAAP differences reported by
Canadian companies in years ending in 2004.
Presentation
of Financial Statements
April 17, 2006. The IASB has published an Exposure Draft, “Amendments to IAS 1, Presentation of Financial
Statemen | 
