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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 Requirement
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. New Accounting Standards for Private Enterprises in Canada Finalized
September 30, 2009. The AcSB approved the final accounting standards for private enterprises in Canada. The new standards will be issued by the end of the year and will be available for 2009 reporting for entities that choose to adopt them early. IFRS Advisory Committee (IAC) — Report on Public Meeting
September 30, 2009. At its July meeting, the IAC discussed IASB documents for comment on fair value measurement and financial instruments, as well as, eligibility of revaluations for the IFRS 1 deemed cost option, liability and equity classification and functional currency determination. AcSB September 22-23, 2009 Decision Summary
September 28, 2009. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: International Activities; Accounting Standards for Private Enterprises; Not-for-Profit Organizations. IFRS Discussion Group
September 28, 2009. The first meeting of the IFRS Discussion Group (IDG) will be held on November 25th, 2009 in Toronto. Individuals are encouraged to submit issues relating to the application of IFRSs in Canada by October 20th for consideration at this meeting. For further information see Submission of Issues. Interested in Making a Presentation to the Accounting Standards Oversight Council on the Future of Financial Reporting by Not-for-Profit Organizations?
September 24, 2009. AcSOC is seeking input from interested stakeholders on the future of financial reporting by not-for-profit organizations. Rate-regulated Activities
September 17, 2009. The AcSB has issued an Exposure Draft (ED) to adopt a standard on rate-regulated activities. This ED corresponds to the IASB's ED on this topic. The standard will apply to publicly accountable enterprises at changeover to IFRSs. Comments are requested by November 20, 2009. IASB Roundtable on Fair Value Measurement
September 17, 2009. Attend the IASB’s North American roundtable on November 2, 2009 in Norwalk, Connecticut, to share your views on the IASB’s Exposure Draft Fair Value Measurement. IFRS Discussion Group
September 14, 2009. The AcSB announces appointments to its IFRS Discussion Group. IASC Constitution Review
September 14, 2009. The International Accounting Standards Committee (IASC) Foundation has issued “Part 2 of the Constitution Review, Proposals for Enhanced Accountability.” The document contains proposals to enhance the existing governance of the organization, improve the involvement of stakeholders and make operational improvements. The comment deadline is November 30, 2009. FYI Newsletter September 2009
September 9, 2009. The September issue includes the message from the Chair’s and articles on a third omnibus exposure draft, first-time adoption of IFRSs, fair value measurement, impairment of debt securities, financial instruments, pension plans and rate-regulated activities. Discount Rate for Employee Strategy
September 3, 2009. The AcSB has issued an Exposure Draft (ED) on the discount rate used to determine the present value of the defined benefit obligation under an employee benefit plan. This ED corresponds to the IASB's ED on this topic. The amended standard will apply to publicly accountable enterprises at changeover to IFRSs. Comments are requested by October 8, 2009. AcSB August 25, 2009 Decision Summary
September 1, 2009. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: International Activities; Private Enterprise Strategy; IFRS Discussion Group. Pension Plans Roundtable
September 1, 2009. Attend a roundtable discussion on Thursday, October 8, 2009 to share your views on the AcSB's Exposure Draft. Classification of Rights Issues
August 31, 2009. The AcSB has issued an Exposure Draft (ED) to clarify the classification of rights issues in a foreign currency. This ED corresponds to the IASB's ED on this topic. The amended standard will apply to publicly accountable enterprises at changeover to IFRSs. Comments are requested by September 30, 2009. Extinguishing Financial Liabilities with Equity Instruments
August 31, 2009. The AcSB has issued an Exposure Draft proposing to adopt the IFRIC’s Draft Interpretation on measuring equity instruments issued in debt-to-equity swaps. The new Interpretation will apply to publicly accountable enterprises at changeover to IFRSs. Comments are requested by October 15, 2009. Annual Improvements
August 27, 2009. The IASB has issued an Exposure Draft proposing amendments to eleven International Financial Reporting Standards resulting from its annual improvements project process, which addresses necessary but non-urgent amendments that are not part of another project. The comment deadline is November 24, 2009. Publicly Accountable Enterprises Strategy
August 27, 2009. AcSB staff has updated the paper explaining which IFRSs are expected to apply on changeover to IFRSs in 2011. Discount Rate for Employee Benefits
August 25, 2009. The IASB has issued an Exposure Draft proposing to eliminate the requirement to use yields on government bonds. Instead, entities would estimate the yield on high quality corporate bonds. The comment deadline is September 30, 2009. Only Months To Go – IFRSs (Not the New Year)
August 18, 2009. The AcSB’s latest bulletin provides some reasons why your organization will miss opportunities and incur costs, if planning is not done and actions are not taken before the comparative period for the first IFRS statement begins. Financial Instruments: Classification and Measurement
August 14, 2009. The AcSB has issued an Exposure Draft on the IASB’s proposed new standard for classification and measurement of financial instruments. The new standard will apply to publicly accountable enterprises on changeover to IFRSs. Comments are requested by September 30, 2009. Classification of Rights Issues
August 13, 2009. The IASB has issued an Exposure Draft proposing that rights which are issued pro rata to an entity’s existing shareholders for a fixed amount of currency should be classified as equity. The comment deadline is September 7, 2009. Extinguishing Financial Liabilities with Equity Instruments
August 13, 2009. The IFRIC has issued a Draft Interpretation D25 proposing that an entity’s equity instruments are part of any “consideration paid” to extinguish a financial liability and should be measured at either their fair value or the fair value of the extinguished liability. The comment deadline is October 5, 2009. Pension Plans
July 30, 2009. The AcSB has issued an Exposure Draft that proposes new standards for pension plans based on existing Section 4100, Pension Plans, with modifications including increased disclosures. Comments are requested by October 31, 2009. Impairment of Financial Assets — Typescript
July 29, 2009. A typescript of approved amendments to Section 3855, Financial Instruments — Recognition and Measurement, is now available. Rate-regulated Activities
July 28, 2009. The IASB has issued an Exposure Draft proposing a definition of and criteria for the recognition and measurement of regulatory assets and regulatory liabilities. The comment deadline is November 20, 2009. First-time Adoption
July 28, 2009. The IASB has issued amendments to IFRS 1. The amendments will assist entities using the full cost method for oil and gas assets and save entities with existing lease contracts from reassessment of the classification of lease arrangements under IFRIC 4, Determining whether an Arrangement contains a Lease. AcSB July 16, 2009 Decision Summary
July 23, 2009. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: International Activities; Credit Risk in Liability Measurement; Impairment of Financial Assets; Fair Value Measurement; Financial Instruments; Private Enterprise Strategy; Publicly Accountable Enterprises Strategy. IFRS Advisory Committee (IAC) — Report on Public Meeting
July 20, 2009. At its April meeting, the IAC discussed the IASB’s documents for comment on derecognition, income taxes and leases, and observations of IFRS implementation on the frequency of real estate valuations, lenders and creditors, and the effect of IFRS 1 choices on capital requirements. Webinar — IFRS Adoption for Small- and Medium Cap Companies
July 17, 2009. View the archived July 13 webinar that addresses how companies with limited resources can tackle the challenges of IFRS adoption. Hear from the CSA and the AcSB about their expectations, with a focus on small and medium cap companies. Financial Instruments
July 17, 2009. The IASB has issued an Exposure Draft proposing changes to classification and measurement as part of the comprehensive project on financial instruments. The comment deadline is September 14, 2009. The AcSB will issue a corresponding exposure draft. IFRSs for SMEs
July 17, 2009. The IASB has issued IFRSs for use by small and medium-sized enterprises. The standards will not form part of Canadian GAAP, even after changeover to IFRSs in 2011. Fair Value Measurement
July 16, 2009. The AcSB has issued an Exposure Draft that reflects the IASB’s proposed new standard on how to measure fair value. The new standard will apply to publicly accountable enterprises at changeover to IFRSs. Comments are requested by October 15, 2009. Fair Value Measurement — Roundtable
July 16, 2009. Attend a roundtable on September 1, 2009, to share your views on the IASB’s Exposure Draft. Notice of the IFRS Advisory Committee Meeting
July 15, 2009. The next meeting will be held on Wednesday, July 22, 2009 in Toronto and is open to the public. Accounting Standards Oversight Council Announces Chair
July 15, 2009. The Accounting Standards Oversight Council (AcSOC) announced that Tricia O’Malley has been appointed as Chair of the Accounting Standards Board (AcSB). GAAP for Private Enterprises — FAQs
July 15, 2009. AcSB staff has prepared a listing of Frequently Asked Questions in respect of the proposed GAAP for Private Enterprises. Webinar — IFRS Adoption for Small- and Medium Cap Companies
July 7, 2009. Take part in a free and informative webinar on July 13 at 12:30 pm that will address how companies with limited resources can tackle the challenges of IFRS adoption. Hear from the CSA and the AcSB about their expectations, with a focus on small and medium cap companies. Withdrawal of AcSB Staff Financial Reporting Commentaries
June 30, 2009. Three AcSB staff commentaries dealing with non-bank-sponsored asset-backed commercial paper have been withdrawn because they refer to US guidance that has been replaced. The commentary “Non-bank-sponsored Asset-backed Commercial Paper: Implementing the Restructuring Plan” has been retained. Impairment of Financial Assets
June 26, 2009. The IASB has issued a Request for Information on the feasibility of an expected loss model for the impairment of financial assets. The comment deadline is September 1, 2009. Interested in Becoming a Member of the AcSB’s IFRS Discussion Group?
June 26, 2009. The AcSB is seeking members for its new IFRS Discussion Group. Credit Risk in Liability Measurement
June 26, 2009. The IASB has issued a Discussion Paper on the role of credit risk in liability measurement. The comment deadline is September 1, 2009. IFRS 2, Share-based Payment
June 26, 2009. The IASB has issued amendments to IFRS 2 that clarify the accounting for group-settled share-based payment transactions and incorporates the guidance previously included in IFRIC 8, Scope of IFRS 2, and IFRIC 11, IFRS 2 — Group and Treasury Share Transactions. Management Commentary
June 26, 2009. The IASB has issued an Exposure Draft proposing a framework to help entities prepare and present a narrative report of their financial performance in relation to their expectations and strategies. Entities will not have to follow this guidance to claim compliance with IFRSs. The comment deadline is March 1, 2010. GAAP for Private Enterprises
June 23, 2009. The AcSB has issued a Background Information and Basis for Conclusions document for the April 2009 Exposure Draft, "Generally Accepted Accounting Principles for Private Enterprise." Comments on the Exposure Draft are requested by July 31, 2009. IFRSs: Guide for Procrastinators
June 19, 2009. The AcSB has issued a bulletin to help smaller publicly accountable enterprises start their transition to IFRSs. The bulletin suggests a starting point, provides related resources, and highlights why companies have to start their transition today, if they have not started already. Embedded Derivatives on Reclassification of Financial Assets — Typescript
June 17, 2009. A typescript of approved amendments to Section 3855, Financial Instruments — Recognition and Measurement, is now available. AcSB June 9, 2009 Decision Summary
June 15, 2009. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: International Activities; Economic Environment; Pension Plans. Webinar — GAAP for Private Enterprises
June 11, 2009. Private enterprise GAAP in Canada is about to change. Take part in a free and informative webinar on June 19 at 12:30 pm that will provide a detailed overview of the proposed new set of standards. Derecognition (Proposed Amendments to IAS 39 and IFRS 7)
June 4, 2009. The AcSB has issued an Exposure Draft that reflects recent IASB proposals. The amended standard will apply to publicly accountable enterprises on changeover to IFRSs. Comments are requested by August 31, 2009. Prepayments of Minimum Funding Contributions
June 1, 2009. The IASB issued an Exposure Draft to amend IFRIC 14, IAS 19, The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction, to correct unintended consequences of IFRIC 14. The comment deadline is July 27, 2009. Fair Value Measurement
June 1, 2009. The IASB issued an Exposure Draft to replace fair value measurement guidance in IFRSs with a single, unified definition of fair value and guidance on its application in inactive markets. The comment deadline is September 29, 2009. The AcSB will issue a corresponding exposure draft. FYI Newsletter May 2009
June 1, 2009. The May issue includes a message from the Accounting Standards Director and articles on GAAP for private enterprises, changeover to IFRSs, and information on IASB projects.
May 29, 2009. The AcSB has issued an Exposure Draft that proposes to amend Section 3855, Financial Instruments — Recognition and Measurement, to converge with international standards for impairment of debt securities by changing the categories into which debt instruments are required and permitted to be classified. Comments are requested by June 30, 2009.
IFRIC Agenda Decision — Significant or Prolonged
May 29, 2009. The International Financial Reporting Interpretations Committee (IFRIC) was asked to clarify “significant or prolonged” as used in existing IFRS requirements regarding impairment of available-for-sale equity instruments. The same term appears in Section 3855, Financial Instruments — Recognition and Measurement. Roundtable on IASB Derecognition Proposals
May 26, 2009. Attend a roundtable on June 22, 2009 to share your views on the IASB’s Exposure Draft. AcSB May 13-14, 2009 Decision Summary
May 25, 2009. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: International Activities; AcSB Planning; Conceptual Framework; Derecognition; Economic Environment; Income Tax; Pension Plans; Revenue Recognition. CSA Announcement re IFRSs in Canada
May 25, 2009. The Canadian Securities Administrators issued CSA Staff Notice 52-324 addressing early adoption of IFRSs, interim financial statements in the year of IFRS adoption and references to IFRSs and Canadian GAAP. Roundtables on IASB Proposals — Agenda Posted
May 22, 2009. Attend the IASB’s Derecognition education session and roundtable on June 1 or the Consolidation roundtable on June 2, 2009, in Toronto, to share your views on the IASB’s Exposure Drafts, “Consolidated Financial Statements” and “Derecognition.” Roundtable on IASB Lease Proposals
May 20, 2009. Attend a roundtable on June 25, 2009 in Toronto to share your views on the joint IASB/FASB Discussion Paper. GAAP for Private Enterprises
May 13, 2009. A presentation to assist in understanding the Exposure Draft, "Generally Accepted Accounting Principles for Private Enterprises," has been posted. Changeover to IFRSs: January 1, 2011
May 8, 2009. The AcSB has issued a bulletin that provides the factors supporting the 2011 changeover date for the adoption of IFRSs by publicly accountable enterprises. National Standards Setters Meeting
May 7, 2009. A report of the April meeting of National Standards Setters. Topics discussed included, the global financial crisis, IASB work plan and constitution review, share-based payment, retirement benefit plans, intangible assets, income taxes, and effects analyses of accounting standards. FYI Newsletter April 2009
May 4, 2009. The April issue of FYI includes the Chair’s Message and articles on private enterprise GAAP, financial instruments, representing Canada on the international stage, rate-regulated operations, public company GAAP, and the IASB’s consolidation proposals. AcSB April 29, 2009 Decision Summary
April 30, 2009. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: Economic Environment; Pension Plans; Transition to International Financial Reporting Standards (IFRSs). AcSB Announces Decision Regarding Fair Value Accounting Standards and Impairment of Debt Securities
April 30, 2009. The AcSB confirmed that the recent US guidance on determining the fair value of financial instruments is consistent with Canadian standards. Income Tax
April 30, 2009. The AcSB has issued an Exposure Draft proposing to replace the existing IFRS income tax guidance with a new standard recently proposed by the IASB. The new income tax standard will apply to publicly accountable enterprises at changeover to IFRSs. Comments are requested by July 31, 2009. GAAP for Private Enterprises
April 29, 2009. The AcSB has issued an Exposure Draft proposing to issue a set of standards for private enterprises as part of the CICA Handbook – Accounting. Comments are requested by July 31, 2009. Financial Instruments — Embedded Derivatives on Reclassification of a Financial Asset
April 29, 2009. The AcSB has issued an Exposure Draft that proposes to amend Section 3855, Financial Instruments — Recognition and Measurement, to add guidance concerning the assessment of embedded derivatives upon reclassification of a financial asset. Comments are requested by May 25, 2009. Financial Instruments — Effective Interest Method and Embedded Prepayment Options
April 29, 2009. The AcSB has posted a typescript of approved amendments to Section 3855, Financial Instruments — Recognition and Measurement. Annual Improvements Project
April 24, 2009. The IASB issued amendments to twelve International Financial Reporting Standards resulting from the annual improvements project process, which addresses necessary but non-urgent amendments that are not part of another project. Free Access to IFRSs
April 24, 2009. The IASB website now provides free access to the core standards, excluding additional content such as bases for conclusions. Roundtables on IASB proposals
April 22, 2009. Attend one or both of the IASB’s roundtables on June 1 or 2, 2009 in Toronto to share your views on the interaction of the IASB’s Exposure Drafts, “Consolidated Financial Statements” and “Derecognition,” particularly with regard to off balance sheet activities. Notice of the IFRS Advisory Committee Meeting
April 22, 2009. The next meeting will be held on Thursday, April 30, 2009 in Toronto and is open to the public. AcSB April 15, 2009 Decision Summary
April 20, 2009. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: International Activities; Economic Environment; EIC Agenda Issues. AcSB Chair Appointment
April 9, 2009. Doug Hyndman, Chair of the Accounting Standards Oversight Council announces appointment of Tricia O'Malley Chair of the Accounting Standards Board to succeed Paul Cherry in mid-June. IFRS Advisory Committee (IAC) — Report on Public Meeting
April 9, 2009. At its January meeting, the IAC discussed the changeover date with respect to the current economic environment, observations of the implementation of IFRSs in Canada so far, the recent standard setting activities around industries affected by rate-regulation and a number of the IASB’s documents for comment. Canada’s Fair Value Rules
April 7, 2009. No decision has been made whether to change fair value rules in Canada. The Accounting Standards Board (AcSB) will hold a special meeting later this month to consider whether to propose changes in the use of fair values and impairment of debt securities. Roundtable on IFRS Adoption in Canada
April 1, 2009. Interested parties are invited to attend a roundtable meeting in Montreal to discuss the challenges in preparing for the adoption of International Financial Reporting Standards by publicly accountable enterprises in Canada. Financial Reporting by Not-for-Profit Organizations — Stakeholder Input
April 1, 2009. The AcSB and the PSAB are seeking input from interested stakeholders on the future of financial reporting standards for not-for-profit organizations. Income Tax
April 1, 2009. The IASB has issued an Exposure Draft proposing to simplify the accounting, strengthen the existing principle and remove most of the exceptions in the current standard. The comment deadline is July 31, 2009. Canadian stakeholders are encouraged to comment to the IASB with a copy to the AcSB. Derecognition
April 1, 2009. The IASB has issued an Exposure Draft proposing to improve the requirements for when a financial instrument may be removed from the financial statements. The comment deadline is July 31, 2009. Canadians stakeholders are encouraged to comment to the IASB with a copy to the AcSB. Fair Value Measurement and Impairment
April 1, 2009. The IASB has issued a Request for Views on the FASB’s proposals on “Determining Whether a Market is Not Active and a Transaction is Not Distressed” and “Recognition and Presentation of Other-Than-Temporary Impairments.” The comment deadline is April 20, 2009. Canadians stakeholders are encouraged to comment to the IASB with a copy to the AcSB. AcSB March 25-26, 2009 Decision Summary
March 31, 2009. An executive summary of discussions and decisions made at the meeting, including recent developments affecting financial reporting in the current economic environment and related proposals issued by the FASB and IASB. The AcSB will continue to monitor developments closely. Financial Reporting by Not-for-Profit Organizations
March 27, 2009. A presentation to assist in understanding the Invitation to Comment, "Financial Reporting by Not-for-Profit Organizations," has been posted. Leases
March 24, 2009. The IASB has issued a Discussion Paper proposing that all leases give rise to liabilities for future rental payments and assets (the right to use the leased asset) that should be recognized. The comment deadline is July 17, 2009. Reclassification and Embedded Derivatives
March 18, 2009. The IASB has issued amendments clarifying the need to look for embedded derivatives on reclassification of a financial asset out of the “fair value through profit and loss” category. The AcSB expects to issue similar requirements by mid 2009. Adopting IFRSs in Canada, II
March 12, 2009. The AcSB has issued a second omnibus Exposure Draft proposing to incorporate a number of standards and interpretations issued by the IASB since the 2007 Bound Volume and new introductory material into the Handbook. Comments are requested by May 15, 2009. Financial Instrument Disclosures
March 12, 2009. The IASB has issued amendments to IFRS 7, Financial Instruments: Disclosures, to improve disclosure requirements about fair value measurements and reinforce existing principles for disclosures about the liquidity risk associated with financial instruments. The AcSB expects to adopt similar requirements by mid-2009. AcSB March 5, 2009 Decision Summary
March 10, 2009. An executive summary of discussions and decisions with respect to the topic addressed at this meeting: Private Enterprises Strategy. Financial Instruments — Disclosures and Presentation
February 26, 2009. A Board Notice clarifying the transitional provisions of Section 3861, applicable to non-publicly accountable enterprises, has been posted. Financial Reporting by Government Organizations
February 24, 2009. The Public Sector Accounting Board has issued an Invitation to Comment on the application of International Financial Reporting Standards by some government organizations. Comments are requested by April 17, 2009. AcSB February 3, 2009 Decision Summary
February 10, 2009. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: International Activities; Economic Environment; Private Enterprises Strategy; Publicly Accountable Enterprises Strategy; Consolidated Financial Statements; EIC Agenda Issues; IASCF Constitution Review. Consolidated Financial Statements
February 2, 2009. The AcSB has issued an Exposure Draft proposing to replace the existing IFRS consolidation guidance with a new standard recently proposed by the IASB. The new consolidation standard will apply to publicly accountable enterprises at changeover to IFRSs. Comments are requested by April 20, 2009. Asset-backed Commercial Paper — AcSB Staff Commentary
February 2, 2009. The AcSB staff has issued a fourth commentary, focusing on implementing the restructuring plan for non-bank-sponsored asset-backed commercial paper. Post-implementation Revisions to IFRIC Interpretations
February 2, 2009. The IASB has issued an Exposure Draft proposing amendments to the scope of IFRIC 9, “Reassessment of Embedded Derivatives,” and to a restriction in IFRIC 16, “Hedges of a Net Investment in a Foreign Operation.” The comment deadline is March 2, 2009. AcSOC Survey of the AcSB's Performance
January 28, 2009. The AcSOC is seeking stakeholder views on the AcSB's performance regarding private enterprises. Completed Surveys are requested by February 10, 2009. Roundtables on IASB proposals
January 28, 2009, Attend one or both of the roundtables being held by the AcSB on February 19, 2009 to share your views on the IASB’s Exposure Draft, “Consolidated Financial Statements” and Discussion Paper, “Financial Statement Presentation.” Asset-Backed Commercial Paper — Draft AcSB Staff Commentary
January 28, 2009. The AcSB staff has posted a draft of a proposed commentary on implementing the restructuring plan for non-bank-sponsored asset-backed commercial paper, for a "fatal flaw review" by January 29, 2009. Canadian GAAP/IFRS Comparison
January 21, 2009. The AcSB has issued an update to its summary comparison of Canadian Standards to International Financial Reporting Standards as of July 31, 2008. Notice of the IFRS Advisory Committee Meeting
January 14, 2009. The next meeting will be held on Thursday, January 29, 2009 in Toronto and is open to the public. AcSB January 9, 2009 Decision Summary
January 13, 2009. 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; Credit Environment; EIC Agenda Issues; International Accounting Standards Committee Foundation's (IASCF) Constitution Review.
January 13, 2009. The AcSB has issued an Exposure Draft that proposes to amend Section 3855, Financial Instruments — Recognition and Measurement, to clarify the calculation of interest on a financial asset after recognition of an impairment loss. Comments are requested by February 15, 2009.
Investments in Debt Instruments
January 5, 2009. The IASB has issued an Exposure Draft proposing to require additional disclosures on all investments in debt instruments. The comment deadline is January 15, 2009. Reclassification of Financial Assets
January 5, 2009. The IASB has issued an Exposure Draft, “Embedded Derivatives.” The proposals are intended to clarify the accounting for embedded derivatives as a result of amendments, issued by the IASB in October 2008, that allow the reclassification of certain financial assets. The comment deadline is January 21, 2009. Financial Reporting by Not-for-Profit Organizations
December 23, 2008. The Accounting Standards Board and Public Sector Accounting Board have jointly issued an Invitation to Comment to invite feedback on the future of financial reporting by not-for-profit organizations. Comments are requested by June 30, 2009. Revenue Recognition
December 23, 2008. The IASB has issued a Discussion Paper “Preliminary Views on Revenue Recognition in Contracts with Customers.” The comment deadline is June 19, 2009. Interested in Making a Presentation to the Accounting Standards Oversight Council on the Global Economic Crisis?
December 18, 2008. AcSOC is seeking input from interested stakeholders on financial reporting issues arising from the global economic crisis. Consolidated Financial Statements
December 18, 2008. The IASB has issued an Exposure Draft proposing to improve the definition of control and enhance information disclosed about consolidated and non-consolidated entities. The comment deadline is March 20, 2009. The AcSB will adopt any changes for publicly accountable enterprises at changeover to IFRSs. Relationships with the State
December16, 2008. The IASB has issued an Exposure Draft proposing to simplify disclosure for state-controlled entities about transactions with other state-controlled entities. The comment deadline is March 13, 2009. The AcSB will adopt any changes for publicly accountable enterprises at changeover to IFRSs. FYI Newsletter December 2008
December 12, 2008. The December issue of FYI includes articles on Accounting Considerations for the Current Economic Turmoil, Accounting for Rate-regulated Operations and an Interview with Paul Goodyear, Chair of the AcSB’s Not-for-Profit Organizations Advisory Committee. AcSB December 3-4, 2008 Decision Summary
December 10, 2008. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: International Activities; Credit Environment — Accounting Implications; Private Enterprises Strategy; Publicly Accountable Enterprises Strategy; Financial Instruments; Standard-Setting Infrastructure. IASC Foundation Consults on Constitution
December 9, 2008. The IASCF Trustees have issued a discussion document on the second part of the review of the IASCF's Constitution. Comments are requested by March 31, 2009. IFRS Canadian GAAP Comparison
December 8, 2008. The AcSB has issued an update to its comparison of International Financial Reporting Standards and Canadian standards as of July 31, 2008. FYI Newsletter Special Edition 2008
December 8, 2008. This special edition of FYI summarizes activities of the AcSB that should be considered in financial statement preparation for 2008 and 2009 fiscal years. Publicly Accountable Enterprises Strategy
December 8, 2008. AcSB staff has updated the paper explaining which IFRSs are expected to apply on changeover to IFRSs in 2011. IFRS Advisory Committee (IAC) — Report on Public Meeting
December 3, 2008. At its August meeting, the IAC discussed the AcSB’s omnibus exposure drafts, Canadian Performance Reporting Board draft guidance regarding external communications for corporations transitioning to IFRSs, a possible IFRS discussion group, and the IASB’s Discussion Paper “Reducing Complexity in Reporting Financial Instruments”. AcSB Chair Appointed to lead IASB's Standards Advisory Council
December 3, 2008. Paul Cherry, AcSB Chair, has been appointed Chair of the IASB’s Standards Advisory Council (SAC), commencing January 1, 2009, for a three-year term. Internally Generated Intangible Assets
November 26, 2008. The Australian Accounting Standards Board staff issued a Discussion Paper, “Initial Accounting for Internally Generated Intangible Assets,” supported by the National Standard Setters. This paper is the first in a series that will provide input into any project the IASB initiates with regard to intangible assets. The comment deadline is May 15, 2009. SEC Issues Roadmap
November 21, 2008. The US Securities and Exchange Commission has issued a Roadmap for the potential use of financial statements prepared in accordance with IFRSs by US issuers for purposes of their filings with the Commission. Fair Value in Inactive Markets
November 20, 2008. AcSB staff has issued a financial reporting commentary on estimating fair value of financial instruments in inactive markets. New Appointments to AcSOC, AcSB, PSAB
November 20, 2008. New appointments to the AcSOC have been announced, and the AcSOC has appointed new members to the AcSB and PSAB. AcSB November 12, 2008 Decision Summary
November 19, 2008. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: International Activities; Credit Environment — Accounting Implications; Publicly Accountable Enterprises Strategy; Private Enterprises Strategy; Consolidation; Business Combinations, Non-controlling Interests and Discontinued Operations. 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
November 11, 2008. AcSOC has issued a media release supporting a global approach to financial reporting standards. AcSOC Supports AcSB Approach for Volatile Markets
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
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
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
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
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
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. AcSOC 2007-2008 Annual Report
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
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
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
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. 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
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
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
June 26, 2008. The June issue of FYI includes a Message from the Chair, and articles on private enterprises and not-for-profit organizations. AcSB June 10, 2008 Decision Summary
June 18, 2008. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: International Activities; Conceptual Framework; Income Taxes. AcSB May 26, 2008 Decision Summary
June 2, 2008. An executive summary of discussions and decisions with respect to the topic addressed at this meeting: Not-for-Profit Organizations. Conceptual Framework Objective and Qualitative Characteristics
May 29, 2008. The IASB has issued an Exposure Draft on “Conceptual Framework for Financial Reporting: Chapter 1: The Objective of Financial Reporting and Chapter 2: Qualitative Characteristics and Constraints of Decision-useful Financial Reporting Information.” The comment deadline is September 29, 2008. Conceptual Framework Reporting Entity
May 29, 2008. The IASB has issued a Discussion Paper considering issues for the purposes of developing a reporting entity concept for inclusion in the conceptual framework. The comment deadline is September 29, 2008. EIC Abstracts Review — IFRS Adoption
May 14, 2008. Final decisions from the review of the issues addressed by each EIC Abstract have been posted. AcSB May 6-7, 2008 Decision Summary
May 14, 2008. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: International Activities; Financial Reporting by Private Enterprises; Publicly Accountable Enterprises Strategy; Not-for-Profit Organizations; Financial Instruments — Recognition and Measurement; Discontinued Operations. CSA Guidance on the Effect of the Transition to IFRSs
May 12, 2008. The Canadian Securities Administrators has published CSA Staff Notice 52-320, “Disclosure of Expected Changes in Accounting Policies Relating to Changeover to IFRSs.” IFRSs — A Done Deal!
May 5, 2008. AcSB staff has written a follow-up article on the AcSB’s omnibus Exposure Draft, “Adopting IFRSs in Canada.” It clarifies who is affected by the move to IFRSs, highlights the importance of preparing now, rather than later, and explains why becoming familiar with IFRSs may not be as difficult as some might think. FYI Newsletter April 2008
May 1, 2008. The April issue of FYI includes a Message from the Chair, articles on the AcSB’s Exposure Drafts on “Adopting IFRSs in Canada” and “Non-controlling Interests,” its private enterprise strategy, recommendations regarding EIC Abstracts review, and interviews with retired AcSB members. Sir David Tweedie addresses the Empire Club of Canada
April 30, 2008. On April 25th, Sir David Tweedie, Chair of the IASB, addressed the Empire Club of Canada in Toronto. Read the full Luncheon Event speech here. AcSB April 23, 2008 Decision Summary
April 30, 2008. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: International Activities; Private Enterprises Strategy; Financial Instruments. Non-bank-sponsored Asset-Backed Commercial Paper
April 18, 2008. The AcSB staff has issued a third commentary, focusing on the financial reporting issues facing holders of these securities in preparing their GAAP financial statements for periods ending March 31, 2008. New Appointments to AcSOC, AcSB, PSAB
April 17, 2008. New appointments to the AcSOC have been announced, and the AcSOC has appointed new members to the AcSB and PSAB. Employee Benefits
April 16, 2008 The IASB has issued a Discussion Paper on “Preliminary Views on Amendments to IAS 19 Employment Benefits,” for public comment. The paper includes proposals to remove options for the deferred recognition of gains and losses in defined benefit plans. The comment deadline is September 26, 2008. Financial Instruments
April 16, 2008 The IASB has issued a Discussion Paper on “Reducing Complexity in Reporting Financial Instruments.” The paper examines the main causes for the complexity under IFRSs today and proposes possible intermediate and long-term approaches to improve and simplify measurement. The comment deadline is September 19, 2008. Adopting IFRSs in Canada
April 7, 2008. The AcSB has issued an omnibus Exposure Draft proposing to incorporate IFRSs into the Handbook as a replacement for current Canadian GAAP for most publicly accountable enterprises effective for fiscal years beginning on or after January 1, 2011. The comment deadline is July 31, 2008. Non-controlling Interests
April 7, 2008. The AcSB has issued an Exposure Draft proposing to issue new Section 1602, Non-controlling Interests, and replace existing Section 1600, Consolidated Financial Statements, with Section 1601 of the same name. Comments are requested by May 30, 2008. IFRS Advisory Committee (IAC) – Report on Public Meeting
April 4, 2008 – At its January meeting, the IAC discussed possible amendments to IFRS 1, First-time Adoption of International Financial Reporting Standards, to be presented to the IASB for consideration at its March meeting. IASB Chair Speaks in Toronto
April 3, 2008. Sir David Tweedie will speak on "Worldwide Adoption of International Financial Reporting Standards (IFRS): Why IFRS? Why now? And what does it mean to you?”on Friday April 25th in Toronto. EIC Abstracts Review — Tentative Decisions
April 2, 2008. Tentative decisions from the review of the issues addressed by each EIC Abstract have been updated. 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
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
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
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
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
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
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
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 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
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
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
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
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
November 13, 2007. A brochure for private enterprises has been posted. Report on AcSB’s Progress Review on Changeover to IFRSs
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
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 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
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
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
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
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
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
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
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 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
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
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
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
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 (ITC) and accompanying Discussion Paper 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
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) — Report on Public Meeting
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
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
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
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
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
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
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
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
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
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
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
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
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 Statements, A Revised Presentation,” proposing changes to the presentation of a statement of changes in equity and inclusion of an extra balance sheet in financial reports. The comment period ends July 17, 2006. Relationships Between IASB and National Standard Setters
April 17, 2006. The International Accounting Standards Board (IASB) has published "Statement of Best Practice : Working Relationships between the IASB and other Accounting Standard-Setters." Financial Instruments — Recent Developments
April 17, 2006. An AcSB staff update on various recent activities regarding the financial instruments standards: the deferral for non-publicly accountable enterprises, the CICA Handbook – Accounting XFI, changes to EIC Abstracts, the forthcoming Exposure Draft, “Financial Instruments—Disclosures,” and the work of the Financial Instruments Working Group. AcSB April 3, 2006 Decision Summary
April 5, 2006. An executive summary of discussions and decisions with respect to projects addressed in this meeting. Topics discussed: International Activities; Employee Future Benefits; Offsetting Receivables from and Payables to Customers by Broker Dealers; Income Trusts. Accounting Standards in Canada: New Directions
March 30, 2006. The AcSB has issued its recently approved Strategic Plan, which will govern its activities for the next few years. The new strategies represent a significant change from the past, and will have fundamental and pervasive effects on Canadian financial reporting practices. Financial Instruments Implementation Guide — Invitation to Comment
March 30, 2006. The Financial Instruments Working Group has released the first in a series of draft Implementation Guide documents designed to assist entities with the implementation and application of the financial instruments standards. Comments are requested by April 30, 2006. AcSB March 1, 2006 Decision Summary
March 7, 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; Employee Future Benefits; Offsetting Receivables From and Payables to Customers by Broker Dealers; Not-for-Profit Organizations. FYI Newsletter March 2006
March 3, 2006. The March issue of FYI includes articles on business combinations, the AcSB’s project on private companies, and the new standard-setting approach proposed for auditing and assurance standards in Canada. Meeting of Accounting Standard Setters in Toronto
February 22, 2006. Chairs and senior staff of the IASB, FASB and other national accounting standards setters will meet in Toronto on March 13-14, 2006. The meeting is open to public observation. Share-Based Payment
February 20, 2006. The IASB has published an Exposure Draft, “Vesting Conditions and Cancellations,” proposing amendments to IFRS 2, "Share-based Payment." The comment period ends June 2, 2006. AcSB Strategy — Publicly Accountable Entities
February 15, 2006. The AcSB is seeking expressions of interest from individuals knowledgeable in International Financial Reporting Standards to participate as volunteers in an informal advisory group to assist the AcSB and staff in aspects of adopting its public company strategy. Expressions of interest should be sent, together with a current resumé, to Florita Dinglasan by March 6, 2006. AcSB February 8, 2006 Decision Summary
February 13, 2006. An executive summary of discussions and decisions with respect to projects addressed in this meeting. Topics discussed: International Activities; Strategic Planning; Rate-Regulated Operations; Accounting Changes. Interested in Becoming a Member of the User Advisory Council?
January 31, 2006. The AcSB is seeking a new member for the User Advisory Council (UAC). Segment Reporting
January 30, 2006. The IASB has published an Exposure Draft, ED 8, “Operating Segments,” proposing to change existing IASB standards on this subject to become very similar to those presently in place in Canada and the United States. However, there are some minor differences. The AcSB Strategic Plan for public companies is to converge with IFRS. Therefore, constituents are encouraged to review and consider responding to these IASB proposals. The comment period ends May 19, 2006. FYI Newsletter January 2006
January 18, 2006. The January issue of FYI includes a message from the Chair with comments on business income trusts. Other articles discuss GAAP for private businesses, International Financial Reporting Standards and measurement bases for financial reporting. AcSB January 4, 2006 Decision Summary
January 10, 2006. An executive summary of discussions and decisions with respect to projects addressed in this meeting. Topics discussed: International Activities; Strategic Planning; Conceptual Framework; Uncertain Tax Positions; Financial Instruments — Disclosures; Financial Instruments — Other-than-Temporary Impairment; Business Combinations. AcSB November 30-December 1, 2005 Decision Summary
December 5, 2005. An executive summary of discussions and decisions with respect to projects addressed in this meeting. Topics discussed: Analysis of Canadian/US GAAP Differences; Disclosure of Non-Consolidated Information; Fair Value Measurement; Handbook Improvements; Strategic Planning. Internally Developed Intangible Assets
December 5, 2005 . The AcSB has issued an Exposure Draft proposing amendments to Section 1000, Financial Statement Concepts, and Section 3062, Goodwill and Other Intangible Assets. The comment period ends February 28, 2006. IFRS Canadian GAAP Comparison
December 1, 2005. A comparison of International Financial Reporting Standards (IFRS) and Canadian GAAP (as at April 1, 2005) prepared by AcSB staff is available to subscribers to the electronic version of the CICA Handbook – Accounting. Financial Instruments
November 21, 2005. Presentations to assist in understanding the recently issued Sections 3855, Financial Instruments — Recognition and Measurement, and 1530, Comprehensive Income, have been posted. Measurement Objectives — Concepts
November 17, 2005. The IASB has published a Discussion Paper, “Measurement Bases for Financial Reporting — Measurement on Initial Recognition,” prepared by AcSB staff. The Discussion Paper analyzes the possible bases for measuring assets and liabilities on initial recognition and concludes that fair value is more relevant than the other identified measurement bases provided it can be reliably measured. The comment period ends May 19, 2006. FYI Special Edition 2005
November 9, 2005. The special edition of FYI, summarizing pronouncements of the AcSB and EIC that should be considered in financial statement preparation for 2005 and 2006 fiscal years has been posted. Earnings Per Share
November 9, 2005. A typescript of amendments to Section 3500, Earnings per Share, and a corresponding Background Information and Basis for Conclusions document, have been posted. Interested in Becoming a Member of the Emerging Issues Committee?
November 8, 2005. The Accounting Standards Board (AcSB) is seeking a new member for the Emerging Issues Committee (EIC). AcSB November 2, 2005 Decision Summary
November 7, 2005. An executive summary of discussions and decisions with respect to projects addressed in this meeting. Topics discussed: Differential Reporting — Amendments to Section 3062 and AcG-15; Fair Value Measurement; Strategic Planning; Subsequent Events; Reporting Financial Performance. AcSOC Seeking a New AcSB member
October 18, 2005. The Accounting Standards Oversight Council is currently seeking a new member to appoint to the Accounting Standards Board. Business Combinations
October 13, 2005. A presentation to assist in understanding the recently issued Exposure Draft on Business Combinations has been posted. AcSB October 6-7, 2005 Decision Summary
October 13, 2005. An executive summary of discussions and decisions with respect to projects addressed in this meeting. Topics discussed: Business Combinations; Differential Reporting; Financial Instruments; Subsequent Events; Uncertain Tax Positions. AcSOC 2004-2005 Annual Report, Looking to the Future
October 6, 2005. Looking to the Future, the 2004-2005 Annual Report of the Accounting Standards Oversight Council, which includes activity reports on the performance of the Accounting Standards Board and the Public Sector Accounting Board for the year to March 31, 2005, has been issued. AcSB September 7-8, 2005 Decision Summary
September 13, 2005. An executive summary of discussions and decisions with respect to projects addressed in this meeting. Topics discussed: Disclosure Framework; Fair Value Measurement; Financial Instruments; Liabilities Other than Financial Liabilities; Inventories; Strategic Planning. Non-Monetary Transactions
August 23, 2005. A presentation to assist in understanding recently issued Section 3831, Non-Monetary Transactions, has been posted. FYI Newsletter August 2005
August 22, 2005. The August issue of FYI includes articles entitled "Naked Accounting? Hopefully Not in This Climate…," responding to comments that the private sector is being abandoned, and "Trust Me, There Is Income," highlighting some financial reporting issues in the income trust sector. Business Combinations
August 18, 2005. A correction has been made to paragraph .86 of the Exposure Draft of new Section 1582, Business Combinations, which was issued on August 3, 2005. Differential Reporting
August 9, 2005. The AcSB has issued an Exposure Draft proposing amendments to the differential reporting options in Section 3062, Goodwill and Other Intangible Assets, and Accounting Guideline AcG-15, Consolidation of Variable Interest Entities. The comment period ends September 9, 2005.
Business Combinations
August 3, 2005. The AcSB has issued an Exposure Draft of new Section 1582, Business Combinations, to replace existing Section 1581. The comment period ends October 28, 2005. AcSB July 13, 2005 Decision Summary
July18, 2005. An executive summary of discussions and decisions with respect to projects addressed in this meeting. Topics discussed: Business Combinations; CICA Handbook – Accounting; Income and Royalty Trusts; Issues Arising from Nortel. Revisiting the Conceptual Framework
July 15, 2005. An article describing the joint IASB/FASB project to revisit their conceptual frameworks for financial accounting and reporting is available. AcSB staff is actively participating in this project. Business Combinations
July 11, 2005. The AcSB publishes summary of proposals on Business Combinations: Purchase Method Procedures including Combinations between Co-operative Enterprises, and Consolidated Financial Statements — Non-Controlling Interests. Financial Instruments — Navigating New Waters
June 20, 2005. A brochure to assist in implementing the Financial Instruments standards has been posted. FYI Newsletter June 2005
June 16, 2005. The June issue of FYI includes a message from the Chair with comments on the AcSB’s Draft Strategic Plan details on meetings to provide input on the Draft Strategic Plan, and an article providing an overview of international activities and the AcSB’s existing work program. AcSB June 8, 2005 Decision Summary
June 13, 2005. An executive summary of discussions and decisions with respect to projects addressed in this meeting. Topics discussed: Accounting Changes; Differential Reporting Advisory Committee; Disclosure Framework; Earnings per Share; Income Taxes; Income Trusts; Strategic Planning. Financial Instruments — Hedges
May 31, 2005. A presentation to assist in understanding the recently issued Section 3865, Hedges, has been posted. Interested in Becoming a Member of the Emerging Issues Committee?
May 26, 2005. The Accounting Standards Board (AcSB) is seeking a new member for the Emerging Issues Committee (EIC). Accounting Standards in Canada: Future Directions
May 18, 2005. “Implications of Moving to IFRSs for Existing Canada/US GAAP Differences” is available to assist interested individuals and organizations in assessing the AcSB’s proposals on the Board’s March 2005 Invitation to Comment, “Accounting Standards in Canada: Future Directions — Draft Strategic Plan.” Further details are available here. AcSB May 11-12, 2005 Decision Summary
May 18, 2005. An executive summary of discussions and decisions with respect to projects addressed in this meeting. Topics discussed: Asset Retirement Obligations; Deferral of Costs and Internally Developed Intangible Assets; Disclosure Framework; Financial Instruments; Income Taxes; Issues Arising from Nortel's Restatements; Measurement Objectives; Revenue Recognition; Stock-Based Compensation and Other Stock-Based Payments; Strategic Planning; User Advisory Council. FYI Newsletter May 2005
May 5, 2005. The May issue of FYI includes a message from the Chair on “The Role of Industry-Specific Implementation Guidance” and an article entitled “Keeping Pace — The Importance of Professional Development to the Proper Application of GAAP." IASB/FASB/SEC Conference
May 5, 2005. The IASB, FASB and SEC are jointly sponsoring a conference, "Convergence: The Future of International Financial Reporting Worldwide," for CFOs and senior accounting officers on Friday, June 24 in London. For more information or to register for this conference, please click on the following link: www.iasb.org/resources/iasbsec.asp. Role of Accounting Standard-Setters and their relationships with the IASB
May 5, 2005. The IASB is requesting comments on a “Draft Memorandum of Understanding on the role of Accounting Standard-Setters and their relationships with the IASB.” Comments are requested by July 29, 2005. Accounting Standards in Canada: Future Directions
April 27, 2005. A “Comparison of Canadian GAAP and IFRSs” is available to assist interested individuals and organizations in assessing the AcSB’s proposals on the Board’s March 2005 Invitation to Comment, “Accounting Standards in Canada: Future Directions — Draft Strategic Plan.” Further details are available here.
Accounting Standards in Canada: Future Directions
April 15, 2005. The AcSB is inviting interested individuals and organizations to participate in meetings to provide oral feedback and obtain further information on the Board’s March 2005 Invitation to Comment, “Accounting Standards in Canada: Future Directions — Draft Strategic Plan.” Further details are available here. Inventories
April 8, 2005. The AcSB invites interested parties to complete a Request for Inventory Information Questionnaire to indicate which industries that prepare financial statements in accordance with Canadian generally accepted accounting principles currently value inventories on a basis other than cost (other than as a result of impairment). Submissions are requested by May 31, 2005. AcSB April 6, 2005 Decision Summary
April 8, 2005. An executive summary of discussions and decisions with respect to projects addressed in this meeting. Topics discussed: Financial Instruments; Non-Monetary Transactions; Stock-Based Compensation and Other Stock-Based Payments. FYI Newsletter March 2005
April 7, 2005. The March issue of FYI includes an article on the new accounting standards for financial instruments and an interview with the Canadian Accounting Standards Board's longest serving Board member. Accounting Standards in Canada: Future Directions — Draft Strategic Plan
March 31, 2005. The AcSB has issued an Invitation to Comment requesting public comment on its draft strategic plan for 2006-2011. The proposals in the draft plan would have fundamental, pervasive implications for financial reporting in Canada. The comment period ends on July 31, 2005. Rate-Regulated Operations
March 15, 2005. The AcSB invites entities subject to rate regulation, and other interested parties, to submit fact patterns demonstrating how the actions of a rate-setting authority may, in certain circumstances, create assets and liabilities as defined in Section 1000, Financial Statement Concepts. Submissions are requested by May 31, 2005. Financial instruments — Roundtable discussion of IASB proposal to provide additional guidance on use of the fair value measurement option
March 8, 2005. The IASB is seeking views on a proposal to provide additional guidance on use of the option in IAS 39, Financial Instruments — Recognition and Measurement, to elect, on initial recognition, to measure any financial instrument at fair value and recognize the gains and losses arising from changes in fair value directly in net income. AcSB staff is holding roundtable discussions in Toronto on Tuesday April 5, 2005 to discuss the views of interested parties on this proposal. AcSB March 2, 2005 Decision Summary
March 4, 2005. An executive summary of discussions and decisions with respect to projects addressed in this meeting. Topics discussed: Canadian/US GAAP Differences; Contingently Convertible Debt Instruments (Co-Cos); Financial Instruments; Income Taxes; Inventories; Non-Monetary Transactions; Strategic Planning. Subsequent Events
March 4, 2005. The AcSB has issued a Re-exposure Draft proposing to change the existing requirements of Section 3820, Subsequent Events. The comment period ends on May 31, 2005. Financial Instruments
February 18, 2005. Typescript copies of significant additional Handbook amendments consequential to the issue of new Sections 3855, Financial Instruments — Recognition and Measurement; 3865, Hedges; 1530, Comprehensive Income; and 3251, Equity, have been posted. AcSB February 10, 2005 Decision Summary
February 14, 2005. An executive summary of discussions and decisions with respect to projects addressed in this meeting. Topics discussed: Deferral of Costs/Internally Developed Intangible Assets; Rate-Regulated Operations. Financial Instruments
January 27, 2005. Typescript copies of new Handbook Sections 3855, Financial Instruments — Recognition and Measurement; 3865, Hedges; 1530, Comprehensive Income; and 3251, Equity, have been posted. What the Financial Instruments Standards Mean (ROB-TV, January 25, 2005)
January 25, 2005. Paul Cherry, Chair, AcSB, in an interview given to ROB-TV Business News provides a high-level look at what the new Financial Instruments Standards impact. Video 5:52 min Accounting by a Purchaser for a Vendor Rebate
Amendments to Sections 3290 and 1751
January 20, 2005. A Board Notice has been issued in conjunction with the addition of a third topic to Abstract EIC-144. Emerging Issues Committee Secretary
January 17, 2005. The Emerging Issues Committee is seeking candidates to take on the position of Secretary to the Committee. FYI Newsletter January 2005
January 14, 2005. The January issue of FYI includes a message from the Chair on “Reflections and Aspirations,” and an article entitled “On the Road to an Objectives-Oriented Accounting System.” AcSB January 5, 2005 Decision Summary
January 7, 2005. An executive summary of discussions and decisions with respect to projects addressed in this meeting. Topics discussed: Business Combinations; Disclosure Framework; Fair Value Measurements; Financial Instruments; Inventories; Strategic Planning. |