Accounting Standards
Archived News

Financial Instruments: Amortized Cost and Impairment — Roundtable Discussion
March 31, 2010. Attend a roundtable discussion on Friday, April 30, 2010 to share your views on the IASB's proposed new standard.

Accounting Standards for Private Enterprises
March 25, 2010. A Summary Comparison of Part II of the CICA Handbook – Accounting to the XFI Version in Part V has been issued to help Canadians evaluate the transition to accounting standards for private enterprises.  

Liabilities — Improving IAS 37 — Roundtable
March 24, 2010. The roundtable discussion has been rescheduled for Friday, April 30, 2010.

Liabilities — Improving IAS 37
March 24, 2010. The deadline for comments on the Exposure Draft has been extended from April 12, 2010 to May 19, 2010.

FYI Newsletter March 2010
March 24, 2010. The March issue includes the message from the Chair and articles on other topics of interest to stakeholders.

Interested in Becoming a Member of the AcSB’s Academic Advisory Council?
March 22, 2010. The AcSB is seeking four new members for its Academic Advisory Council.

Liabilities — Improving IAS 37
March 17, 2010. A Comparison of the Existing and Proposed Standards on Accounting for Liabilities has been issued to help Canadians understand and evaluate the key changes proposed compared with Canadian GAAP.

New Appointments to AcSOC, AcSB, PSAB
March 16, 2010. New appointments to the AcSOC have been announced, and the AcSOC has appointed new members to the AcSB and PSAB.

Conceptual Framework — Reporting Entity
March 15, 2010. The IASB has issued an Exposure Draft on the reporting entity concept. The proposals are part of a joint project with the FASB to develop a common and improved conceptual framework. The comment deadline is July 16, 2010.

Liabilities — Improving IAS 37 — Roundtable
March 12, 2010. Attend a roundtable discussion on Wednesday, March 31, 2010 to share your views on the IASB's proposed new standard.

IFRS Discussion Group — March Meeting
March 12, 2010.  An archive of the audio webcast of the IFRS Discussion Group’s (IDG) meeting on March 4, 2010 is now available.  For a detailed list of the topics discussed see the agenda.  

Pension Plans
March 3, 2010. AcSB staff has updated the project page to provide a summary of the main differences between the approved pension plans standards and existing Section 4100, and to provide information on a proposed scope expansion to be exposed for comment.

Accounting Standards for Not-for-Profit Organizations
March 3, 2010. The AcSB has issued an Exposure Draft proposing to retain the existing standards for not-for-profit organizations in the private sector as Part III of the CICA Handbook – Accounting. Comments are requested by July 15, 2010.

Liabilities — Improving IAS 37
February 22, 2010. The IASB has posted a working draft of a proposed IFRS to replace IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The working draft includes the proposals issued in the IASB’s Exposure Draft, “Measurement of Liabilities in IAS 37.” The comment deadline is April 12, 2010.

Notice of the IFRS Discussion Group Meeting
February 22, 2010. A meeting of the IFRS Discussion Group will be held on Thursday, March 4, 2010 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.

AcSB February 10, 2010 Decision Summary
February 17, 2010. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: Employee Future Benefits; Extractive Activities; Pensions Plans.

Comparative IFRS 7 Disclosures for First-time Adopters
January 29, 2010.  The IASB has issued an amendment to IFRS 1 providing the same relief on transition to IFRSs that those already applying IFRSs received on adopting IFRS 7 amendments issued in March 2009.

Liabilities — Improving IAS 37
January 27, 2010. The AcSB has issued an Exposure Draft proposing to adopt the new standard the IASB is developing on liabilities, including the proposals in the IASB’s Exposure Draft, “Measurement of Liabilities in IAS 37”. Comments are requested by April 12, 2010.

IFRSs Available
January 21, 2010. IFRSs are available in Part I of the CICA Handbook – Accounting. IFRSs will be mandatory for publicly accountable enterprises for years beginning on or after January 1, 2011.

IFRS Discussion Group — Report on Public Meeting  
January 20, 2010.  At its November meeting, the IFRS Discussion Group (IDG) discussed various issues arising from the application of IFRSs in Canada. The meeting notes are a summary of the discussion and should be reviewed in conjunction with the archived audio webcast of the meeting.

AcSB January 13, 2010 Decision Summary
January 19, 2010. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: Emerging Issues Committee; IASB Proposals; IFRS Discussion Group; Not-for-Profit Organizations; Pensions Plans; Planning and Strategy; Private Enterprise Financial Reporting; Extractive Industries.

AcSOC Survey of the AcSB's Performance
January 19, 2010. The AcSOC is seeking stakeholder views on the AcSB's performance regarding private enterprises. Completed Surveys are requested by February 5, 2010.

IFRS Discussion Group Meeting
January 12, 2010. The next meeting of the IFRS Discussion Group (IDG) will be held on March 4^th, 2010 in Toronto.  Individuals are encouraged to submit issues relating to the application of IFRSs in Canada by February 1^st for consideration at this meeting. For further information see Submission of Issues.

FYI Newsletter December 2009
January 11, 2010. The December issue includes the message from the Chair and articles on other topics of interest to stakeholders.

Measurement of Liabilities in IAS 37
January 11, 2010. The IASB has issued an Exposure Draft re-exposing proposals on measuring liabilities for asset decommissioning, legal disputes and similar items. The revised proposals address measuring liabilities within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The comment deadline is April 12, 2010.

Financial Instruments: Amortized Cost and Impairment
January 4, 2010. The AcSB has issued an Exposure Draft (ED) that corresponds to the IASB’s ED on this topic. Comments are requested by June 15, 2010.

Interested in Becoming a Member of the AcSB’s Private Enterprises Advisory Committee?
January 4, 2010. The AcSB is seeking members for its new Private Enterprises Advisory Committee.

FYI Newsletter Special Edition 2009
December 23, 2009. This special edition of FYI summarizes the activities of the AcSB and staff that should be considered in financial statement preparation in the 2009 and 2010 fiscal years.

Comparative IFRS 7 Disclosures for First-time Adopters
December 23, 2009.  AcSB staff has submitted a comment letter responding to the IASB’s Exposure Draft.

Webinar — Getting Familiar with New Accounting Standards for Private Enterprises  
December 22, 2009. Take part in a free webinar on Thursday, January 14, 2010 at 12:30 pm EST that will help you better understand the new accounting standards for private enterprises. For anyone considering early adoption, learn more about the one-time transitional provisions in Section 1500, First-time Adoption.  

AcSB December 10, 2009 Decision Summary
December 17, 2009. An executive summary of discussions and decisions with respect to the topics addressed at this meeting: Financial Instruments; Pension Plans; Private Enterprise Financial Reporting; Public Company Strategy.

Accounting Standards for Private Enterprises Available
December 16, 2009. New accounting standards for private enterprises have been issued and are available for 2009 reporting for entities that choose to adopt them early. New standards will be mandatory for private enterprises for years beginning on or after January 1, 2011.

IASB Chair  
December 15, 2009.  The International Accounting Standards Committee Foundation has announced their search for a successor to Sir David Tweedie for the position of the Chair of the IASB.  

Comparative IFRS 7 Disclosures for First-time Adopters
December 14, 2009. The AcSB has issued an Exposure Draft (ED) that corresponds to the IASB’s ED on this topic. The amendment resulting from the proposal could be applied by enterprises adopting IFRSs before January 1, 2010. Comments are requested by January 10, 2010.

Interim Financial Statements
December 8, 2009. AcSB staff has issued a financial reporting commentary on interim financial statements in the year of IFRS adoption.

IASCF Constitution Review, Part 2
December 7, 2009. The AcSOC and the AcSB have submitted a joint response to the IASC Foundation (IASCF) Discussion Document, “Part 2 of the Constitution Review: Proposals for Enhanced Accountability.”

IFRS Discussion Group — November Meeting
December 7, 2009.  An archive of the audio webcast of the IFRS Discussion Group’s (IDG) first meeting on November 25, 2009 is now available.  For a detailed list of the topics discussed see the agenda.  

Rate-regulated Activities  
December 2, 2009. The AcSB has submitted a comment letter responding to the IASB’s Exposure Draft.

Comparative IFRS 7 Disclosures for First-time Adopters 
December 2, 2009. The IASB has issued an Exposure Draft proposing an amendment to IFRS 1. The proposals provide the same relief on transition to IFRSs that those already applying IFRSs received on adopting IFRS 7 amendments issued in March 2009.  The comment deadline is December 29, 2009. 

Extinguishing Financial Liabilities with Equity Instruments
December 2, 2009. The IASB has issued IFRIC 19 clarifying the requirements of IFRSs when an entity renegotiates the terms of a financial liability with its creditors and the creditor agrees to accept the entity’s shares or other equity instruments to settle the liability.

Prepayments of a Minimum Funding 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.

Impairment of Financial Assets, Proposed Amendments to Section 3855
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.

Financial Instruments — Effective Interest
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.