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 Three AcSB staff commentaries dealing with non-bank-sponsored asset-backed commercial paper have been withdrawn because they refer to US guidance that has been replaced.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.

Publicly Accountable Enterprises Strategy
June 23, 2009. AcSB staff has updated the paper explaining which IFRSs are expected to apply on changeover to IFRSs in 2011.

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.

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