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Does the proposed new IFRS on Liabilities provide appropriate recognition and measurement guidance for application in Canada? Share your views at a roundtable on Friday, April 30, 2010. The International Accounting Standards Board (IASB) has published a Working Draft of a new “Liabilities” standard, including the proposals in their January 2010 Exposure Draft “Measurement of Liabilities in IAS 37.” The AcSB issued an Exposure Draft proposing to replace IAS 37 Provisions, Contingent Liabilities and Contingent Assets in Part I of the CICA Handbook – Accounting with the new standard. Comments to the IASB and AcSB are due by May 19, 2010. The AcSB encourages Canadian stakeholders to respond directly to the IASB on its Exposure Draft. The AcSB will be doing the same. The AcSB is holding a roundtable in order to provide participants who have reviewed and considered the application of the proposals in Canada with the opportunity to share their views before finalizing their responses. The discussions will also assist the AcSB in developing an informed comment letter to the IASB. - To evaluate the proposals, the AcSB is seeking views on the appropriateness of:
- the requirement to use judgement to determine whether a liability exists when there is uncertainty, rather than applying a “more likely than not” threshold;
- the proposed objective of how liabilities, except those covered by other IFRSs, should be measured; and
- the approach proposed for measuring obligations that will be fulfilled by undertaking a service.
The roundtable will be held from 13.00-15.00 EST on Friday, April 30, 2010 in Toronto. Arrangements can be made for some interested parties located outside of Toronto to take part. To participate, register by contacting Florita Dinglasan at florita.dinglasan@cica.ca or Marites Alvarez at marites.alvarez@cica.ca by Wednesday, April 21, 2010. When registering, please identify your organization and location. In case of oversubscription, the AcSB might need to limit attendance to one individual per organization. |