Accounting Standards Board Work Plan and Projects

IFRSs (Publicly Accountable Enterprises and Others) (updated July 2, 2010)
Private Enterprises (updated December 23, 2009)
Not-for-Profit Organizations (updated April 1, 2010)
Pension Plans (updated July 2, 2010)
Completed Projects
Contact Information

IFRSs (Publicly Accountable Enterprises and Others)
Updated July 2, 2010

Publicly accountable enterprises, other than pension plans, are required to adopt International Financial Reporting Standards (IFRSs) as Canadian GAAP for interim and annual financial statements related to fiscal years beginning on or after January 1, 2011. Other entities may choose to adopt IFRSs. 

The project schedule below includes activities of the Canadian Accounting Standards Board (AcSB) and the projects being carried out by the International Accounting Standards Board (IASB).  For projects being conducted by the IASB, the timing reflected in the schedule is that of the IASB. The Canadian timing for IASB projects may be slightly delayed because of the due process required to incorporate changes into the CICA Handbook – Accounting (Handbook).  Therefore, for IASB projects, the timing for the publication in the Handbook is included in the schedule as indicated by “HB”. Handbook revisions will not be mandatorily effective until changeover.

For Canadian-specific projects, this schedule outlines the expected timing of activities of the AcSB to develop and incorporate, into Canadian GAAP, standards for publicly accountable enterprises and other enterprises that plan to adopt IFRSs.

The AcSB monitors all IASB projects and activities and publishes exposure drafts to adopt changes to IFRSs into Canadian GAAP. In the project schedule below, when there are additional Canadian-specific activities in process, the link is to an AcSB web page; otherwise the link is to the IASB project page. Additional Canadian-specific activities on IASB projects might include:

• holding public roundtables to facilitate discussion of amendments proposed by the IASB;
• co-ordinating advisory groups in specific areas to provide support to Canadians who have been appointed to working groups of the IASB; and
• conducting preliminary research, in collaboration with other national standard setters or on behalf of the IASB, in areas of particular interest to Canadian constituents.

  

Publicly Accountable Enterprises and other that choose to adopt IFRSs		Estimated Publication Date
	AcSB Staff Contacts	Last Doc. Issued	2010		2011
			Q3	Q4	Q1	Q2	H2+
Annual (IASB) Improvements Project 2009-2011	Lang			ED		IFRS/ HB
Conceptual Framework
Objective and    Qualitative    Characteristics	Villmann	ED	Final Chapter/ HB
Elements and    Recognition	Villmann		TBD
Measurement	Villmann			DP			ED
Reporting Entity	Villmann	ED		Final Chapter/ HB
Consolidation
IAS 27    replacement	Villmann	ED		IFRS/ HB
Disclosures	Villmann	ED		IFRS/ HB
Investment    Companies	Villmann			ED		IFRS/ HB
Adoption of IFRSs    by Investment    Companies	Villmann	ED		HB
Derecognition — Disclosures	Mulraine	ED	IFRS/ HB
Earnings per Share	Klompas	ED					TBD
Emissions Trading Schemes	Villmann						ED
Extractive Activities	Walsh	DP			AD
Fair Value Measurement
Guidance	Villmann	ED			IFRS/ HB
Measurement    uncertainty analysis    disclosure for fair    value	Villmann		ED
Financial instruments (Replacement of IAS 39)
Classification and    Measurement —    Liabilities	Ward	ED				IFRS/ HB
Impairment	Ward	ED
Hedge Accounting	Ward		ED
Asset and liability    offsetting	Ward			ED	IRT
Financial Instruments with Characteristics of Equity	Milburn	DP			ED		IRT/ IFRS/ HB
Financial Statement Presentation
Discontinued    Operations	Mulraine	ED			Re-ED		IFRS/ HB
Presentation of    Items of Other    Comprehensive     Income	Jones	ED		IFRS/ HB
Replace IAS 1    and IAS 7	Jones	DP			ED		IRT/ IFRS/ HB
Income Taxes	Mulraine	ED	Re-ED		IFRS/ HB
Insurance Contracts	Mulraine	DP	ED			IFRS/ HB
Joint Arrangements	Lang	ED	IFRS/ HB
Leases	Lang	DP	ED	IRT		IFRS/ HB
Liabilities (IAS 37 Amendments)	Villmann	Re-ED			IFRS/ HB
Post Employment Benefits	Estey	ED	CRT		IFRS/ HB
Rate-regulated Activities	Jones	ED			IFRS/ HB
Revenue Recognition	Ward	DP	ED	IRT		IFRS/ HB
Termination Benefits (IAS 19 amendments)	Estey	ED	IFRS/ ED	HB
Other Projects
Management Commentary	Walsh	ED	CG

 

AD      Agenda Decision CG      Completed Guidance DP      Discussion Paper ED      Exposure Draft HB      Cdn Handbook Release IFRS   Final IFRS ITC     Invitation to Comment IRT     IASB Roundtable CRT    Cdn Roundtable RV      Request for Views TBD    To be determined

 

Private Enterprises
Updated December 23, 2009

Private enterprises that choose to adopt the standards for private enterprises as Canadian GAAP must do so for fiscal years beginning on or after January 1, 2011, but may do so earlier.

Generally, the AcSB expects to make substantive changes to private enterprise standards in the CICA Handbook – Accounting (Handbook) only every one to two years.

 

		Estimated Publication Date
Private Enterprises	AcSB Staff Contacts	Last Doc. Issued	2010		2011
			Q3	Q4	Q1	Q2	H2
Generally Accepted Accounting Principles for Private Enterprises	Edwards	HB

 

ED  Exposure Draft HB  Final Handbook Release

  

Not-for-Profit Organizations
Updated April 1, 2010

The AcSB and the Public Sector Accounting Board have solicited views of not-for-profit organizations’ stakeholders with respect to the strategy for this sector. This schedule reflects the activities of the Canadian Accounting Standards Board (AcSB) relating to the development and implementation of standards for not-for-profit organizations. Not-for-profit organizations may choose to adopt IFRSs, if that approach suits the needs of the users of their financial statements.

This schedule outlines the expected timing of activities of the AcSB to develop a new set of standards for not-for-profit organizations and incorporate them into Canadian GAAP in the CICA Handbook – Accounting (Handbook).

 

		Estimated Publication Date
Not-for-Profit Organizations	AcSB Staff Contacts	Last Doc. Issued	2010		2011
			Q3	Q4	Q1	Q2	H2
Financial Reporting by Not-for-Profit Organizations	Barrington	ED		HB

 

ED     Exposure Draft HB     Handbook Release ITC    Invitation to Comment TBD   To be determined

 

 

Pension Plans
Updated July 2, 2010

Pension plans are publicly accountable enterprises that will be required to follow PENSION PLANS, Section 4600, rather than IAS 26 Accounting and Reporting by Retirement Benefit Plan, following adoption of IFRSs as Canadian GAAP for publicly accountable enterprises for fiscal years beginning on or after January 1, 2011.

The project schedule below includes activities of the Canadian Accounting Standards Board (AcSB) relating to the development and implementation of the standard for pension plans and the projects being carried out by the IASB that are expected to affect pension plans.

For projects being conducted by the IASB the timing reflected in the schedule is that of the IASB. The Canadian timing for IASB projects may be slightly delayed because of the due process required to incorporate changes into the CICA Handbook – Accounting (Handbook).  Therefore, for IASB projects, only the timing for the publication in the Handbook is included in the schedule as indicated by “HB”.   Handbook revisions will not be mandatorily effective until changeover.

For Canadian-specific projects, this schedule outlines the expected timing of activities of the AcSB to develop standards applicable to pension plans and incorporate them into Canadian GAAP. 

 

Pension Plans		Estimated Publication Date
	AcSB Staff Contacts	Last Doc. Issued	2010		2011
			Q3	Q4	Q1	Q2	H2
Consolidation*
Investment    Companies	Villmann			ED		IFRS/ HB
Adoption of IFRSs    by Investment    Companies	Villmann	ED		HB
Fair Value Measurement*
Guidance	Villmann	ED			IFRS/ HB
Pension Plans	Estey	HB
Pension Plans (Proposed amendment to the Scope of Section 4600)	Estey	ED

 

ED      Exposure Draft HB      Cdn. Handbook Release IFRS   Final IFRS IRT     IASB Roundtable CRT    Cdn Roundtable *        IASB Project

 

Contact Information

AcSB Staff assigned to specific projects are identified on the project schedules above. Questions or comments of a general nature should be directed to:

Peter Martin, CA
Director, Accounting Standards
Telephone: +1 (416) 204-3276
Fax: +1 (416) 204-3412
Canadian Accounting Standards Board
277 Wellington Street West