Category Archives: IFRS

AcSB Due Process Activities – 2016 Changes to Part I

IFRS update

This document summarizes the due process activities the AcSB undertook in support of the changes made to Part I of the Handbook during 2016. Foreword During 2016, the Accounting Standards Board (AcSB) approved and incorporated into Part I of the CPA Canada Handbook – Accounting, new or amended International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board

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AcSB Exposure Draft – Annual Improvements to IFRS Standards 2015 – 2017 Cycle

IFRS update

The AcSB has issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by April 12, 2017. Annual Improvements to IFRS Standards 2015 – 2017 Cycle February 2017 COMMENTS TO THE IASB AND THE AcSB MUST BE RECEIVED BY APRIL 12, 2017 Respondents are asked to email their comment

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Final Amendments – Annual Improvements to IFRS Standards 2014 – 2016 Cycle

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The IASB has issued final amendments to three IFRSs as part of its Annual Improvements project. The amendments have varying effective dates. As reported by The Standard. International Accounting Standards Board issues minor changes to IFRS Standards  08 December 2016 Page Content The International Accounting Standards Board (the Board) has today issued several amendments to IFRS Standards and an Interpretation that

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Final IFRIC Interpretation – Foreign Currency Transactions and Advance Consideration

IFRS

The International Accounting Standards Board (the Board) has today issued several amendments to IFRS Standards and an Interpretation that clarifies the requirements in particular Standards. These changes are part of the Board’s process to maintain IFRS Standards. As reported by The Standard. The changes include: annual improvements to IFRS Standards—these are minor amendments that clarify, correct or remove redundant wording in

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Professor Tom Scott to become member of the International Accounting Standards Board

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The Trustees of the IFRS Foundation have appointed Canadian academic Tom Scott as a member of the International Accounting Standards Board (the Board). He will join the organisation in April for an initial five-year term. As reported by the IFRS Foundation. Mr Scott has been an academic in the field of accounting at various universities in Canada since the late

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Listen to the latest webinar on the forthcoming insurance contracts Standard

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In November 2016, the International Accounting Standards Board discussed issues that arose during the external testing and drafting of the forthcoming insurance contracts Standard. This webinar provides an updated overview of the forthcoming Standard reflecting November’s decisions and covers the following: The need for change and the history of the project Level of aggregation Applying the Standard for the first

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Comparability: The Fourth Principle of International Financial Reporting Standards (Part 4 of 4)

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The principle of comparability refers to the ability to compare financial statements from year-to-year, company-to-company, and industry-to-industry. IFRS requires that financial statements focus primarily on the needs of the users of the financial statements rather than the desires of those producing the statements. Comparability is one feature that definitely benefits the end user. Being able to easily compare financial statements

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Relevance: The third Principle of International Financial Reporting Standards (Part 3 of 4)

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Accountants certainly have a challenge to meet when it comes to applying the IFRS principle of relevance. IFRS says that an item is relevant if the information about that item has the potential to influence significantly the decisions of lenders, investors, and other users of the financial statements. The IFRS principle of relevance corresponds to the GAAP principle of materiality.

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Reliability: The Second Principle of International Financial Reporting Standards (Part 2 of 4)

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In the first part of the series, we talked about clarity, the first of the four IFRS principles.  In this article we’ll examine the second principle, reliability. True and fair Reliable information means that the financial statements are a reflection of the company’s economic reality. In other words, are they a true and fair presentation of the company’s operating results

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Clarity: The First Principle of International Financial Reporting Standards (Part 1 of 4)

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In conversations with individual accountants, I am discovering an initial reluctance to accept the change to IFRS, which relies more on the accountant’s judgment. IFRS requires that financial statements be prepared using four basic principles: clarity, relevance, reliability, and comparability. The principle of clarity requires that financial statements be easy to read and easy to understand. IFRS guidelines allow substantial

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