Category Archives: IFRS

Accounting Standards Board – Decision Summary – April 20, 2016

April 20, 2016 – This summary of Accounting Standards Board (AcSB) decisions has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussion on projects, which may change after further deliberations by the AcSB. Decisions to publish Handbook material are final only after a formal ballot process. International Financial Reporting Standards Accounting

Read more

The International Accounting Standards Board has issued amendments to the Revenue Standard

IFRS update

The International Accounting Standards Board (the Board) has today issued amendments to the Revenue Standard, IFRS 15 Revenue from Contracts with Customers, clarifying some requirements and providing additional transitional relief for companies that are implementing the new Standard. As reported by “The Standard” The amendments to the Revenue Standard, which was issued in 2014, do not change the underlying principles

Read more

Final Revisions – Engagements to Report on Summary Financial Statements

IFRS update

The IAASB has issued revised ISA 810, which leverages the additional transparency resulting from the new and revised auditor reporting standards. The revised ISA is effective for engagements to report on summary financial statements for periods ending on or after December 15, 2016. As reported by The Standard. ISA 810 (Revised), Engagements to Report on Summary Financial Statements ISA 810

Read more

AcSB 2016-2021 Strategic Plan – Accounting Standards in Canada: At the Leading Edge of Financial Reporting

IFRS update

Read the new five-year Strategic Plan, which takes effect on April 1, 2016. The Plan continues the overall strategies already adopted for the different categories of private sector reporting entities, and improves how they are being implemented. The AcSB is an independent body with the authority to establish accounting standards for use by all Canadian entities outside the public sector.

Read more

AcSB Response – Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts

IFRS update

The AcSB has submitted a comment letter responding to the IASB’s Exposure Draft issued in December 2015. Responses to IASB Documents for Comment IFRS 9 Financial Instruments Exposure Draft – Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts – December 2015-As reported by The Standard On February 8, 2016, the AcSB submitted a comment letter responding to the

Read more

Public Sector Accounting Board (PSAB) Agenda for March 23-24, 2016

Changes to IAS-1

The topics the Public Sector Accounting Board (PSAB) plans to discuss, in addition to routine updates, and anticipated actions, if any, are outlined below. Although current at the date prepared (March 1, 2016), this agenda is subject to change. As reported by The Standard. PSAB Planning Approve a draft 2017-2020 strategic plan for public comment. Approve the 2016-2017 work plan.

Read more

AcSB Response – Application of Materiality to Financial Statements

IFRS update

The AcSB has submitted a comment letter responding to the IASB’s Exposure Draft issued in October 2015. Responses to IASB Documents for Comment: as reported by The Standard. Other Exposure Draft – Application of Materiality to Financial Statements – October 2015 On February 25, 2016, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in October 2015. 

Read more

IFRS Discussion Group – Report on December 3, 2015 Meeting

update

The IFRS Discussion Group is a discussion forum only. The Group’s purpose is to assist the Accounting Standards Board (AcSB) regarding the identification of issues arising on the application of International Financial Reporting Standards (IFRSs) in Canada. The Group comprises members with various backgrounds who participate as individuals in the discussion. Any views expressed in the public meeting do not necessarily represent the views

Read more

FYI Article – IFRS 15: The New Revenue Standard – An Extra Year to Get Ready!

IFRS update

January 2016: as reported by The Standard. The New Revenue Standard In September 2015, the International Accounting Standards Board (IASB) deferred the effective date of IFRS 15 Revenue from Contracts with Customers by one year to provide entities with more time for implementation.   The standard is now effective for annual periods beginning on or after January 1, 2018.  Comparatives are required

Read more
1 2 3 4 5