IFRS update

AcSB Response – Application of Materiality to Financial Statements

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.  The letter supports the proposed practice statement. However, it suggests limiting the scope to presentation and disclosure and suggests the IASB issue the guidance as a non-mandatory appendix to IAS 1 Presentation of Financial Statements.  The letter also provides suggestions on how to further develop the guidance, in particular by providing  detailed examples focussing on the most difficult materiality judgments. Read the AcSB letter posted by the IASB.

Invitation to Comment –  Proposal to Establish an Accounting Standards Advisory Forum – November 2012

On December 17, 2012, the AcSB submitted a comment letter to the IFRS Foundation’s Invitation to Comment issued in November 2012. The letter commends the Foundation for reconsidering the role of national and regional accounting standard-setting bodies in supporting the IASB. The response agrees with the analysis in the Invitation to Comment and expresses strong support for the proposals. Read the AcSB letter posted by the IASB.

Drafting Review – Separating the Role of the IASB Chair and the Executive Director – July 2012

On October 22, 2012, the AcSB submitted a comment letter to the Trustees of the IFRS Foundation on its “Drafting Review: Separating the role of the IASB Chair and the Executive Director,” issued in July 2012. The Accounting Standard Oversight Council and the AcSB had advocated separating these roles previously. Therefore, the letter supports appointing an Executive Director and amending the Constitution to further enhance the independence of the IASB Chair to carry out standard-setting activities, both in fact and in appearance. These changes were required in order for the Foundation and the IASB Chair to be transparent and accountable. From that perspective, the response recommends further drafting amendments to the Constitution to distinguish more clearly the separate roles of the IASB Chair and the Executive Director. Read the AcSB letter posted by the IASB.

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