AcSB Response – Financial Instruments and Disclosure
The AcSB has submitted a comment letter responding to the Office of the Superintendent of Financial Institutions’ Draft Guideline on IFRS 9 Financial Instruments and Disclosure. Responses to Other Documents for Comment
The Accounting Standards Board (AcSB) may respond to a document issued for comment by other bodies when it relates to matters effecting financial reporting by Canadian entities.
AcSB Response – The Office of the Superintendent of Financial Institutions Canada Draft Guideline on IFRS 9 Financial Instruments and Disclosure
On May 5, 2016, the AcSB responded to the Office of the Superintendent of Financial Institutions’ Draft Guideline, which provides Canadian federally regulated entities guidance on the application of IFRS 9 Financial Instruments and the related disclosure requirements. The letter commends the Office of the Superintendent of Financial Institutions for:
- revisiting its previously existing Guidelines as the result of the issuance of IFRS 9; and
- its commitment to comprehensively review its disclosure guidelines for insurance enterprises once the International Accounting Standards Board finalizes IFRS 4 Insurance Contracts.
The letter strongly urges the Office of the Superintendent of Financial Institutions to eliminate any guidance that would restrict Canadian federally regulated entities from applying all aspects of IFRS 9 for financial reporting purposes. This includes the limitations on the use of fair value and practical expedients.
Overall, the letter strongly supports global comparability in financial reporting and urges the Office of the Superintendent of Financial Institutions to eliminate any restrictions on the application of IFRS 9 that would:
- reduce global comparability in financial reporting between Canadian federally regulated entities and their peers, both domestically and internationally; and
- place Canadian financial institutions at a competitive disadvantage when compared to their peers.
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