Category Archives: IFRS

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

Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts

accounting update

IASB Exposure Draft – Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Proposed Amendments to IFRS 4) The IASB has issued an Exposure Draft proposing amendments to IFRS 4 Insurance Contracts. Canadian stakeholders are encouraged to submit their comments to the IASB by February 8, 2016. Comment on this document today! TheGAAP.net is holding a: Buy One-Get One Free

Read more

IFRS: So many choices…. How do you decide?

The following is taken from Mike Morley’s latest book “IFRS Simplified” IFRS: So many choices…. How is the accountant supposed to decide? International Financial Reporting Standards employ four key principles as guidelines to making decisions regarding which accounting treatment to apply in a particular situation.   Should the asset be classified as available-for-sale or as available-for-use? Should the value assigned

Read more

IFRS 3 – Accounting for Business Combinations

Speaker at Business Conference and Presentation. Audience at the conference hall.

With merger and acquisition activity at an all-time high, accountants have to know how to apply IFRS 3 – Business Combinations. They are expected to know the rules for integrating the acquired company’s assets, liabilities and equity, and how to assign fair values to them, advise management on the choice of options offered by this standard, include all of the

Read more
1 3 4 5