The next meeting of the IFRS Discussion Group will be held in Toronto on May 31, 2016. Individuals are encouraged to submit issues relating to the application of IFRSs in Canada by April 15, 2016. Submit an Issue to the IFRS Discussion Group: as reported by The Standard Members of the public are encouraged to submit issues for possible consideration
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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.
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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.
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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
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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
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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
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The IASB has issued a narrow-scope amendment to IFRS 15 Revenue from Contracts with Customersdeferring the effective date of this standard by one year to annual reporting periods beginning on or after January 1, 2018 with earlier application permitted; as reported by The Standard. IASB confirms deferral of effective date by issuing formal amendment to the revenue Standard as reported
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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
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Apply today. The AcSB is currently seeking new members, with a preference for financial statement preparers and users. If you are interested, please submit a resumé by September 25, 2015. The AcSB goes on to say: Are you interested in debating accounting standards issues arising from the application of International Financial Reporting Standards (IFRSs) in Canada? Would you like to participate in
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The IFRS Foundation has announced a new Commercials Companies Law. Commercials Companies Law No. 2 of 2015 came into effect in the United Arab Emirates and requires all UAE (United Arab Emirates) companies to apply the international accounting standards and practices, namely IFRS. The previous laws had only required compliance with international standards and practices, which had been interpreted as
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