At the Accounting Standards Oversight Council meeting on February 23-24, 2017, the Chair of the AcSB reminded the Council that the Office of the Superintendent of Financial Institutions has required domestically significant banks to early adopt the new financial instrument standard, IFRS 9 Financial Instruments, by one year on November 1, 2017. This means that Canada will be adopting IFRS 9 ahead of financial institutions based in other jurisdictions. Given the IASB’s current timeline in finalizing a proposed amendment to IFRS 9, the AcSB is concerned that it might not have sufficient time to complete its endorsement process and include the amendment to the revised new standard in the CPA Canada Handbook by November 1, 2017 for the large Canadian banks to adopt it. Therefore, the risk attached to this project has increased.

Review the meeting summary on the AcSOC's Web site.