April 2023

AcSB Exposure Draft – Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)

Apr 23, 2023

On April 23, 2023, the Accounting Standards Board (AcSB) proposed, subject to comments received following exposure, to incorporate into Part I of the CPA Canada Handbook – Accounting, amendments to IFRS 9, Financial Instruments, and IFRS 7, Financial Instruments: Disclosures.

This AcSB Exposure Draft reflects proposals made by the International Accounting Standards Board (IASB) that the AcSB intends to adopt, subject to deliberating comments received, as Canadian generally accepted accounting principles. The AcSB encourages Canadian stakeholders to respond to the IASB on its Exposure Draft.

Comments to the IASB are due by July 19, 2023. If you would like the AcSB to consider your feedback prior to finalizing its comment letter to the IASB, send your comments to the AcSB by July 7, 2023.

Re­view the Exposure Draft on the AcSB’s website.

IASB confirms temporary relief from deferred tax accounting following OECD Pillar Two tax reform

Apr 11, 2023

On April 11, 2023, the International Accounting Standards Board (IASB) announced that it has finalized its amendments to IAS 12, Income Taxes, following the issue of the Pillar Two model rules published by the Organization for Economic Co-operation and Development (OECD).

The amendments, approved in a special supplementary meeting, will provide temporary relief for companies from having to account for deferred taxes arising from the implementation of the Pillar Two model rules.

The amendments will introduce:

  • a temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the global tax rules; and
  • targeted disclosure requirements for affected companies to help users of the financial statements better understand a company’s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date.

The final amendments to IAS 12, Income Taxes, are expected to be issued by the end of May 2023.

Re­view the press release  on the IFRS website.

Related Topics



IFRS Foundation conference announced

Apr 03, 2023

The IFRS Foundation has announced its annual IFRS Foundation conference, which is to be held on June 26–27, 2023 in London, England. The conference with include discussions and speeches on both, IASB and ISSB developments. It will be held in a hybrid format.

For further details, including the outline of each of the two days of the Conference and the planned breakout sessions, see the conference page on the IFRS Foundation website. 

ISSB issues podcast on latest Board developments (April 2023)

Apr 25, 2023

The IFRS Foundation has released a podcast discussing highlights from the April 2023 ISSB meetings. The podcast is hosted by ISSB Chair Emmanuel Faber and Vice-Chair Sue Lloyd.

Highlights of the podcast include discussions on:

  • update on foundational work;
  • decisions made at the ISSB’s supplementary April 2023 meeting;
  • decisions made at the April 2023 ISSB meeting;
  • inaugural Sustainability Standards Advisory Forum meeting;
  • Jurisdictional Working Group;
  • work with the Frankfurt Consortium; and
  • statement from the G7.

The podcast (14 minutes) can be accessed on the IFRS Foundation website.

New IASB webcasts in respect of the dynamic risk management project

Apr 03, 2023

On April 3, 2023, the IASB technical staff released two new webcasts on the Dynamic Risk Management (DRM) project. The webcasts focus on recent developments and tentative decisions made by the IASB in relation to the project.

In the first webcast, the staff explains the recent tentative decisions made regarding items eligible for inclusion in the current net open risk position (CNOP). Financial assets measured at fair value through other comprehensive income may be included in the CNOP, while a company’s own equity and financial assets measured at fair value through profit or loss cannot be designated in the CNOP.

In the second webcast, the staff explains the tentative decisions made in the IASB’s redeliberation on the performance assessment, which will no longer require a retrospective test against the target profile but instead a capacity assessment.

Re­view the press re­lease  on IFRS's website.

The production and consumption of information on intangibles

Apr 26, 2023

On April 26, 2023, The Institute of Chartered Accountants of Scotland (ICAS), the European Financial Reporting Advisory Group (EFRAG), and the European Federation of Financial Analysts Societies (EFFAS) have jointly sponsored research into the production and consumption of information on intangibles.

The debate over the valuation and reporting of intangibles, and whether a compelling case exists for a change in the way they are reflected in corporate reporting, has grown within the global economy and an increasing focus has been placed on the intangible drivers of value within companies and how these act as indicators of the future prospects and underlying value of a business.

The research now made available used case-study based surveys and workshops to: Analyze the production processes and the disclosure approach for intangibles by a representative sample of European preparers; investigate and understand the “consumption” processes of information on intangibles by the main capital market participants in European countries; and understand the reasons behind those classes of professionals (preparers or users) not wanting intangibles recognised.

Refer to the press release on the ICAS website.

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