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AcSB Exposure Draft – Accounting Policy Changes (Proposed amendments to IAS 8)

  • IFRS - AcSB Image

Apr 17, 2018

On April 17, 2018, the Accounting Standards Board (AcSB) issued its Exposure Draft that corresponds to the International Accounting Standards Board’s (IASB) Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by July 27, 2018.

Entities sometimes voluntarily change an accounting policy to reflect explanatory material included in agenda decisions published by the IFRS® Interpretations Committee. The proposed amendments lower the impracticability threshold for retrospective application of such changes, to one based on entity-specific cost-benefit considerations.

The AcSB would like input from Canadian respondents on the following additional question regarding the proposed amendments:

  • The IASB has developed the proposed amendments in accordance with its due process for application around the world. Assuming the Exposure Draft proposals are finalized and approved by the IASB in accordance with its due process, do you think that the proposals are appropriate for application in Canada? If not, please specify which aspects of the proposals, and what circumstances, make the accounting requirements proposed in the Exposure Draft inappropriate.

Review the Exposure Draft on the AcSB's website.

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