AcSB Response – Annual Improvements to IFRS Standards 2015-2017 Cycle

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May 03, 2017

On May 3, 2017, the Accounting Standards Board (AcSB) submitted a comment letter responding to the IASB’s Exposure Draft.

Overall, the AcSB supports the proposed amendments, except as follows:

Exposure Draft – Annual Improvements to IFRS Standards 2015-2017 Cycle – January 2017

The letter expresses concern that the proposed amendments to IAS 28 Investments in Associates and Joint Ventures will not be effective at clarifying the interaction between IAS 28 and IFRS 9 Financial Instruments for long‐term interests. As well, the letter highlights concern over the timing of issuing these amendments because Canadian stakeholders need the amendments endorsed and incorporated into Canadian GAAP by November 1, 2017, when large Canadian banks will first apply IFRS 9. Furthermore, the letter recommends clarifications to the drafting of the amendments to IAS 12 Income Taxes and IAS 23 Borrowing Costs.

Read the AcSB letter posted by the IASB.

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