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News

IFRS - CMAC Image

Summary of the March 2019 CMAC meeting

Apr 24, 2019

On April 24, 2019, the International Accounting Standards Board (IASB) released a summary of the Capital Markets Advisory Committee (CMAC) meeting, which was held in London on March 21, 2019.

The topics discussed at the meeting included:

  • Extractive activities:
    • Proposed scope of the research project
    • Additional disclosures: (1) minerals and resources and (2) other disclosures.
  • Financial instruments with characteristics of equity:
    • Presentation of equity instruments
    • Presentation of financial liabilities — presentation of income and expenses arising from particular financial liabilities in other comprehensive income
  • Targeted standards-level review of disclosures:
    • IAS 19 Employee Benefits
    • IFRS 13 Fair Value Measurement
  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets:
    • Aligning liability definition and guidance with the Conceptual Framework
    • Clarifying which costs to include in the measure of a provision
    • Specifying whether discount rate includes own credit risk
  • Management commentary practice statement:
    • Challenges in current practice of reporting performance and position in management commentary
    • The interaction between management commentary and other reports
    • Overview of performance and position
    • Forecasts and targets in management commentary
    • Information about tax in management commentary
  • Business combinations under common control

The next CMAC meeting will take place on 13–14 June 2019.

Review the press releasemeeting page and meeting summary on the IASB's website.

IFRS - IASB Image

Summary of the March 2019 GPF meeting

Apr 18, 2019

On April 18, 2019, the International Accounting Standards Board (the Board) posted the minutes of the meeting of the Global Preparers Forum (GPF) with representatives of the IASB held in London on March 22, 2019.

The topics discussed at the meeting included

  • IASB update
  • SMEs that are subsidiaries — Application advice in individual jurisdictions
  • Onerous contracts — Costs of fulfilling a contract (proposed amendments to IAS, 37 Provisions, Contingent Liabilities and Contingent Assets)
  • Provisions
  • Management commentary
  • Disclosure initiative — Targeted Standards-level review and user outreach summary

Review the press release and meeting summary on the Board's website.

IIRC (International Integrated Reporting Committee) Image

Integrated reporting FAQ

Apr 17, 2019

In April 2019, the International Integrated Reporting Council (IIRC) published a set of answers to some of the most frequently asked questions, as corporate reporting is being reformed worldwide to embrace the concept of integrated reporting.

Review the frequently asked questions on the IIRC's website.

IFRS - IASB Image

Updated IASB work plan — Analysis

Apr 12, 2019

On April 12, 2019, the International Accounting Standards Board (the Board) updated its work plan following its April 2019 meeting. Eight exposure drafts are expected to be published in June 2019.

Below is an analysis of all changes that were made to the work plan since our last analysis on March 21, 2019.

Standard-setting projects

  • No changes.

Maintenance projects

  • The following exposure drafts are now expected in June 2019 (formerly Q2 2019):
    • Amendments to IFRS 17 Insurance Contracts
    • Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12)
    • Fees in the ‘10 per cent’ Test for Derecognition (Amendments to IFRS 9)
    • Lease Incentives (Amendment to Illustrative Example 13 accompanying IFRS 16)
    • Subsidiary as a First-time Adopter (Amendments to IFRS 1)
    • Taxation in Fair Value Measurements (Amendments to IAS 41)
    • Updating a Reference to the Conceptual Framework (Amendments to IFRS 3)
  • Disclosure Initiative—Accounting Policies — An Exposure Draft is expected in Q3 2019 (formerly H2 2019).
  • Onerous Contracts—Cost of Fulfilling a Contract (Amendments to IAS 37) — Exposure Draft feedback is expected in May 2019 (formerly Q2 2019).

Research projects

Other projects

The revised IASB work plan is available on the Board's website.

Not yet reflected in the work plan are two announcements made by the staff during the update on the research programme at the April 2019 meeting:

  • The staff expect to start work on the PIR of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities in Q2 of 2019.
  • The staff also expect to start work on the pipeline project on the Equity Method in Q2 or Q3 of 2019 because there is some overlap with some of the issues that will be considered in the PIR of IFRS 11.
AASB Image

In-Brief podcasts – Quality management

Apr 12, 2019

On April 12, 2019, the Auditing and Assurance Standards Board (AASB) released two podcasts on Quality Management at the firm and engagement Level.

The podcasts include:

In-Brief podcast – The new approach to quality management and how it can benefit you

  • This podcast and podcast script provides a plain and simple overview of the components of the system of quality management, and how the new risked-based approach in ISQM 1 can benefit you.

In-Brief podcast – Key highlights of the AASB’s Exposure Draft on quality management at the firm and engagement level

  • This podcast and podcast script provides a plain and simple overview of the key highlights of the AASB’s Exposure Draft on Quality Management at the Firm and Engagement Level.

 

IFRS - IASB Image

AcSB Insurance Transition Resource Group Meeting Notes – March 26, 2019

Apr 12, 2019

On April 12, 2019, the Accounting Standards Board (AcSB) released a summary of its Insurance Transition Resource Group meeting held on March 26, 2019.

The topics discussed at this meeting include:

  • Implementation issues
  • Investment components within an insurance contract
  • Reporting on other questions submitted to the IASB Transition Resource Group for IFRS 17

Review the summary on the AcSB's website.

IFRS - IASB Image

IASB podcast on recent IFRS 17 discussions

Apr 12, 2019

On April 12, 2019, the International Accounting Standards Board (IASB) released a podcast reporting on the discussions at two recent meetings on IFRS 17, "Insurance Contracts".

The podcast discusses the meeting of the Transition Resource Group (TRG) for Insurance Contracts on April 4, 2019 and the IASB discussion of possible amendments to IFRS 17 on April 9, 2019. The IASB's discussion considered some of the TRG findings.

The 10-minute podcast can be accessed on YouTube.

Review the press release on the IASB's website.

IFRS - IASB Image

IASB issues "Investor Update" newsletter

Apr 10, 2019

On April 10, 2019, the International Accounting Standards Board (the Board) issued the eighteenth edition of its newsletter "Investor Update", which provides investors with quick access to information about current accounting and financial reporting topics.

This issue features:

  • Spotlight — Crypto-assets: The standard-setting perspective
  • Preview — The Essentials: Analysing lessee financial statements and Non-GAAP performance measures
  • We need your views
  • Stay up to date
  • Resources for investors

The Investor Update newsletter is available on the Board’s website.

IFRS - IASB Image

IASB concludes discussion of possible amendments to IFRS 17, gives permission to develop an ED

Apr 09, 2019

On April 9, 2019, at its meeting held in London, the International Accounting Standards Board (the Board) discussed as a whole the amendments to IFRS 17 that the Board tentatively decided to propose and confirmed that it wishes to proceed with an exposure draft to amend IFRS 17.

The Board discussed the following topics and questions:

  • Sweep issues. The Board discussed additional stakeholder concerns relating to IFRS 17 (and IFRS 9) that have arisen in the project on the amendments to IFRS 17. On the effective date of the proposed amendments to IFRS 17, the staff recommended that the effective date is aligned with that of IFRS 17. On all other issues, the staff recommended that the Board not undertake any further action. The Board agreed unanimously with the staff recommendations.
  • Annual improvements.
    • The Board discussed a number of minor changes the staff have become aware of through the ongoing implementation activities on IFRS 17 that would fall within the scope of the annual improvements process. There were some questions by the Board and additional clarifications will be added to the wording proposed by the staff. The Board agreed unanimously to include these changes in the forthcoming exposure draft.
    • The Board also agreed to include the minor changes to IFRS 17 identified as candidates for the annual improvements process in June 2018 in the forthcoming exposure draft.
  • Overview of the amendments to IFRS 17. The Board was provided with an overview of all the amendments to IFRS 17 that the Board has tentatively decided to propose, the likely effects of the proposed amendments to IFRS 17, and a cost-benefit analysis for all amendments. This part of the session was educational in nature, and no vote was taken.
  • Due process steps and permission for balloting.
    • The Board was asked to confirm its tentative decisions from the November 2018 meeting relating to the mandatory effective date of IFRS 17 and the fixed expiry date for the temporary exemption in IFRS 4 from applying IFRS 9. The Board confirmed that it wants to propose deferring the effective dates (unanimous vote).
    • The Board was asked to confirm that it wishes to proceed with an exposure draft to amend IFRS 17. The Board confirmed that it is satisfied that it has complied with the applicable due process steps and that it should begin the balloting process for the exposure draft (unanimous vote).
    • No Board member indicated a planned dissent at this stage.

The staff will now begin drafting the exposure draft, which it expects to issue by the end of June 2019. The comment period will be discussed at the May 2019 Board Meeting after obtaining permission from the Due Process Oversights Committee for a reduced comment period.

Review the agenda paper on the Board's website.

AASB Image

AASB Exposure Draft – Quality Management at the Firm and Engagement Level, Including Engagement Quality Reviews

Apr 05, 2019

On April 5, 2019, the Auditing and Assurance Standards Board (AASB) issued an Exposure Draft proposing the adoption of ISQM 1, ISQM 2 and ISA 220 (Revised), with appropriate Canadian amendments, if any. Stakeholders are invited to comment until June 7, 2019.

The AASB proposes, subject to comments received following exposure, to adopt with appropriate amendments:

  • proposed International Standard on Quality Management (ISQM) (formerly International Standard on Quality Control (ISQC)) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements;
  • proposed new ISQM 2, Engagement Quality Reviews;
  • proposed International Standard on Auditing (ISA) 220, Quality Management for an Audit of Financial Statements;

and related conforming and consequential amendments.

Review the Exposure Draft on the AASB’s web­site.

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