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IASB® Vice-Chair discusses IFRS 9

Apr 23, 2018

On April 23, 2018, the IASB Vice-Chair Sue Lloyd issued a paper which recaps the requirements in IFRS 9 for equity investments and the effects on long-term investment.

In her paper, she discusses the following:

  • IFRS 9 on long-term investment.
  • Reporting value changes in profit or loss gives better information about value creation over time.
  • Recycling can provide a confusing presentation of performance.
  • Debt investments are different.
  • Prohibiting recycling avoids complexity related to impairment.
  • Developing a new impairment model for equity investments is not an easy task.
  • Prevalence of available for sale equity investments applying IAS 39.

Review Ms. Lloyd’s paper on the International Accounting Standards Board’s website.

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AcSB Standard-setting Due Process Manual

Apr 20, 2018

On April 20, 2018, the Accounting Standards Board (AcSB) released a revised due process manual that provides a clear explanation of their IFRS® Standards endorsement and domestic standard-setting activities.

The AcSB Standard-Setting Due Process Manual outlines their rigorous set of procedures to develop and adopt standards.

The due process is based on the following principles:

  • Transparency: conducting their standard-setting process in a transparent manner.
  • Consultation: considering the perspectives of those affected by Canadian financial reporting standards.
  • Accountability: analyzing the potential effects of its proposals on affected parties and explaining the rationale for their decisions when developing or changing a standard in material published with exposure drafts and final standards. They are also directly accountable to the Accounting Standards Oversight Council.

Review the due process manual and due process procedures on the AcSB's website.


IFRS Foundation Monitoring Board publishes work plan

Apr 19, 2018

On April 19, 2018, the IFRS Foundation Monitoring Board, responsible for the oversight of the IFRS Foundation, published its 2018-2019 work plan.

The Monitoring Board's planned activities are organized into two sections:

  • Reviewing the Trustees’ oversight of the International Accounting Standards Board (the Board)
    • review and comment on the Trustees ́ plan for the review of the Board's due process arrangements
    • continue the dialogue with the Trustees on accounting matters of broad public interest for consideration by the Board
  • Monitoring and conferring with the Trustees on their responsibilities
    • continue its ongoing dialogue with Trustees on the efforts to strengthen the governance framework of the IFRS Foundation
    • follow up of the IFRS Reputation research report
    • discuss the progress and results of the IFRS Foundation’s exercise to identify and evaluate its operational risks
    • continue to review the adequacy and appropriateness of the Trustees’ arrangements for the IFRS Foundation’s funding
    • participate and provide input and help to the IFRS Foundation nomination and approval process for Trustee candidates, including the Chair

Review the press release and the work plan on the Board's website.

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

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.


IPSASB publishes proposed "Improvements to IPSAS, 2018"

Apr 16, 2018

On April 16, 2018, the International Public Sector Accounting Standards Board (IPSASB) published an exposure draft "Improvements to IPSAS, 2018", which sets out proposed amendments to International Public Sector Accounting Standards (IPSAS) to address issues raised by stakeholders and to converge with amendments to IFRS® Standards. Comments are requested by July 15, 2018.

The proposed IFRS convergence amendments reflect the following International Accounting Standards Board amendments:

  • Annual Improvements to IFRSs 2011 – 2013 Cycle (issued December 2013)
  • Disclosure Initiative (Amendments to IAS 7) (issued January 2016)
  • Transfers of Investment Property (Amendments to IAS 40) (issued December 2016)
  • Annual Improvements to IFRSs 2014 – 2016 Cycle (issued December 2016)
  • IFRIC 22 Foreign Currency Transactions and Advance Consideration (issued December 2016)
  • Annual Improvements to IFRS Standards 2015 – 2017 Cycle (issued December 2017)
  • Plan Amendment, Curtailment or Settlement (Amendments to IAS 19) (issued February 2018)

Review the press release and the exposure draft Improvements to IPSAS, 2018 on the IPSASB's website.

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IESBA Consults on 2019-2023 Strategy and Work Plan

Apr 16, 2018

On April 16, 2018, the International Ethics Standards Board for Accountants (IESBA), leveraging the completely rewritten and significantly strengthened "International Code of Ethics for Professional Accountants (including International Independence Standards)", released a consultation paper on its proposed Strategy and Work Plan, which projects the IESBA’s vision for the Code in the global economy. Comments are requested by July 16, 2018.

The IESBA’s future priorities and actions will be guided by three strategic themes:

  • Advancing the Code’s relevance by keeping it fit-for-purpose for a rapidly changing world, and further strengthening ethical conduct and independence standards;
  • Deepening and expanding the Code’s impact and influence through increased global adoption and implementation; and
  • Enriching the IESBA’s perspectives and capacities through proactive stakeholder dialogue and co-operation.

Review the press release and the Consultation Paper on the IESBA's website.

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CDSB Framework for reporting environmental information, natural capital and associated business impacts

Apr 12, 2018

In April 2018, the Climate Disclosure Standards Board (CDSB) released an updated version of its framework for reporting environmental information, natural capital and associated business impacts, which is now aligned with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

The newly-released Framework presents clear links between its principles and reporting requirements with the TCFD recommendations and the supporting recommended disclosures.

Review the updated Framework on the CDSB's website.

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Webcast: IAASB Receives Update on Changes to IESBA Code

Apr 12, 2018

On April 12, 2018, the International Audit and Assurance Board (IAASB) posted a webcast where Ms. Sylvie Soulier, International Ethics Standards Board for Accountants (IESBA) Member and IAASB-IESBA Coordination Liaison, presented highlights of the new Code of Ethics.

In April 2018, the IESBA released a revised and restructured Code of Ethics for Professional Accountants which is easier to navigate, use and enforce. The new Code also brings together substantive changes that have been made to the Code over the past four years.

View the webcast on the IAASB's website.

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CSA outlines disclosure expectations for real estate reporting issuers

Apr 12, 2018

On April 12, 2018, the Canadian Securities Administrators (CSA) published CSA Staff Notice 52-329 "Distribution Disclosures and Non-GAAP Financial Measures in the Real Estate Industry". The notice details findings of a recent review and provides additional guidance on disclosure expectations relating to distributions and non-GAAP financial measures for real estate reporting issuers.

The CSA reviewed distribution disclosures relative to National Policy 41-201 Income Trusts and Other Indirect Offerings and non-GAAP financial measure disclosures relative to CSA Staff Notice 52-306 (Revised) Non-GAAP Financial Measures. The findings of the review indicate that the quality of disclosure pertaining to distributions and non-GAAP financial measures in the real estate industry needs improvement. 

Key findings from the review included the following items. For distributions, staff found opportunities for better disclosure when distributions exceed operating cash flows. For non-GAAP financial measures, staff identified a lack of transparency about various adjustments made in arriving at non-GAAP financial measures, particularly those relating to maintenance capital expenditures and working capital. Staff also noted instances where non-GAAP financial measures were presented with greater prominence than the most directly comparable measure specified under the issuer’s GAAP.

Non-GAAP financial measures and distribution disclosures continue to remain areas of focus for the CSA, and real estate reporting issuers are encouraged to refer to the guidance published.

Review the press release on the CSA's website and the Staff Notice on the CSA members' website.


Summary of the March 2018 CMAC meeting

Apr 11, 2018

On April 11, 2018, the International Accounting Standards Board (the Board) released a summary of the Capital Markets Advisory Committee (CMAC) meeting which was held in London on March 2, 2018.

The topics discussed at the meeting included:

  • Primary financial statements:
    • Introducing management performance measures and management-defined adjusted earnings per share (adjusted EPS) into financial statements; and
    • Proposed improvements to the presentation of the share of profit or loss of associates and joint ventures in the statement(s) of financial performance.
  • Discussion Paper: Disclosure Initiative — Principles of Disclosure:
    • Preparers’ views on addressing the disclosure problem;
    • The relative prioritisation of five specific topics included in the DP; and
    • The effect of technology and digital reporting on the project.
  • Goodwill and impairment:
    • An approach to the impairment testing of goodwill that considers movements in headroom; and
    • The requirement in IFRS 3, Business Combinations to recognize all identifiable intangible assets acquired in a business combination separately from goodwill.
  • Rate-regulated activities:
    • Whether using the disclosure objective in IFRS 14, Regulatory Deferral Accounts would be a good starting point for developing the disclosure objective for the model;
    • The usefulness of the preliminary set of disclosures; and
    • Whether entities should be required to provide all the resulting information within their financial statements, rather than in another location, such as in management commentary.

Review the meeting page and the meeting summary on the Board's website.

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