2023 Annual Improvements to the IFRSs [ED]
|
At its February 2023 meeting, the International Accounting Standards Board (IASB) discussed several proposed amendments that will be included in the next Annual Improvements to IFRS Accounting Standards cycle, as follows: |
Accounting for Dynamic Risk Management: A Portfolio Revaluation Approach to Macro Hedging (Proposed amendments to IFRS 9) [ED]
|
The DP represents the first stage in this project, by seeking public comment on a possible approach to accounting for an entity’s dynamic risk management activities, namely the portfolio revaluation approach (PRA). |
Amendments to the Classification and Measurement of Financial Instruments (Proposed Amendments to IFRS 9 and IFRS 7) [ED]
|
The objective of this project is to make narrow scope amendments to clarify the requirements for assessing a financial asset’s contractual cash flow characteristics |
Business Combinations under Common Control (Potential Amendments to IFRS 3) [DISCONTINUED]
|
The essence of the project is to identify whether and when an entity should continue to use the previous carrying amounts of a transferred business (carry-over accounting) and whether and when it should apply business combination accounting. |
Disclosure initiative — Primary Financial Statements [ED]
|
The Primary Financial Statements project examines possible changes to the structure and content of the primary financial statements. |
Financial Instruments with Characteristics of Equity (Potential Amendments to IAS 32) [ED]
|
This is currently a joint research project with the FASB to address issues related to the guidance in IAS 32, Financial Instruments: Presentation, which distinguishes between asset and liability instruments (non-equity instruments) and equity instruments. |
IFRS Accounting Taxonomy Update — Amendments to IAS 12, IAS 21, IAS 7 and IFRS 7 [ED]
|
When the International Accounting Standards Board (IASB) issues new IFRS Accounting Standards or amendments to existing IFRS Accounting Standards, it also updates the IFRS Accounting Taxonomy to reflect new or amended presentation and disclosure requirements. These updates ensure that the IFRS Accounting Taxonomy accurately reflects IFRS Accounting Standards. |
IFRS Accounting Taxonomy Update — Common Practice (Financial Instruments) and General Improvements [ED]
|
The project’s objective is to assess, using empirical evidence, whether improvements to the IFRS Accounting Taxonomy are needed to support high-quality tagging of information presented and disclosed in the financial statements prepared using IFRS Accounting Standards. |
Management Commentary (Wider corporate reporting) [ED]
|
This purpose of this project is to revise and update the “Management Commentary Practice Statement” issued in 2010. |
Post-implementation Review of IFRS 15 [ED]
|
The objective of a PIR is to assess whether the effects of applying new requirements on users of financial statements, preparers, auditors and regulators are as intended when the IASB developed those new requirements. |
Post-implementation Review of IFRS 9 - Impairment [ED]
|
The IASB met on July 19, 2022 to discuss objectives, activities and an anticipated time line for the first phase of the Post-implementation Review of the IFRS 9, Financial Instruments, impairment requirements. The IASB was not asked to make any decisions. |
Reporting the Financial Effects of Rate Regulation [ED]
|
This is the first step in the IASB’s project to develop a comprehensive IFRS standard for entities that have rate-regulated activities. |
Scaling the Standards [ED]
|
As part of the AcSB’s 2022-2027 Strategic Plan, the AcSB committed to exploring scaling the standards for non-listed entities to better meet different reporting needs. |