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2023 Annual Improvements to the IFRSs [Research]
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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: |
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Apr 30, 2023 |
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Accounting for Dynamic Risk Management: A Portfolio Revaluation Approach to Macro Hedging (Proposed amendments to IFRS 9) [ED]
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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). |
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Apr 30, 2023 |
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Amendments to the Classification and Measurement of Financial Instruments (Proposed Amendments to IFRS 9 and IFRS 7) [ED]
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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 |
Exposure draft |
Apr 30, 2023 |
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Business Combinations – Disclosures, Goodwill and Impairment (Possible Amendments to IFRS 3 and IAS 36) [Research]
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This project examines whether companies can, at a reasonable cost, provide investors with more useful information about the business combinations those companies make |
Research |
Mar 31, 2023 |
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Business Combinations under Common Control (Potential Amendments to IFRS 3) [DP]
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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. |
Discussion paper |
Apr 30, 2023 |
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Climate-related Risks in the Financial Statements [Research]
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The purpose of this project is to explore whether and how financial statements can better communicate information about climate-related risks. |
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Mar 31, 2023 |
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Disclosure initiative — Targeted Standards-level Review of Disclosures [Completed]
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The purpose of this project is to perform a targeted Standards-level review of disclosure requirements. |
Completed |
Mar 31, 2023 |
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Disclosure initiative — Primary Financial Statements [ED]
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The Primary Financial Statements project examines possible changes to the structure and content of the primary financial statements. |
Exposure draft |
Mar 31, 2023 |
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Equity Method (Possible amendments to IAS 28) [Research]
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The IASB is undertaking research to assess whether application problems with the equity method as set out in IAS 28, Investments in Associates and Joint Ventures, can be addressed in consolidated and individual financial statements by identifying and explaining the principles of IAS 28 |
Research |
Apr 30, 2023 |
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Evaluating the Preface to the CPA Canada Handbook – Accounting [Research]
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As part of the AcSB’s 2022-2027 Strategic Plan, the AcSB committed to evaluating the CPA Canada Handbook – Accounting’s Preface to assess whether the applicability of each framework to each reporting entity category meets current needs. |
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Mar 29, 2023 |
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Extractive Industries (Possible replacement of IFRS 6, Exploration for and Evaluation of Mineral Resources) [Research]
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The IASB is gathering evidence to help decide whether to start a project to develop proposals to replace IFRS 6, Exploration for and Evaluation of Mineral Resources. |
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Apr 30, 2023 |
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Financial Instruments with Characteristics of Equity (Potential Amendments to IAS 32) [DP]
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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. |
Discussion paper |
Apr 30, 2023 |
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IFRS Accounting Taxonomy 2022, Proposed Update 2—Amendments to IFRS 16 and IAS 1 [Completed]
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The Proposed IFRS Taxonomy Update includes changes to the IFRS Accounting Taxonomy elements to reflect the new and amended disclosure requirements introduced by these amendments |
Completed |
Mar 31, 2023 |
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IFRS Taxonomy, Proposed Update 1, General Improvements and Common Practice [Completed]
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The proposed changes aim to improve the quality of tagged data and to make the IFRS Accounting Taxonomy easier to use |
Completed |
Mar 31, 2023 |
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International Tax Reform—Pillar Two Model Rules: Potential amendments to IAS 12, Income Taxes [ED]
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The proposed amendments introduce a temporary exception from accounting for deferred taxes arising from the implementation of the OECD’s Pillar Two model rules, as well as targeted disclosures for affected entities |
Exposure draft |
Apr 30, 2023 |
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Lack of Exchangeability (Possible Amendments to IAS 21) [ED]
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The objective of this project is to undertake narrow-scope standard-setting on the spot exchange rate an entity uses when exchangeability between two currencies is lacking |
Exposure draft |
Apr 30, 2023 |
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Post-implementation Review of IFRS 9 - Impairment [Research]
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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. |
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Apr 30, 2023 |
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Provisions (Possible Amendments to IAS 37) [Research]
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The IASB is updating its IAS 37 research to decide whether to start a project to develop proposals to amend aspects of IAS 37 and, if so, which aspects of IAS 37 to amend. |
Research |
Apr 30, 2023 |
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Reporting the Financial Effects of Rate Regulation [ED]
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This is the first step in the IASB’s project to develop a comprehensive IFRS standard for entities that have rate-regulated activities. |
Exposure draft |
Apr 30, 2023 |
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Scaling the Standards [ED]
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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. |
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Mar 29, 2023 |
