Standard-setting activities & insights
International Financial Reporting Standards
IFRS Round Up 2014: Reporting alert
This CPA Canada Financial Reporting Alert summarizes the new standards,
interpretations, narrow scope amendments and annual improvements effective for
annual reporting periods beginning January 1, 2014, and beyond, and proposes an
action plan for implementing these changes.
FASB and FAF comment on voluntary disclosure of IFRS information
On December 9, 2014, the Financial Accounting Foundation (FAF) and the FASB have
issued a statement welcoming a possible voluntary disclosure of IFRS-based
financial reporting information in addition to US GAAP-based information.
IFRS Discussion Group – Report on September 11, 2014 Meeting
On December 8, 2014, the AcSB released its report on the
September 11, 2014 meeting which included discussion
points on several standards including: (i) IFRS 3, IAS
16 and IAS 37: Contingent Consideration in an Asset
Purchase; (ii) IFRS 3, IFRS 15, IAS 18 and IAS 37:
Contingent Consideration in an Asset Sale; (iii) IFRS 1:
Carve-out Financial Statements; (iv) IAS 19 and IAS 21:
Foreign Exchange Gains and Losses on Defined Benefit
Pension Plan Obligations; (v) IAS 19: Refundable Tax
Accounts in Retirement Compensation Arrangements; (vi)
IAS 32, IAS 33 and IFRIC 17: Dividend Reinvestment
Plans; (vii) Disclosures of Contractual Commitments
(viii) IFRS 9 and IAS 39: Flow-through Shares with
Attached Share Purchase Warrants; (ix) IAS 33: Escrow
Share Arrangements; and (x) IFRS 11: Application Issues
and Process of IFRS Interpretations Committee.
Accounting Standards for Private Enterprises
Basis for Conclusions – 2014 Improvements to Accounting Standards for Private Enterprises
On December 5, 2014, the AcSB published the Background Information and Basis for
Conclusions in respect of the 2014 Improvements to Accounting Standards for
Private Enterprises Exposure Draft. This document sets out how the AcSB reached its
conclusions in response to comments received on the Exposure Draft and indicates how the Board dealt
with the issues raised.
FYI Article – 2014 Annual Improvements: Clarifying the Standards
On December 2, 2014, the AcSB released an article that discusses the AcSB’s
recently issued amendments to Section 3856 regarding hedging and disclosure of
impairments.
Public Sector Accounting Standards
Basis for Conclusions – Amendments to the Introduction
On December 1, 2014, PSAB published the Amendments to
the Introduction, Basis for Conclusions, CPA Canada
Public Sector Accounting Handbook. This document sets
out how PSAB reached its conclusions. As well, it sets
out significant matters arising from comments received
in response to its Exposure Draft and indicates how the
Board dealt with the issues raised.
The Introduction has been amended to: (i) introduce the term public sector
entity; (ii) define a government component; (iii) amend the definition of a
government organization; (iv) include specific definitions of all types of
government organizations and partnerships; and (v) provide guidance as to the
basis of accounting to be used by government components, organizations and
partnerships, where the partnerships have two or more public sector entity
partners. Editorial changes have been made in other standards as a consequence
of the amendments to the Introduction.
US GAAP
US GAAP Plus Weekly Roundup
Don't miss Weekly Roundup, prepared by Deloitte US’ Accounting Standards
& Communications group, is a digest of news, developments, and Deloitte
publications related to U.S. and international accounting topics.
Securities regulatory matters
Canadian securities regulators introduce amendments to oil and gas disclosure
On December 4, 2014, the CSA introduced amendments to National Instrument 51-101
Standards of Disclosure for Oil and Gas Activities and related forms,
which are designed to improve and clarify the disclosure of reporting issuers in
the oil and gas industry.
The amendments are a result of both the CSA’s ongoing evaluation of reporting
issuer disclosure and the incorporation of industry feedback. The amendments
promote improved disclosure of resources other than reserves, provide increased
flexibility for oil and gas issuers that operate and report in different
jurisdictions or recover product types not previously recognized by NI 51-101,
and align NI 51-101 with the amended Canadian Oil and Gas Evaluation Handbook.
Assurance
Podcast summary of the IAASB meeting held on December 1-5, 2014
On December 1-5, 2014, the IAASB held a meeting and the discussion points
included: (i) approving revisions to ISA 720 The Auditor’s responsibilities
relating to other information; (ii) agreeing on two new Exposure Drafts, ISA
800 Special considerations—audits of financial Statements prepared in
accordance with special purpose frameworks and ISA 805 Special
considerations—audits of single financial statements and specific elements,
accounts or items of a financial statement; (iii) advancing the work on ISA 600
Special considerations - audits of group financial statements (Including the
work of component auditors) and ISA 220 Quality control for an audit of
financial statements.
AASB Decision Summary – November 24-25, 2014
On December 5, 2014, the AASB released an executive summary of discussions and
decisions with respect to the topics addressed at the meeting. Discussions
included: (i) Auditor Reporting; (ii) Financial Statement Disclosures; (iii)
Responsibilities Relating to Other Information; (iv) IAASB Projects; (v)
Association; (vi) Special Reports — Assurance on Compliance with Agreements,
Statutes and Regulations; (vii) Standards for Review Engagements.
Canadian standard–setting governance activities
Minutes of Meeting – October 23-24, 2014
On December 5, 2014, the Auditing and Assurance
Standards Oversight Council released the minutes of its
October meeting where it discusses the activities and
performance of the AASB and the Independence Task Force,
non-authoritative guidance issued by CPA Canada’s
Research, Guidance and Support Group, and unification of
the accounting profession.
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