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Standard-setting activities & insights
International Financial Reporting Standards
IFRS 9, Financial Instruments
On November 14, 2014, the AcSB responded to the Office
of the Superintendent of Financial Institutions’ (OSFI’s)
Draft Advisory on “Early Adoption of IFRS 9,
Financial Instruments for Federally Regulated Entities with October Year-ends”. AcSB’s letter expresses concern about OSFI’s
proposal, noting that it is concerned with the quality of
Canadian entities’ implementation of new IFRS given the
interpretation risk and the associated implementation
costs.
IFRS Taxonomy 2014
On November 12, 2014, the IASB Foundation published Interim Release 2 to the IFRS Taxonomy 2014.
This release updates the IFRS Taxonomy for IFRS 15 Revenue from Contracts with Customers, which
was published by the IASB on May 28, 2014, and for Common Practice (transport and pharmaceuticals).
Non-GAAP and Additional GAAP Measures
On November 7, 2014, the AcSB issued a summary of the discussions heldd
regarding non-GAAP and additional GAAP measurements at
the June 12, 2014 IFRS Discussion Group meeting
Measuring Quoted Investments in Subsidiaries, Joint Ventures and Associates at Fair Value
On November 7, 2014, the AcSB issued an Exposure Draft
entitled, Measuring Quoted Investments in
Subsidiaries, Joint Ventures and Associates at Fair
Value (Proposed amendments to IFRS 10, IFRS 12, IAS 27,
IAS 28 and IAS 36), that corresponds to the IASB’s
Exposure Draft on this topic. Canadian stakeholders are
encouraged to submit their comments by January 16, 2015.
Public Sector Accounting Standards
Post-implementation review of Section PS 3410, Government Transfers
On November 3, 2014, the PSAB issued a Request for
Information to gather information about stakeholders’
experience in the implementation and ongoing application
of Section PS 3410, Government Transfers, as part
of its post-implementation review.
Stakeholders are encouraged to submit their responses by
May 15, 2015.
US GAAP
Announcing US GAAP Plus Weekly Roundup
We are pleased to announce a new publication prepared by Deloitte US’ Accounting
Standards & Communications group. Weekly Roundup is a digest of news,
developments, and Deloitte publications related to U.S. and international
accounting topics. If you would like to continue receiving Weekly Roundup
each Friday, please sign up (if you haven't done so already). To avoid redundancy, we will no longer cover US GAAP news in this
newsletter.
Assurance
Enterprise Risk Management – Integrated Framework Update
On November 5, 2014, The Committee of Sponsoring Organizations of the Treadway
Commission (COSO) launched an online survey for
its current project
to review and update the 2004 Enterprise Risk Management – Integrated
Framework (Framework). The survey seeks input and feedback from interested
parties and is designed to capture views and insights regarding the current
Framework and to collect suggestions for improvements.
Standard–setting governance activities
Performance assessment of the Accounting Standards Advisory Forum
On November 7, 2014, the Trustees of the IFRS Foundation
issued a questionnaire to national standard-setters and
regional bodies as part of its review of the Accounting
Standards Advisory Forum (ASAF) to assess how the forum
has performed in relation to its Terms of Reference and
Memorandum of Understanding. The ASAF was established to
provide an advisory forum in which members
constructively contribute towards the achievement of the
IASB’s goal of developing globally accepted high quality
accounting standards.
November 2014 IFRS Advisory Council meeting
On November 5, 2014, the IASB posted a report of the
IFRS Advisory Council meeting on October 13 and 14, 2014. At
that meeting, Council members received an update from
the IASB Vice Chairman and staff members on recent IASB
activities. The main non-standing topics for discussion
were a consideration of the risks the IFRS Foundation
faces and the opportunities they create, the IASB
research project on materiality and further discussion
on the future of corporate reporting. The Council also
considered progress on the IASB's Disclosure Initiative,
the approach to the review of the structure and
effectiveness of the IFRS Foundation, consideration of
the implications for the Conceptual Framework of long
term investing, and a briefing on the developments of
IFRS Content Services.
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Chantal Rassart,
CPA, CA