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The standard-setters have been busy the last few months!
Welcome back from Deloitte’s Centre for Financial Reporting. We hope you had a great summer!
The standard-setters did not take a summer break and, as a result, there are several critical activities and updates we know you will find valuable.
You may want to carve out a little time in your day to go through all this information.
Below is a summary of key developments in the last few months. For a complete list of all recent activities and to always stay updated on the latest in financial reporting developments, visit
Deloitte’s Centre for Financial Reporting.
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IFRS: IASB Exposure draft
Revised definition of
material
The IASB published an exposure draft
Definition of Material (Proposed amendments to IAS 1 and IAS 8) to clarify the definition of ‘material’ and to align the definition used in the Conceptual Framework and the standards themselves. Comments are requested by January 15, 2018.
Read more
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IFRS: IASB Exposure draft
IASB issues proposed amendments to IAS 8
The IASB published an exposure draft
Accounting Policies and Accounting Estimates (Proposed amendments to IAS 8) to help entities to distinguish between accounting policies and accounting estimates. Comments are requested by January 15, 2018.
Read more
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IFRS: AcSB Exposure draft
Property,
plant and equipment – Proceeds before intended use
The proposed amendments
to IAS 16 would prohibit deducting from the cost of an item of PPE any proceeds from selling items produced before the asset is available for use. Instead, an entity would recognize the proceeds from selling such items, and the related production costs, in profit or loss. Comments are requested by October 19, 2017.
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IFRS: IASB Practice statement
IASB issues Practice Statement on materiality
The IASB issued Practice Statement (PS) 2, Making Materiality Judgements. The PS aims at assisting management in presenting financial information about the entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity.
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IFRS: Publications
IASB issues newsletter on IFRS 17 terminology
This issue of The Essentials —
Busting insurance jargon provides investors aid when translating existing terminology and metrics into the language of IFRS
17.
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IFRS: Webcasts
IASB webcast on IFRS 16: Lessee disclosure
The IASB staff made available a webcast with Board member
Stephen Cooper discussing the disclosure requirements for
lessees in IFRS 16 Leases.
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ASPE: AcSB Exposure draft
Retractable or mandatorily redeemable shares
The AcSB issued an Exposure Draft re-examining the accounting for retractable or mandatorily redeemable shares issued in a tax planning arrangement. Reclassification to financial liabilities would be required when the conditions for equity classification are no longer met at the reassessment date.
Comments are requested by January 15, 2018.
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ASPE: Basis for Conclusions
2017 annual improvements to ASPE
The AcSB released this document, which sets out how the AcSB reached its conclusions on the 2017 Annual Improvements. The amendments are effective for annual financial statements relating to fiscal years beginning on or after January 1, 2018. Earlier application is permitted.
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PSAS: Comment letter
Respond to IPSASB ED on
financial instruments
The PSAB released an update on why they are considering the IPSASB financial instruments standard to address current Canadian hedge accounting issues. Comments on the IPSASB’s exposure draft are requested by December 31, 2017.
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PSAS: Statement of principles
PSAB
statement of principles – Public private partnerships
This SOP proposes: (i) public private partnership infrastructure
be recognized as an asset when the public sector entity controls the infrastructure; and (ii)
the infrastructure and the associated liability be measured initially at cost. Comments are requested by October 17, 2017.
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Securities: New standard
CSA address cryptocurrency offerings
The CSA published CSA Staff Notice 46-307,
Cryptocurrency Offerings, which outlines how securities law requirements may apply to initial coin offerings (ICOs), initial token offerings (ITOs), cryptocurrency investment funds and the cryptocurrency exchanges trading these products. This notice describes the factors CSA staff considered as part of this assessment.
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Assurance: AASB Exposure draft
Proposed new Assurance Guideline AuG-49
The AASB issued an Exposure Draft of a proposed new guideline that would replace an existing Standard. The AASB proposes to issue AuG-49,
Reporting on Compliance with Specified Authorities for Transactions Coming to the Auditor’s Notice during the Audit of Financial Statements. Comments are requested by November 28, 2017.
Read more
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Assurance: Publications
New standard on audit of accounting estimates
CPA Canada issued an article written by Eric Turner, Director, Auditing and Assurance Standards, CPA Canada which informs readers about the impact that the IAASB’s proposals to amend ISA 540 will have on audits. Mr. Turner believes that the proposed changes are significant, affecting all audits and estimates, from simple to complex.
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Regulation: Alerts and videos
Tax
planning strategies using private corporations
The Department of Finance released a consultation document and draft legislation containing proposals that, if enacted, will affect private companies and their shareholders. Three tax planning strategies are being reviewed: (i)
income splitting; (ii) holding a passive investment portfolio
inside a private corporation; and (iii) capital gains.
Read more
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