Canada's AcSB defers mandatory IFRS adoption for certain rate-regulated entities to 2014
24 Sep 2012
The Canadian Accounting Standards Board (AcSB) has announced a decision to defer for an additional year the mandatory adoption of International Financial Reporting Standards (IFRSs) for qualifying entities with rate-regulated activities.
The AcSB decided to end stakeholder uncertainty about a further extension now rather than waiting until closer to the end of 2012 and thus closer to the current mandatory application date (1 January 2013).
The reasons for the deferral are the same as for the last deferral announced in March 2012. Given recent statements the IASB has made publicly about the priority it intends to give rate-regulated activities when setting its future agenda, the AcSB said in accordance with earlier statements it would monitor future developments and consider the need for a further deferral should an interim solution not occur within a year, but remain a possibility.
The AcSB's decision is documented in the Accounting Standards Board Decision Summary for the 5-6 September meeting of the AcSB. The AcSB expects to issue the amendment to the Introduction to Part I of the CICA Handbook in October 2012.
