Canadian AcSB explains rate regulated entities IFRS deferral
08 May 2012
The Canadian Accounting Standards Board (AcSB) has released a 'Q&A' document providing more insight into its decision to defer the mandatory changeover date to International Financial Reporting Standards (IFRSs) for entities with qualifying rate-regulated activities.
The AcSB decided on the deferral at its 20-21 March 2012 meeting. In accordance with the decision, eligible entities would adopt IFRSs by 1 January 2013.
In the Q&A document, the AcSB makes the following observations:
- The AcSB has been encouraged by recent debate and discussion around the IASB's Agenda Consultation which indicate the IASB may reactivate its paused rate regulated activities project in the short to medium term
- The AcSB decided to extend the rate-regulated activities deferral by one year only and will monitor future developments to consider the need for a further deferral should an interim solution not occur within a year but remain a possibility.
The full AcSB update can be accessed on the Canadian AcSB website.
