Search Past IFRS^® Accounting Standards Discussion Group Meeting Topics

Opening Remarks and Updates

• Business Combinations – Disclosures, Goodwill and Impairment
• Contracts for Renewable Electricity
• Recent IFRS Interpretations Committee (the Interpretations Committee) Agenda Decisions
• Recent Amendments Made to IFRS Accounting Standards
• Business Combinations Under Common Control (BCUCC)
• Supplier Finance Arrangements

IAS 12: Consideration of Organisation for Economic Co-operation and Development (OECD) Pillar Two GloBE Rules When Accounting for Deferred Tax Assets

• Discuss the accounting for deferred tax assets when an entity is required to comply with Pillar-Two GloBE Rules.

IAS 36: Assessment of Cash Generating Units (CGUs) in a Production Facility with Multiple Production Lines When One of the Products Has a Declining Market Demand

• Discuss the assessment of CGUs in a production facility with multiple production lines when one of the products has a declining market demand. This discussion focused on identifying CGUs, allocating corporate assets, and other accounting implications.

Opening Remarks and Updates

• Financial Instruments with Characteristics of Equity
• Recent IFRS Interpretations Committee (the Interpretations Committee) Tentative Agenda Decisions

Revenue Recognition for Carbon Credits

• Discuss revenue recognition from the sale of carbon credits when the entity is required to make a long-term commitment with a carbon registry to ensure the permanence of carbon stocks as a condition for the certification of the credits.

Classification of Liabilities with Covenants when an Entity is Granted a Waiver or Period of Grace

• Continue discussion on the application of the 2022 amendments to IAS 1, Presentation of Financial Statements on Non-current Liabilities with Covenants when an entity is granted a waiver or period of grace.

Year-end Financial Reporting Reminders

• Discuss various financial reporting matters that entities should consider when preparing for their upcoming year-end.

Opening Remarks and Updates

• Annual Improvements to IFRS Accounting Standards – Volume 11
• Post-implementation Reviews
• Recent Amendments Made to IFRS Accounting Standards

Accounting for the Development of Carbon Credits by a Renewable Energy Generator

• Discuss how a renewable energy generator classifies and measures renewable energy certificates that it produces, and sells or uses to offset its carbon reduction obligations.

Unit of Account for Lease Modification Accounting

• Discuss views on whether lease modifications should be assessed at the contract level or separate lease component level.

Accounting for Equity Instruments in a Shares-for-debt Transaction

• Discuss factors an entity might consider when determining whether a shareholder-creditor is acting in the capacity of a shareholder.
• Discuss the accounting for equity instruments issued and for recognizing extinguishment differences in a shares-for- debt transaction when a shareholder-creditor is acting in such a capacity.

Classification of Liabilities with Covenants when an Entity is Granted a Waiver or Grace Period

• Discuss various practical scenarios and examples of the application of the 2022 amendments to IAS 1 Presentation of Financial Statements on Non-current Liabilities with Covenants when an entity is granted a waiver or grace period.

Opening Remarks and Updates

• Special Purpose Acquisition Companies (SPAC): Accounting for Warrants at Acquisition
• IFRS 17: Matters for Non-insurance Entities
• IFRS 2: Share-based Payment Awards with Variable Vesting Periods
• Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction
• Post-implementation review of IFRS 9- Impairment

Impact of Rising Inflation and Interest Rates on Financial Reporting

• Discuss various financial reporting issues that arise as a result of rising inflation and interest rates and their impact on interim or annual financial reporting in 2022.

Opening Remarks and Updates

• Amendments to Classification and Measurement of Financial Instruments

Accounting for Lending Crypto Assets

• Raise awareness of the factors an entity might consider when determining the accounting for the lending of crypto assets.

Accounting for Earn-in Expenditures Prior to Acquisition of a Mining Interest

• Discuss how an entity accounts for earn-in expenditures prior to the acquisition of a mining interest, including classification and measurement of earn-in expenditures and disclosure requirements.

Accounting for the Development of Carbon Credits that will Ultimately be Sold

• Discuss how an entity recognizes, measures, and classifies carbon credits that it develops from its already-existing assets carried at fair value.

Financial Reporting Implication of OECD Pillar Two GloBE Rules

• Discuss various financial reporting issues related to the Organization for Economic Co-operation and Development (OECD) Pillar Two Global Anti-Base Erosion (GloBE) Rules.

Deferred Taxes Related to Assets and Liabilities Arising from a Single Transaction

• Discuss the application of the amendments to IAS 12 on the accounting for deferred tax on transactions such as leases and decommissioning obligations.

Subsidiary’s Accounting for a Spin-off Transaction

• Consider a spin-off transaction in which shareholders of a parent entity receive shares of a newly created subsidiary that holds assets or businesses transferred from the parent entity. Discuss the subsidiary’s accounting for this transaction.

Cash Received via Electronic Transfer as Settlement for a Financial Asset

• Continue discussion on the application of the IFRS Interpretations Committee’s Tentative Agenda Decision on the accounting for cash received via electronic transfer as settlement for a financial asset.

Opening Remarks and Updates

• Recent IFRS Interpretations Committee Tentative Agenda Decisions
• International Sustainability Standards Board’s (ISSB) Exposure Drafts

Special Purpose Acquisition Companies (SPAC): Accounting for Warrants at Acquisition

• Discuss the application of the IFRS Interpretations Committee’s Tentative Agenda Decision on an entity’s accounting for warrants on acquiring the SPAC.

Financial Reporting Considerations of Hybrid Work Arrangements

• Discuss various financial reporting issues for entities moving to hybrid work arrangements that may impact interim or annual financial reporting in 2022.

Matters for Non-insurance Entities

• Discuss matters that non-insurance entities should consider when adopting IFRS 17 Insurance Contracts on or after January 1, 2023.

Share-based Payment Awards with Variable Vesting Periods

• Consider a scenario where an entity is required to revise the estimated vesting period of an award (e.g., awards that are accelerated when a market condition is met earlier than expected). Discuss the recognition of the compensation expense.

Closing Remarks

Opening Remarks and Updates

• Amended IAS 1: Application of Paragraph 72A to Classify a Term Loan as Current or Non-current
• Third Agenda Consultation
• Initial Application of IFRS 17 and IFRS 9 - Comparative Information
• AcSB Draft Strategic Plan 2022-2027
• Disclosure Requirements in IFRS Standards, a Pilot Approach
• IASB Documents for Comments

Cost Necessary to Sell Inventories

• Discuss the application of the IFRS Interpretations Committee’s Agenda Decision on the accounting for costs necessary to sell inventories.

Opening Remarks and Updates

• Recent Amendments Made to the IFRS Accounting Standards
• Recently Published IFRS Interpretations Committee Agenda Decisions
• Primary Financial Statements

Impact of Climate-related Risk on Financial Statements

• Discuss various IFRS Accounting Standards requirements entities should consider when reflecting the impact of climate-related risks in their financial statements.

Special Purpose Acquisition Companies (SPAC): Accounting for Warrants at Acquisition

• Consider the IFRS Interpretations Committee’s agenda decision on an entity’s accounting for warrants on acquiring the SPAC. Discuss potential implications of this agenda decision on the accounting for reverse take-over transactions.

Canadian Interest Rate Benchmark Reform: Cessation of Canadian Dollar Offer Rates (CDOR)

• Discuss various accounting implications arising from the replacement of CDOR with Canadian Oversight Repo Average (CORRA) as a key benchmark interest rate in Canada.

Opening Remarks and Updates

• Disclosure Requirements in IFRS Standards, a Pilot Approach
• Post-implementation Review of IFRS 9—Classification and Measurement
• Subsidiaries without Public Accountability: Disclosures
• Non-current Liabilities with Covenants (Amendments to IAS 1)
• Supplier Finance Arrangements
• IASB Documents for Comments

Cash Received via Electronic Transfer as Settlement for a Financial Asset

• Discuss the application of the IFRS Interpretations Committee’s Tentative Agenda Decision on the accounting for cash received via electronic transfer as settlement for a financial asset.

Accounting for a Renewable Energy Power Purchase Agreement and the Associated Renewable Energy Credits

• Consider a virtual power purchase arrangement (PPA) whereby the seller agrees to pay the buyer the difference between the current market price of power and its value as defined in the agreement (and vice versa). As part of the agreement, the buyer also receives renewable energy certificates (RECs).
• Discuss the accounting for the RECs associated with the virtual PPA.

Accounting for Crypto-Assets Held on Behalf of Others

• Consider a scenario where an entity holds crypto-assets on behalf of others. Discuss factors the entity should consider in assessing whether it has control over the crypto-assets and the presentation of these assets on the entity’s balance sheet.

Issuer’s Accounting for Green Bonds

• Discuss the issuer’s accounting for green or sustainability-linked bonds under IFRS 9 Financial Instruments.

Closing Remarks

Financial Reporting Considerations of COVID-19

• Discuss various financial reporting issues related to COVID-19 pandemic that will impact an entity’s annual or interim financial reporting in 2020.

Property, Plant and Equipment – Proceeds before Intended Use

• Discuss the application of the amendments to IAS 16 on the accounting for the proceeds received from selling items produced by an asset while the asset is being prepared for its intended use.

Accounting for Acquired Leases in a Business Combination

• Consider a business combination with acquired leases in which acquiree is the lessee. Discuss the impact of the acquiree’s IFRS 16 elections on the acquirer’s consolidated financial statements.

Accounting for Acquired Leases in an Asset Acquisition

• Consider an acquisition of (net) assets that is determined to be an asset acquisition, discuss the accounting impact for acquired leases when the acquiree is the lessee.

Accounting for COVID-19 Related Rent Concessions

• Consider a scenario where the lessee receives rent concessions because of the COVID-19 pandemic. Discuss the accounting for such rent concessions applying IFRS 16 Leases.

Application of Paragraph 76B to Classify Convertible Debt as Current or Non-Current

• Discuss the application of the new paragraph 76B of IAS 1 Presentation of Financial Statements on the classification of a convertible debt as current or noncurrent when the conversion feature is classified as equity vs. liability.

IAS 1: Application of paragraph 72A to classify a term loan as current or non-current

• Discuss the application of the new paragraph 72A of IAS 1 Presentation of Financial Statements to assess an entity’s compliance with covenants that affect the classification of a term loan as current or non-current.

Change to discount rate method

• Consider changes made to the discount rate method prescribed by Canadian Institute of Actuaries to calculate the defined benefit obligation in IAS 19 Employee Benefits and discuss accounting implications for such changes.

Opening Remarks and Updates

• Push-down Accounting and the Accounting for Asset Acquisitions
• Reminders on IASB® Documents for Comments
• General Presentation and Disclosures (Primary Financial Statements)
• Goodwill and Impairment
• Lease Liability in a Sale and Leaseback

Income statement presentation of COVID-19 impacts

• Discuss the income statement presentation for various COVID-19 impacts.

Opening Remarks and Updates 

• IAS 1: Application of Paragraph 72A to Classify a Term Loan as Current or Non-Current    
• Goodwill and Impairment 
• Sustainability Reporting 
• Configuration or Customization Costs in a Cloud Computing Arrangement 
• Classification of Debt with Covenants as Current or Non-current 
• Lease Liability in a Sale and Leaseback  
• Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interest in Other Entities  
• Business Combinations under Common Control 

Classification of Debt with Covenant as Current or Non-current 

• Continue discussions on the application of paragraph 72A of IAS 1 Presentation of Financial Statements when assessing an entity’s compliance with covenants that affect the classification of debt as current or non-current considering the December 2020 IFRIC discussion. 

Disclosures of COVID-19 Impacts 

• Discuss various disclosure requirements related to COVID-19 that may impact an entity’s year-end financial reporting in 2020. 

Classification of Limited Recourse Capital Notes by the Holder 

• Discuss the classification of Limited Recourse Capital Notes by the holder. 

Impairment Test on Right-of-Use Assets 

• Discuss impairment considerations for right-of-use assets when an entity has decided to vacate the property shortly after the decision date.

Opening Remarks and Updates

• Amended IAS 1: Application of Paragraph 72A to Classify a Term Loan as Current or Non-current
• Regulatory Assets and Regulatory Liabilities
• Business Combinations under Common Control
• Lack of Exchangeability
• Third Agenda Consultation
• Disclosure Requirements in IFRS Standards, a Pilot Approach
• IASB Documents for Comments

Equity Method Accounting on an Investment in Common and Preferred Shares

• Discuss to which instrument the equity method applies when an investor entity holds both voting common and preferred shares in the associate.

IAS 38: Configuration and Customization Costs in a Cloud Computing Arrangement

• Discuss the application of the IFRS Interpretations Committee’s Agenda Decision on the accounting for configuration or customization costs in a cloud computing arrangement.

Issuer’s Accounting for Subscription Receipts

• Consider a scenario where an entity offers subscription receipts where it receives cash for the promise for a future delivery of common shares subject to the occurrence of certain events. Discuss the issuer’s accounting for these subscription receipts.

Accounting for Standby Costs and Penalties Incurred under a Force Majeure Clause

• Consider a scenario where a company that owns an asset under construction incurs certain standby costs and other penalties charged back to it by the builder under a force majeure clause. Discuss the company’s accounting for these additional costs.

Closing Remarks

Opening Remarks and Updates

• IFRS 3, IAS 12, IFRIC 23: Uncertain Tax Position Acquired in a Business Combination
• IFRS 16: Sales-leaseback Transaction with Variable Payments
• IFRS 16 and IAS 37: Variable Lease Payments and Onerous Lease Provisions
• Reminders on IASB^® Documents for Comments 
• Classification of Liabilities as Current or Non-current (Amendments to IAS 1)
• Goodwill and Impairment

Allocation into Components of Property, Plant and Equipment

• Does a difference between existing GAAP and IFRSs result in a change in an accounting policy or a correction of an error?

Calculation of the Implicit Interest Rate in a Lease

• Practicality of determining the implicit interest rate for purposes of determining the present value of minimum lease payments when the leased asset appreciates in value.

Capitalized Actuarial Gains and Losses on Change in Accounting Policy for Defined Benefit Plan Obligations

• Issues relating to:
  • restatement of assets containing capitalized actuarial gains and losses on transition to IFRSs;
  • subsequent accounting for amounts capitalized in construction contracts in accordance with IAS 11 Construction Contracts.

Criteria for Issues Eligible for Consideration by the IDG

• Clarification of the terms of reference.
• Discussion of the types of issues qualifying for discussion at IDG.

Functional Currency of an Investment Holding Company

• Determination of functional currency of investment holding companies, particularly those with little or no operating activities of their own.

Inclusion of Additional Statements in Financial Statements

• Does IAS 1 Presentation of Financial Statements restrict the inclusion of additional statements?

Income Taxes — Flow-through shares

• Accounting for flow-through shares and related deferred taxes.

Income Taxes — Substantive Enactment The term “substantively enacted” in IAS 12, Income Taxes.

Increasing Vacation Pay Entitlements

• Obligations arising from increasing vacation entitlements as an employee renders service even though it does not vest.

Introductions and Opening Remarks

Meaning of “Presented”

• The meaning of “presented” for purposes of determining whether reconciliations of the affects of transition to IFRSs are required.

Related party transactions

• Canadian transitional issue – retrospective restatement of related party transactions previously recorded at carrying amounts.

Capitalization of Borrowing Costs

• Change in capitalization of borrowing costs on first-time adoption of IFRSs – retrospective or prospective application.

Classification of Income Trust Units

• Classification when distributions can be in units or cash.
• Classification when distributions are discretionary and contractual within a group of trusts.

Deferred Taxes in Testing for Impairment

• Inclusion of a deferred taxes when determining asset value for impairment.

Definition of a Publicly Accountable Enterprise

• Considerations in assessing whether an entity is a publicly accountable enterprise.

Framework: Consistent Assumptions

• Consideration of areas where entities might inadvertently display internally inconsistent accounting assumptions in the preparation of financial statements.

Going Concern

• Disclosure of material uncertainties related to events or conditions that may cast significant doubt upon the entities ability to continue as a going concern.

Income Tax and Certain Trust Structures

• Income tax considerations under IFRS for mutual fund trusts, real estate investment trusts, royalty trusts and income trusts.

Increasing Vacation Entitlements

• • Report on treatment in other jurisdictions.

Meaning of “Presented”

• Experiences from other IFRS jurisdictions.

Opening Remarks and Updates

Push Down Accounting and IFRSs

• Acceptable under IFRSs or not.

Related Party Transactions

• Outline of decision tree for related party transactions on transition to IFRSs.

Residual Value in Calculation of Implicit Interest Rate

• Did IASB’s revision of the definition of residual value in IAS 16 consider the implications to IAS 17.

Cash Flow per Share Information

• Canadian GAAP prohibits cash flow per share information from being disclosed in financial statements. IFRSs do not contain a specific statement on this presentation. Consideration of the implications.

Compliance with IFRSs

• When financial information that is prepared in accordance with IFRSs is less than a complete set of financial statements can the basis of presentation by described as being in compliance with IFRSs and as being “presented fairly”.

Farm-out or Option Agreements in the Mining or Oil and Gas Industries

• Consideration of whether the accounting for these agreements under IFRSs should be discussed at the September meeting.

Indefinite Lived Intangibles Amortization

• Consideration of whether a request for an exemption under IFRS 1 would be appropriate so that previous amortization on indefinite lived intangibles would not be reversed.

Opening Remarks and Updates

• IFRS 1 and IAS 23: Capitalization of Borrowing Costs.
• IAS 1: Going Concern.
• IAS 12: Income Taxes and Certain Structures.
• IAS 32: Classification of Income Trust Units.

Tax Asset Arising on Purchase of Tax Loss Carryforwards

• Consideration of the accounting for tax loss carryforwards acquired at a deep discount outside a business combination.

Testing Goodwill for Impairment

• Consideration of whether goodwill impairment testing can be at a lower level than the cash-generating unit used for asset impairment testing after a company integrates an acquired business.

Discount Rate

• Consideration of the inclusion or exclusion of a credit adjustment in the discount date.

Flow-through Shares and the Initial Recognition Exemption

• Reconsideration of the treatment of flow-through shares from the November 2009 meeting with updated information.

Implications for Current/Non-Current Classification of Debt

• Consideration of the classification of commercial paper or corporate bond under IAS 1depending on the arrangement in place for refinancing.

Issues Submitted but Not Brought Forward

• IFRS 1, IFRS 3 and IAS 12: Acquirer’s Tax Benefit from a Business Combination on Transition.
• IFRS 5 and IAS 36: Reversal of an Impairment Loss Recognized against Goodwill.
• IAS 10: Entity’s Responsibility to Adjust Statements after Authorized for Issue.
• IAS 19: Deep Bond Market.
• IAS 19: Pension Plan Categorization.

Meaning of “Extremely Rare”

• Consideration of the factors in determining whether or not a provision can be reliably measured.
• Consideration of the application of “extremely rare” as considered under paragraph 26 of IAS 37.

Opening Remarks and Updates

• IFRS 1 and IAS 11: Capitalized Actuarial Gains and Losses on Changes in Accounting Policy for Defined Benefit Plan Obligations.
• IAS 1: Going Concern.
• IAS 7 and IAS 33: Cash Flow per Share.
• IAS 12: Tax Losses Acquired Outside a Business Combination.

Part 1 of 5: Accounting for Farm-outs in Extractive Industries

• In the Exploration and Evaluation Phase.

Part 2 of 5: Accounting for Farm-outs in Extractive Industries

• After Entering into a Farm-Out Arrangement — When to Recognize a Gain or Loss.

Part 3 of 5: Accounting for Farm-outs in Extractive Industries

• When the Farmee Earns an Initial Interest.

Part 4 of 5: Accounting for Farm-outs in Extractive Industries

• When the Farmee Earns a Subsequent Interest.

Part 5 of 5: Accounting for Farm-outs in Extractive Industries

• Other Issues.

Accounting for Farm-outs in Extractive Industries

• Experiences from other jurisdictions.

Events After Statements Authorized but Not Yet Issued

• Experiences from other jurisdictions.

Initial Recognition Exemption on First Time Adoption of IFRS

• Consideration of the application of the initial recognition exemption in IAS 12 on first time adoption of IFRSs.

Investment Tax Credits Under IFRSs

• Consideration of treatment of investment tax credits under IFRSs.

Issues Submitted But Not Brought Forward

• IFRIC 14: IAS 19 Minimum Funding Requirement.

Opening Remarks and Updates

• IAS 1: Implications for Current/Non-Current Classification of Debt.
• IAS 37: Discount Rate.

Reverse Takeover that is Not a Business Combination

• Consideration of the treatment of reverse takeovers that do not meet the definition of a business in IFRS 3 on transition to IFRS.

Statements Reissued – IFRS 1 Exemption Choice Changed

• Consideration of whether choices under IFRS 1 can be changed if the statements are reissued.

Tax Benefit from a Business Combination on Transition

• Consideration of the treatment on transition to IFRS of deferred tax assets recognized under Section 1581 when there is no goodwill.

Classification for Shares Under Normal Course Issuer Bids

• Consideration of the classification of shares repurchased under a normal course issuer bid agency agreement on the statement of financial position.

Diluted Earnings per Share for Tandem Stock Appreciation Rights

• Consideration of the determination of diluted earnings per share for tandem stock appreciation rights plans.

Earnings per Share/Unit for Entities with Puttable Equity Instruments

• Consideration of what earnings per share/unit information can be presented when an entity has issued equity instruments that are puttable.

IASB Post-implementation Review Proposal

• Discussion of proposal for post-implementation review.

Intangible Asset — Non-Contractual Expenditures

• Consideration of treatment of expenditures that are not contractual on capital asset when operator has an intangible asset.

Interim Financial Reports

• Consideration of difference with pre-changeover GAAP with regards to recognition and measurement.

Issues Submitted But Not Brought Forward

• IAS 20: Government Assistance as part of a package of financial aid.

Minimum Funding Requirement

• Consideration of the different views of the approach to the minimum funding requirement in IFRIC 14.

Opening remarks and Updates

• IAS 7 and IAS 33: Cash Flow per Share.
• IAS 1: Implications for Current/Non-Current Classification of Debt.
• IAS 37: Discount Rate.
• IAS 10: Events After Statements Authorized but Not Yet Issued.

Accounting for Farm-outs in Extractive Industries

• Reconsideration of the accounting for these agreements from the September 2010 meeting with updated information.

Application of the Hierarchy

• Consideration of the requirements under IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors for selecting an accounting policy when there is little or no guidance in IFRSs that specifically applies to a transaction, other event or condition.

Changes in the Terms of an Operating Lease Agreement

• Consideration of whether changes to the terms of an operating lease results in recognition of a new lease.

Classification of Bankers Acceptances and Commercial Paper

• Consideration of whether these borrowings should be classified as current or non-current on the borrower's statement of financial position.

First Quarter 2011 Filings

• Report on preliminary observations from the first quarter filings under IFRSs and plans for identifying areas of concern.

Key Management Personnel

• Consideration of the definition of key management personnel in order to provide the disclosures on compensation under IAS 24 Related Party Disclosures.

Opening Remarks and Updates

• IAS 33: Earnings per Share/Unit for Entities with Puttable Equity Instruments.
• IAS 34: Interim Financial Reporting.
• IFRIC 14: Minimum Funding Requirements.

Outreach Request from IFRS Interpretations Committee

• IFRS 3: Acquisition of a single significant asset with some associated processes.

The IFRS Discussion Group’s Mandate

• Consideration of ways to clarify the objectives of the Group and improve communications to stakeholders

Transfer of Net Assets for Shares in a Group Restructuring

• Consideration of the accounting for transfers of net assets that do not meet the definition of a business from one group entity to another in exchange for shares.

Classification of a Liability Following a Change in Functional Currency

• Consider whether an instrument classified as a liability upon initial recognition can be classified as equity following a change in functional currency.

IFRS Interpretations Committee

• Report on recent developments.

Issues Submitted but Not Brought Forward

• IAS 27: Intercompany Gain/Loss with a Rate-regulated Subsidiary.

Losses in an Associate

• Consider how to account for losses in an associate under the equity method when an entity holds an equity investment and a long-term loan receivable in the associate.

Minimum Funding Requirements

• Consider the results of staff research on the diversity in practice in other jurisdictions.
• Reconsider the different views on the approach to the minimum funding requirements.

Opening Remarks and Updates

• The IFRS Discussion Group’s Mandate.
• IAS 17: Changes in the Terms of an Operating Lease Agreement.
• Update on Outreach Requests from IFRS Interpretations Committee.

Quarterly IFRS Financial Statements

• Report on observations from the quarterly filings under IFRSs.

Capitalization of Borrowing Costs on Major Renovations

• Consider whether capital upgrades to a fully leased investment property meet the definition of a qualifying asset.

Classification of Limited Partnerships Subject to Joint Control

• Consider whether a limited partnership that is subject to joint control should be classified as a joint operation or a joint venture.

Dilution in Ownership Interests

• Consider dilutions in ownership interests in an associate for two fact patterns:
  • an associate issues shares; and
  • an associate is sold to a subsidiary that is less than wholly-owned.

Disclosure Requirements for Retrospective Application of New Standards

• Consider what disclosures are required when adopting new standards such as IFRS 10 Consolidated Financial Statements.

Guarantees of Debt of a Joint Arrangement

• Consider whether an arrangement should always be classified as a joint operation when the liabilities of the joint arrangement are guaranteed by the parties to the arrangement.

Impairment Test of Provisional Goodwill Acquired during the Current Period

• Consider the requirements to test for impairment when the initial allocation of goodwill is not complete.

Issues Submitted but Not Brought Forward

• IAS 32: Classification of Rights or Warrants Issued to a Limited Group.
• IAS 11: Revenue Recognition for a Construction Contract with a Partial Leaseback.

Recognition of Share Purchase Warrants

• Consider which standard applies when warrants are issued to brokers or underwriters as consideration for the services provided in conjunction with an issuance of warrants or other securities.

Reissuing Financial Statements in Connection with an Offering Document

• Consider the treatment of subsequent events in financial statements that are reissued in connection with a securities offering document filed in Canada or the United States.

Diluted Earnings per Share when Debt Can Be Settled in Cash or Shares

• Consider the effect on diluted earnings per share for convertible debt that allows the issuer to settle any remaining principal outstanding at maturity in cash or shares of the issuer.

First Annual IFRS Financial Statements

• Discuss experiences relating to the first annual financial statements under IFRSs.

Going Concern Language in SEC Filings

• Consider how the SEC requirements affect audit reports and going concern disclosures.

Initial Direct Leasing Costs for Investment Properties Measured Using the Fair Value Model

• Consider whether direct costs of setting up leases for an investment property measured using the fair value model should be amortized.

Measuring the Fair Value of Debt Assumed in a Business Combination

• Consider whether the quoted price should be used to measure the fair value of publicly listed debt acquired in a business combination.

News from the Regulators

• Update on considerations for entities preparing financial statements under IFRSs.

Opening Remarks and Updates

• IAS 8: Disclosure Requirements for Retrospective Application of New Standards.
• Outreach Requests from the IFRS Interpretations Committee Staff.
• Changes to the IFRs Interpretations Committee’s Operations and Due Process Handbook.

Part VI.I Tax on Dividends Paid to Preferred Shareholders

• Consider whether part VI.I tax, along with any related recoveries, should be recorded in equity or profit and loss.

Uncertain Tax Positions Acquired in a Business Combination

• Consider whether uncertain tax positions are within the scope of IFRS 3 Business Combinations and should be measured at fair value.

Useful Life of Leasehold Improvements

• Consider whether the lease term represents the useful life for leasehold improvements when the lessee is not reasonably certain it will exercise the option to extend the lease.

Application Issues

• Consider the application of IFRS 11 to various arrangements including ones involving flash-title transactions.

Classification of a Bare Trust Set up for a Real Estate Project

• Consider whether a Bare Trust set up to hold a real estate project should be classified as a joint venture or a joint operation.

Classification of Long-term Debt to be Repaid From an Offering

• Consider whether debt should be classified as current when an offering document specifies that the debt will be repaid.

Comprehensive Revaluation of Assets and Liabilities

• Consider the accounting treatment of financial reorganizations and identify the relevant accounting guidance for transactions of this nature.

De Facto Control

• Consider circumstances in which an entity owns less than 50 per cent of the shares of another entity but may have de facto control.

FRSs Issued but not yet Effective

• Consider implications of the delay between the date new or amended IFRSs are issued by the IASB and the date these IFRSs are issued by the AcSB into Part I of the CICA Handbook – Accounting.

Implications for Hedging Relationships of Novation of Derivatives

• Consider the potential implications on pre-existing hedging relationships for certain financial institutions when a derivative contract in a valid hedging relationship is required by regulation to be “novated” and transferred to a central clearing house for settlement.

Modification of Share Purchase Warrants

• Consider the accounting treatment for a modification to the terms of warrants issued for proceeds including any effect on earnings per share.

Opening Remarks and Updates

• IAS 33: Earnings per Share/Unit for Entities with Puttable Equity Instruments.
• IAS 10: Reissuing Financial Statements in Connection with an Offering Document.
• IFRS 3 and IAS 12: Uncertain Tax Positions Acquired in a Business Combination..
• Update on the IFRS Interpretations Committee’s Outreach Requests.

Presentation of Combined Financial Statements

• Consider whether the presentation of combined financial statements is appropriate under IFRSs.

Going Concern Assessments for Development Stage Entities

• Consider challenges involved in the assessment of and disclosures about a development stage entity’s ability to continue as a going concern.

Impairment

• Consider the practical challenges when assessing impairment of exploration and evaluation assets that are within the scope of IFRS 6

Joint Ventures – Transition from Proportionate Consolidation to the Equity Method

• Consider the accounting implications including borrowing costs, hedging, and impairment.

Meaning of “Significant or Prolonged” Decline in Fair Value

• Consider the meaning of a prolonged and significant decline in the fair value of an investment in an equity instrument below its cost when assessing impairment of equity securities.

Opening Remarks and Updates

• IAS 10: Reissuing Financial Statements in Connection with an Offering Document.
• IFRS 11: Unit of Account in Classifying Joint Arrangements with Multiple Separate Vehicles.
• IAS 1: Classification of Long-term Debt to be Repaid From an Offering.
• IFRS 3 and IAS 12: Uncertain Tax Positions Acquired in a Business Combination.
• IAS 12: Part VI.I Tax on Dividends Paid to Preferred Shareholders.
• IAS 8: IFRSs Issued but Not Yet Effective.

Retrospective Transition Issue – Comparative Figures

• Consider implications for comparative figures when an entity obtained control over a joint venture in the comparative period.

Retrospective Transition Issues

• Consider the complexities that can arise on transition including:
  • transaction costs and contingent consideration relating to an acquisition that is not a business, such as a mining property; and
  • how certain other IFRSs such as IAS 36, IAS 21 and IAS 23 apply when an entity is consolidated or proportionately consolidated for the first time under the new standards.

Change in Date of Transition to IFRSs

• Consider whether an entity can provide IFRS financial statements for a period prior to its date of transition to obtain a listing in a foreign market that requires two years of comparative figures under IFRSs.

Opening Remarks and Updates

• Updates on the IFRS Interpretations Committee’s Outreach Requests and Other Activities.

Preparing Annual IFRS Financial Statements

• Update on considerations for entities preparing annual financial statements under IFRSs.

Cash Settlement Options for Equity Linked Conversion Features in Convertible Debt

• Consider whether liability or equity treatment is appropriate when an entity can cash settle the conversion feature.

Disclosures in Interim Financial Statements

• Consider the disclosure requirements for the first quarter 2013 financial statements for IFRS 13 Fair Value Measurement.

Disclosures in Interim Financial Statements

• Consider the disclosure requirements for the first quarter 2013 financial statements for IFRS 12 Disclosure of Interests in Other Entities.

Measurement of an Investment in a Private Company

• Consider circumstances in which cost as the ongoing measurement basis is acceptable for an investment in a private company classified as available-for-sale.

Opening Remarks and Updates

• IAS 10: Reissuing Financial Statements in Connection with an Offering Document.

Outreach Request from IFRS Interpretations Committee

• Consider whether significantly divergent interpretations exist in Canada in applying IFRS 2 Share-based Payment.

Prospective Transition Adjustments

• Consider transactions that could give rise to transition adjustments and disclosure requirements.

Share-based Payment Awards with Variable Vesting Periods

• Consider circumstances in which an entity is required to revise the estimated vesting period of an award (e.g., awards that are accelerated upon events such as a change of control).

Transition (Other than for Defined Benefit Pension Plans)

• Consider the implications of applying the revised standard to employee benefit plans other than defined benefit pension plans.

Classification of Restricted Cash

• Consider the presentation of restricted cash as current or non-current in a classified statement of financial position and as a cash or cash equivalent.

Determining What Is Part of a Business Combination Transaction

• Consider the application of paragraphs 51 and 52 in IFRS 3 Business Combinations in different situations.

Early Adoption of IFRSs with Prospective Application

• Consider, on a conceptual basis, issues expected to arise relating to early adoption of the forthcoming hedge accounting requirements.

Fair Value Measurement Disclosure Challenges

• Consider the disclosure challenges faced in applying IFRS 13 Fair Value Measurement.

First Quarter 2013 Financial Statements

• Discuss experiences relating to first quarter financial statements following the initial application of new and amended IFRSs effective January 1, 2013.

Interplay between Fair Value Measurement and Impairment

• Consider whether the application of IFRS 13 Fair Value Measurement affects the calculation of value in use and how the highest and best use concept applies to groups of assets.

New Searchable and Sortable Issues Database

Opening Remarks and Updates

• IAS 8: IFRSs Issued but Not Yet Effective.
• IAS 39: Implications for Hedging Relationships of Novation of Derivatives.
• IAS 1: Going Concern.

Presentation of Joint Venture Equity Income

• Consider the presentation of an entity’s share of profit or loss in a joint venture as part of operating income in the statement of comprehensive income.

Reissuing Financial Statements in Connection with an Offering Document

• Consider recent developments regarding this issue.

Subsequent Events Relating to Uncertain Tax Positions

• Consider whether events after the reporting period relating to uncertain tax positions should be considered adjusting or non-adjusting events.

Application Issues

• Consider whether certain application issues regarding IFRS 11 Joint Arrangements are significant in practice in Canada with respect to:
  • classification of a joint arrangement as a joint venture or a joint operation; and
  • accounting for joint operations.

Classification of Interest in the Statement of Cash Flows

• Consider how interest should be classified in the statement of cash flows when it is presented after operating income in the statement of profit or loss or statement of comprehensive income.

Fair Value Measurement Unit of Account

• Consider how to determine the unit of account when measuring the fair value of an associate, joint venture or subsidiary when the investment’s shares are quoted in an active market.

Flow-through Shares from the Holder’s Perspective

• Consider whether the holder of flow-through shares should separate the investment into its component parts, and how the holder should measure the investment on initial recognition and upon renunciation.

Impairment and Reversal Indicators for Commodity-based Companies

• Consider what facts and circumstances are relevant when deciding whether a change in commodity prices should constitute an impairment indicator or reversal indicator.

Measurement of a Unit Comprised of Common Shares and Warrants

• Consider the initial and subsequent measurement requirements of IAS 39 Financial Instruments: Recognition and Measurement in situations where the fair value of a financial instrument at initial recognition is different to the transaction price.

Opening Remarks and Updates

• Uncertain Tax Positions Acquired in a Business Combination.

Restricted Share Consideration in a Business Combination

• Consider whether the purchase price allocation should use the discounted share value factoring in the restriction, or the gross value excluding the restriction.

Reversal of Impairment: assets are added to the CGU

• Consider whether a reversal of impairment must be specific to the original event that gave rise to the impairment, when the composition of the cash-generating unit changes.

Reversal of Impairment: CGU remains unchanged

• Consider whether a reversal of impairment must be specific to the original event that gave rise to the impairment, when the composition of the cash-generating unit does not change.

Accounting for the Effect of Rising Interest Rates

• Consider which standards, including IAS 36 Impairment, might require consideration of the effect of rising interest rates.

Adoption of IFRSs by Investment Funds

• Consider some of the transition concerns of investment entities that will be applying IFRSs for the first time.

Changes to a Plan of Sale

• Consider the implications of the amendment made to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations as a result of issuing IFRS 11 Joint Arrangements.

Early Adoption of IFRSs with Prospective Application

• Consider issues relating to early adoption of the recently issued hedge accounting requirements.

Impairment Testing of Exploration and Evaluation Assets

• Consider the effect of a prolonged decline in market capitalization and other related issues when assessing impairment of exploration and evaluation assets that are within the scope of IFRS 6 Exploration for and Evaluation of Mineral Resources.

Levies

• Consider the types of levies in Canada that may be in the scope of this Interpretation.

Opening Remarks and Updates

• IFRS 13: Restricted Share Consideration in a Business Combination.

Closing Remarks

Opening Remarks and Updates

Other Types of Levies to Consider

• Consider other types of levies in Canada that may be in the scope of this Interpretation

Property Taxes in Canada

• Consider the potential implications of applying this Interpretation, updating the discussion in the December 2, 2013 meeting.

Accounting for Changes in Classification between Joint Ventures and Joint Arrangements

• Consider how to account for joint arrangements originally classified as joint ventures, or vice versa.

Asset Retirement Obligations Assumed in a Business Combination or Asset Purchase

• Consider differing IFRS requirements as regards the treatment of an entity’s own credit risk and “day 1” implications for the measurement of liabilities assumed in a business combination or asset purchase.

Closing Remarks

Financial Liabilities Measured at Fair Value through Profit or Loss

• Consider how to account for the interest component of debt that is used to finance a qualifying asset and is measured at fair value through profit or loss.

Impairment

• Consider the application of IAS 23 after an impairment.

Non-GAAP and Additional GAAP Measures

• Discuss the practical challenges of existing non-GAAP measurement guidance together with IFRS disclosure requirements.

Opening Remarks and Updates

• IFRIC 21: Levies – Property Taxes in Canada
• IFRS 11: Application Issues
• Adoption of IFRSs by Investment Funds

Opening Statement of Financial Position

• Consider the audit implications of the requirement in IAS 1 for an opening statement of financial position upon a retrospective change in accounting policy.

Shared-Risk Pension Plans

• Consider accounting issues raised by shared-risk plan models in place in some provinces.

Application Issues and Process of the IFRS Interpretations Committee

• Consider the recent IFRS Interpretations Committee discussions relating to IFRS 11 Joint Arrangements and the features of the Committee’s process.

Carve-out Financial Statements

• Consider the application of IFRS 1 First-time Adoption of International Financial Reporting Standards to carve-out financial statements.

Closing Remarks

Contingent Consideration in an Asset Purchase

• Consider the accounting for contingent consideration payable in an asset purchase where the assets do not constitute a business under IFRS 3 Business Combinations.

Contingent Consideration in an Asset Sale

• Consider the accounting for contingent consideration receivable in an asset sale where the assets do not constitute a business under IFRS 3 Business Combinations.

Disclosure of Contractual Commitments

• Consider the disclosure requirements for contractual commitments and the role of management intent or ability to avoid the commitment.

Dividend Reinvestment Plans

• Consider the accounting for the liability associated with a dividend reinvestment plan.

Escrow Share Arrangements

• Consider the application of IAS 33 Earnings per Share to escrow shares issued under the Capital Pool Company Program of the TSX Venture Exchange.

Flow-through Shares with Attached Share Purchase Warrants

• Consider the measurement of the various components of a flow-through share with an attached share purchase warrant classified as equity.

Foreign Exchange Gains and Losses on Defined Benefit Pension Plan Obligations

• Consider the accounting for foreign exchange gains and losses on defined benefit pension plan obligations.

Opening Remarks and Updates

• IFRIC 21: Levies
• IFRS 9: Financial Instruments
• IFRS 15: Revenue from Contracts with Customers
• IAS 16: Accounting for Proceeds and Costs of Testing on Property, Plant and Equipment

Refundable Tax Accounts in Retirement Compensation Arrangements

• Consider the accounting for refundable tax accounts that are part of a retirement compensation arrangement.

Acquisition of an Entity Holding a Single Asset

• Consider the accounting for the acquisition of an entity that holds a single asset but does not constitute a business under IFRS 3 Business Combinations.

Allocating Corporate Costs to a Cash-generating Unit

• Consider how to assess the types of corporate costs to be allocated to a cash-generating unit when measuring its value in use under IAS 36 Impairment of Assets.

Capitalization of Costs

• Discuss when an asset is considered to be operating in the manner intended by management in order to determine when capitalization of costs should cease.

Classification of Debt with Embedded Equity-linked Derivatives

• Consider the classification of debt with embedded equity-linked derivatives that does not meet the “fixed for fixed” condition under IAS 32 Financial Instruments: Presentation.

Closing Remarks

Depreciation of Spare Parts, Stand-by Equipment and Servicing Equipment

• Discuss how to depreciate spare parts, stand-by equipment and servicing equipment.

Fair Value Measurement of Government Loans

• Consider the initial recognition of government loans obtained through the Centralized Borrowing Program for Crown corporations.

Impairment Measurement

• Consider the implications on impairment measurement when a cash-generating unit is likely to be sold, but has yet to meet the held for sale criteria under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.

Measuring Recoverable Amount and Allocating Impairment Loss

• Consider how to determine the recoverable amount of a cash-generating unit that includes an asset for which the fair value less costs of disposal is determinable on a standalone basis.
• Discuss the view on allocating impairment loss to a cash-generating unit.

Non-Authoritative Guidance

• Discuss how to consider non-authoritative guidance.

Opening Remarks and Updates

• IFRS 11: Joint Arrangements
• Rate-regulated Activities
• IFRS 15: Revenue from Contracts with Customers
• IAS 19: Longevity Swaps, Annuity Buy-in and Buy-out and Discount Rate
• IAS 16: Accounting for Proceeds and Costs of Testing on Property, Plant and Equipment

Revenue-Based Amortization

• Discuss the impact on various industries of recent amendments clarifying that revenue-based amortization is not an appropriate depreciation method.

Subsequent Measurement of Fair Value

• Consider the subsequent measurement of fair value using valuation techniques with unobservable inputs under IFRS 13 Fair Value Measurement.

Classification of Cash and Cash Equivalents

• Consider the classification of cash and cash equivalents under IAS 39 Financial Instruments: Recognition and Measurement.

Classification of Exchanged Shares

• Consider the classification of publicly traded shares acquired through the exchange of an entity’s own equity shares and intended to be sold to raise capital.

Closing Remarks

Definition of a Publicly Accountable Enterprise

• Refresher on the factors to consider when assessing whether an entity is a publicly accountable enterprise.

Disclosure Initiative Amendments

• Consider recent amendments to IAS 1 Presentation of Financial Statements relating to the application of materiality and the disclosure of accounting policies.

Discount Rates

• For a defined benefit plan, discuss potential alternative approaches to using a single weighted average discount rate to calculate the defined benefit obligation.

Hedge Accounting

• Consider whether the American natural gas price that is traded on the New York Mercantile Exchange is a component of the Alberta natural gas price.

Opening Remarks and Updates

• IAS 16: Capitalization of Costs
• IFRS 15: Revenue from Contracts with Customers
• IAS 16: Accounting for Proceeds and Costs of Testing on Property, Plant and Equipment

Recoverable Amount

• Consider whether differences between the discount rate used to measure a liability that is included in the carrying amount of a cash-generating unit, and the discount rate used to measure the recoverable amount of that cash-generating unit, should be addressed.

Transition

• Consider the implications of adopting IFRS 15 Revenue from Contracts with Customers.

Transition

• Consider the implications of adopting IFRS 9 Financial Instruments as issued by the IASB in 2014.

Annuity Buy-ins

• Consider the accounting for annuity buy-ins used to de-risk a defined benefit plan.

Closing Remarks

Cloud Computing Arrangements

• Consider the accounting for fees paid in a cloud computing arrangement.

Determining Functional Currency

• Discuss the factors to consider when determining an entity’s functional currency and whether certain indicators are viewed as primary or secondary.

Disclosure of Interest in the Statement of Cash Flows

• Consider whether cash flows from interest received and paid should be presented in the statement of cash flows or in the notes to the financial statements

Effective Interest Rate

• Consider how the effective interest rate method is applied to credit impaired assets other than purchased or originated credit impaired financial assets.

Income Tax Expense for Interim Periods

• Discuss the effective rate approach in calculating income tax expense for interim periods.

Opening Remarks and Updates

• IFRS 3: Business Combinations
• IFRS 15: Revenue from Contracts with Customers
• Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)
• IASB Agenda Consultation

Translation of a Monetary Asset in an Economy with Multiple Exchange Rates

• Consider which exchange rate to use to translate a receivable from an entity operating in an economy with multiple exchange rates and any related collectability implications.

Translation of an Equity Investment and Impairment Considerations

• Consider the translation of an investment in an associate operating in an economy with currency exchange controls and any related impairment implications.

Uncertain Tax Positions Acquired in a Business Combination

• Consider recent developments relating to a previous discussion of whether uncertain tax positions are within the scope of IFRS 3 Business Combinations.

Update on Previous Items Discussed by the Group

• IAS 23: Impairment
• IAS 33: Escrow Share Arrangements
• IFRS 3, IAS 16 and IAS 37: Contingent Consideration in an Asset Purchase
• IFRS 3: Various Issues
• IAS 1: Classification of Long-term Debt to Be Repaid from an Offering

A Reverse Takeover Involving Joint Control

• Consider the accounting for a reverse takeover when an interest in a joint operation is acquired.

Bill-and-hold Arrangements

• Consider the application guidance for bill-and-hold arrangements under IFRS 15 Revenue from Contracts with Customers, and discuss whether there are any differences compared to the requirements under IAS 18 Revenue.

Change in Discount Rate Approach

• Discuss whether a change in the discount rate approach for calculating a defined benefit obligation would be accounted for as a change in accounting policy or change in estimate.

Changes to Convertible Debt

• Consider the approach to use for determining whether changes to a convertible debt should be accounted for as a modification or extinguishment, and the allocation method for the debt and equity components.

Closing Remarks

Disclosing Significant Accounting Policies

• Consider the requirements in IAS 1 Presentation of Financial Statements specifically in relation to the disclosure of significant accounting policies.

Impaired Assets on Transition

• Discuss the accounting for impaired assets when adopting IFRS 9 Financial Instruments as issued by the IASB in July 2014.

Opening Remarks and Updates

• IAS 23: Financial Liabilities Measured at Fair Value through Profit or Loss
• IAS 21: Determining Functional Currency
• Draft IFRIC Interpretations
• IAS 16 and IAS 38: Variable Payments for Asset Purchases
• IAS 36: Recoverable Amount and Carrying Amount of a Cash-generating Unit

Recent Regulatory Publications on Financial Reporting Matters

• Consider IFRS topics identified in CSA Staff Notice 51-344, “Continuous Disclosure Review Activities for the Fiscal Year Ended March 31, 2015.”

Closing Remarks

Contingent Consideration in an Asset Purchase

• Consider recent developments relating to a previous discussion regarding the accounting for contingent consideration payable when the assets acquired do not constitute a business.

Definition of an Active Market

• Discuss the factors to consider in assessing whether certain investments are traded in an active market and the related fair value hierarchy implications.

Disclosures about an Assessment of Going Concern

• Discuss whether the disclosures of judgments required by paragraph 122 of IAS 1 Presentation of Financial Statements would apply to the judgments made in concluding that there are no material uncertainties related to events or conditions that may cast significant doubt upon the entity’s ability to continue as a going concern, as suggested in the July 2014 IFRIC agenda decision.

Dividend Equivalent Shares

• Consider the accounting for compounded dividend equivalent shares received on a share-based payment.

Inflation Rate

• Consider what inflation rate benchmark should be used in calculating a defined benefit obligation.

Opening Remarks and Updates

• IAS 32 and 39: Changes to Convertible Debt
• IAS 21: Determining Functional Currency
• IAS 10: Subsequent Events Relating to Uncertain Tax Positions
• IAS 16: Capitalization of Cost
• IFRS 15: Revenue from Contracts with Customers
• IFRS 10 and IFRS 11: Accounting for Loss of Control Transactions
• IFRS 3 and IFRS 11: Remeasurement of Previously Held Interests – Obtaining Control or Joint Control in a Joint Operation that Constitutes a Business
• IFRS 9 and IAS 28: Measurement of Long-term Interests
• IAS 36: Recoverable Amount and Carrying Amount of a Cash-generating Unit

Vested Share Options

• Consider the accounting for vested share options outstanding in the accounting acquiree in a reverse takeover transaction.

Abandonment or Sale of a Mineral Property

• Discuss whether the abandonment or sale of a mineral property should be presented as a discontinued operation, and consider the accounting treatment of the related disposal costs.

Closing Remarks

“Fixed-for-fixed” Condition

• Consider the application of the fixed-for-fixed condition in paragraph 22 of IAS 32 Financial Instruments: Presentation to various scenarios.

Guidance from the Transition Resource Group

• Consider whether views expressed by the IASB/FASB Joint Transition Resource Group for Revenue Recognition are expected to be applied by an entity.

Interests of “Other Parties” to a Joint Operation

• Consider the accounting for interests of other parties to a joint operation that is a separate entity and is classified as a joint operation through the “other facts and circumstances” test.

Opening Remarks and Updates

• IAS 16: Capitalization of Costs
• IAS 1: Disclosures about an Assessment of Going Concern
• IFRS 3 and IFRS 11: Definition of a Business and Accounting for Previously Held Interests
• IAS 16: Accounting for Proceeds and Costs of Testing on Property, Plant and Equipment
• IFRS 9 and IAS 28: Measurement of Long-term Interests
• IAS 12: Expected Manner of Recovery of Indefinite Life Intangible Assets when Measuring Deferred Tax

Technical Feasibility and Commercial Viability

• Discuss what is necessary to demonstrate technical feasibility and commercial viability under IFRS 6 Exploration for and Evaluation of Mineral Resources, and consider the accounting for expenditures related to the development of mineral resources.

Transaction Price Allocation

• Discuss how the transaction price should be allocated when a group of assets that do not constitute a business include both financial and non-financial items.

Use of Non-GAAP Financial Measures

• Discuss how the use of non-GAAP financial measures should be considered in relation to the requirements in IAS 1 Presentation of Financial Statements to disclose information that is necessary for an understanding of the financial statements.

Capitalization of Costs

• Consider the IASB’s recent tentative decision to amend IAS 16 Property, Plant and Equipment and discuss how to best move forward with raising the issue of when an asset is capable of operating in the manner intended by management.

Change in Tax Rate for Indefinite Life Intangible Assets

• Discuss whether a change in tax rate for measuring deferred tax related to indefinite life intangible assets would be accounted for as a change in accounting policy or a change in estimate.

Closing Remarks

Non-viability Contingent Conversion Feature

• Consider a financial instrument with a non-viability contingent conversion feature and whether the holder is allowed to make an irrevocable election to present fair value changes in other comprehensive income.

Opening Remarks and Updates

• IFRS 6: Technical Feasibility and Commercial Viability
• IFRS 3 and IAS 39: Transaction Price Allocation
• IFRS 5 and IFRS 9: Application of IFRS 9 to Transactions of a Subsidiary when the Subsidiary is Held for Sale
• IASB Agenda Consultation
• Pension and Post-employment Benefit Plans
• IFRS 15: Guidance on Transition Resource Group

Settlement of a Shareholder Loan

• Consider whether the gain or loss from the settlement of a shareholder loan should be recognized in profit or loss or treated as a capital transaction and recognized in equity.

Source of Exchange Rates

• Consider the effects of the upcoming changes to published Bank of Canada foreign exchange rates and discuss alternative sources that entities could use.

Transition

• Consider the implications of adopting IFRS 16 Leases, including the practical expedients available.

Update on Implementation Support

• Consider the resources available to assist with implementing recently issued IFRS standards.

Cap and Trade Program

• Consider how the cap and trade program works in Ontario and the potential accounting implications.

Closing Remarks

Easements

• Discuss whether easements are within the scope of IFRS 16 Leases.

Goodwill Impairment Test

• Discuss the application of paragraph 99 of IAS 36 Impairment of Assets and consider when, and for how long, an entity could use the preceding period’s assessment of goodwill impairment.

Interest and Penalties Related to Income Taxes

• Consider the key points of the IFRS Interpretations Committee’s discussion on the accounting for interest and penalties related to income taxes and the implications, if any, on current practice.

Matters for Non-Financial Entities

• Discuss matters that non-financial entities should think about when implementing IFRS 9 Financial Instruments(for example, considerations when applying the solely payments of principal and interest test and the simplified approach for impairment).

Modifications or Exchanges of Financial Liabilities that do not Result in Derecognition

• Consider the effect on transition to IFRS 9 Financial Instruments as a result of the IFRS Interpretations Committee’s discussion on modifications or exchanges of financial liabilities that do not result in derecognition.

Opening Remarks and Updates

• IFRS 3 and IAS 39: Transaction Price Allocation
• IAS 21: Source of Exchange Rates
• Disclosure Initiative – Principles of Disclosure
• Improvements to IFRS 8 Operating Segments (Proposed amendments to IFRS 8 and IAS 34)
• Post-implementation Review – IFRS 13 Fair Value Measurement
• IFRS 9: Implementation Matters

Purchase Returns

• Discuss how purchase returns are considered under IFRS 15 Revenue from Contracts with Customers.

Seller’s Right to Variable Consideration in an Asset Sale

• Consider the accounting for variable consideration receivable in an asset sale under IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers, and IAS 16 Property, Plant and Equipment.

Variable Lease Payments

• Consider the interplay between IFRS 16 Leases and IAS 34 Interim Financial Reporting when accounting for variable lease payments in interim financial statements.

Change in Tax Rate for Indefinite Life Intangible Assets

• Consider the Group’s November 2016 discussion on this topic and discuss whether the accounting would be different if an entity had previously applied IFRS 1 First-time Adoption of International Financial Reporting Standards.

Classification of Financial Assets

• Discuss aspects of the application of IFRS 9 Financial Instruments to financial assets with varying features in different scenarios (for example, payments with priority and retraction features).

Closing Remarks

Disclosing the Effects of Adopting New Standards

• For 2018 interim reporting periods, discuss what entities should consider disclosing regarding the effects of adopting IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers on or after January 1, 2018.

Easement Granted by Regulatory Authority

• Consider the accounting for a right granted by a regulatory authority to construct above or below privately-owned land.

Lease Term

• Consider what constitutes reasonably certain when determining a lease term and discuss when a significant event or significant change in circumstance has occurred that would result in a reassessment of a lease option.

Opening Remarks and Updates

• IFRS 9: Modifications or Exchanges of Financial Liabilities that do not Result in Derecognition
• IAS 12: Interest and Penalties Related to Income Taxes
• IFRS 5: Abandonment or Sale of a Mineral Property
• IFRS 3 and IAS 39: Transaction Price Allocation
• IFRS 16 and IAS 34: Variable Lease Payments
• Reminders on IASB^® Documents for Comment and IFRS 9 Amendments
• Non-authoritative Material – IFRS 9, IFRS 15 and IFRS 16
• Pension and Post-employment Benefit Plans

Own Use Contracts

• Discuss the application of the scope exception in IFRS 9 Financial Instruments relating to contracts that are entered into for an entity’s own use.

Significant Financing Component

• Consider the accounting for a significant financing component in a revenue contract when there is a change in the timing of transferring the promised goods or services to the customer.

Changes in Transaction Price

• Discuss the application of paragraph 88 of IFRS 15 Revenue from Contracts with Customers on how to allocate changes in transaction price attributable to variable consideration.

Closing Remarks

Cloud Computing Arrangements

• Discuss factors to consider in determining whether cloud computing arrangements are within the scope of IFRS 16 Leases, IAS 38 Intangible Assets or another IFRS Standard.

Cryptocurrencies

• Consider how cryptocurrencies work and the related accounting implications.

Fixed Payments and Variable Lease Payments

• Discuss how to distinguish between in-substance fixed payments, variable lease payments linked to an index or a rate, and variable lease payments linked to future performance, and consider the accounting implications of each.

Future Lease Payments

• Consider whether factors outside of management’s control could affect whether an entity is reasonably certain to exercise a lease renewal option. Also, discuss how to measure the lease liability if future lease payments upon renewal are not known until a later date.

Lease Incentive

• Consider the interplay between paragraph 24(b) of IFRS 16 Leases and Illustrative Example 13.

Lessee’s Discount Rate

• Consider how to determine a lessee’s incremental borrowing rate at the date of initial application, and in situations when the implicit interest rate is not known. Also, discuss the discount rate a lessee should use when it exercises a renewal option not previously included in the determination of the lease term.

Modifications or Exchanges of Financial Liabilities that do not Result in Derecognition

• Further to the Group’s May 2017 discussion, consider when the non-authoritative guidance in paragraphs BC4.252 to BC4.253 in the Basis for Conclusions on IFRS 9 Financial Instruments should be applied, and how they relate to debt arrangements that have a variable element to the interest rate.

Opening Remarks and Updates

• IAS 16: Capitalization of Costs
• IFRS 3 and IAS 39: Transaction Price Allocation
• IASB’s Accounting Standards Advisory Forum
• Issues Submission
• U.S. Tax Reform

Scope Interactions

• Consider various scenarios that highlight how an entity determines whether a transaction is within the scope of IFRS 9 Financial Instruments or IFRS 15 Revenue from Contracts with Customers.

Cannabis Accounting – Costs Incurred Related to Biological Transformation

• Discuss the accounting for costs incurred related to the biological transformation of biological assets (for example, growing cannabis) that are measured using a fair value model.

Cannabis Accounting – Presentation

• Consider the presentation of the following items in the Statement of Comprehensive Income:
  • For biological assets, discuss the presentation of gains and losses arising from changes in fair value less costs to sell.
  • For agricultural produce, discuss the presentation of amounts realized upon the sale of the item of inventory.

Cannabis Accounting – Recognition and Determining Fair Value

• Consider whether uncertainty and restrictions in the legal environment that affect future sales of an agricultural produce (for example, legalization of cannabis in Canada) affects the ability for the agricultural produce to meet the definition of an asset. Also, discuss possible methods to determine a reliable fair value for an agricultural produce that does not have a commodity market.

Capitalization of Financing Costs

• Consider the effect of the amendments to IAS 23 Borrowing Costs on the calculation of the capitalization rate on general borrowings, and the related implications for the exemption elections in IFRS 1 First-time Adoption of International Financial Reporting Standards.

Closing Remarks

Cryptocurrencies – Mining Activities

• Discuss the accounting for transaction fees and the reward of newly created cryptocurrencies earned from cryptocurrency mining activities. Also, discuss the factors to consider in assessing whether there is an active market for a particular cryptocurrency.

Lifetime Expected Credit Losses for Trade Receivables

• Discuss how to measure the lifetime expected credit losses for trade receivables, including considering what are appropriate forward-looking factors.

Modifications or Exchanges of Fixed-rate and Floating-rate Financial Instruments

• Discuss the accounting for the renegotiation of fixed-rate and floating-rate debt with prepayment features, and fees and costs incurred related to the modification.

Opening Remarks and Updates

• Cryptocurrencies
• IFRS 16 and IAS 38: Cloud Computing Arrangements
• IFRS 16: Lease Incentive
• IFRS 16 and IAS 34: Variable Lease Payments
• Effective Dates for New Standards
• IFRS 17: Insurance Contracts

Sale of Non-financial Assets Involving Royalty Interest

• Consider the scope and accounting for the sale of non-financial assets that involves the granting of a royalty interest.

Accounting for Asset Retirement Obligations

• Discuss how a lessee should recognize the costs associated with an obligation imposed by the lease to:
  • remove leasehold improvements;
  • remove immovable equipment installed by the lessee; and/or
  • restore the leased premises to their original condition at the end of the lease term.
  Specifically, consider whether such costs should be recognized (1) as part of the cost of the right-of-use asset or (2) as part of the cost of the item of property, plant and equipment owned by the lessee. Also, consider the related transition implications.

Assessing for Joint Control

• Consider a scenario involving an entity that has multiple shareholders with differing percentages of voting rights and discuss whether the arrangement is within the scope of IFRS 11 Joint Arrangements or IAS 28 Investments in Associates and Joint Ventures.

Closing Remarks

Cryptocurrencies – Employee Benefits

• Discuss the accounting for employee benefits provided in the form of cryptocurrencies. Also, discuss the factors to consider in assessing whether there is an active market for a particular cryptocurrency.

Guidance on “Low Value” Leases

• Consider the guidance in paragraphs B3-B8 of IFRS 16 Leases and discuss possible methods for identifying leases for which the underlying asset is of low value.

Identifying Separate Lease Components

• Consider from a lessee’s perspective lease contracts that contain the right to use both land and building and discuss whether the assets under each scenario should be accounted for as a separate lease component. Also, consider the related transition implications.

Identifying the Customer in a Lease Contract for the Use of Assets by a Joint Arrangement

• Consider various scenarios involving a lease contract for the use of assets by a joint arrangement, and discuss whether the joint arrangement or another party is the customer.

Lessee’s Discount Rate

• Further to the Group’s January 2018 discussion, consider transition implications for determining the discount rate to measure the right-of-use asset when the retrospective method is selected. Also, consider additional lease scenarios and discuss how to determine the type of discount rate that should be used.

Modifications to Performance Conditions

• Consider the accounting for modifications to a performance condition in a share-based payment arrangement as a result of a change in accounting policy.

Opening Remarks and Updates

• IAS 2 and IAS 41: Cannabis Accounting – Costs Incurred Related to Biological Transformation and Presentation
• IFRS 16 and IAS 38: Cloud Computing Arrangements
• Cryptocurrencies
• IASB Discussion Paper: Financial Instruments with Characteristics of Equity
• Liabilities in Relation to a Joint Operator’s Interest in a Joint Operation
• IBOR Reform

Classification of Related Party Loans

• Consider various related party loan arrangements and discuss whether they would meet the solely payments of principal and interest test in IFRS 9 Financial Instruments.

Credit Enhancement on Trade Receivables

• Consider whether a blanket group insurance policy on an entity’s total trade receivables is considered integral to the contractual terms of each individual trade receivable, and the related accounting implications.

Cryptocurrencies – Other Considerations

• Consider the following scenarios:
  • Discuss whether an entity that receives cryptocurrencies from the sale of goods or services, and then subsequently monetizes the cryptocurrencies, is within the scope of IAS 2 Inventories or IAS 38 Intangible Assets.
  • Consider how a commodity-broker trader that measures cryptocurrencies at fair value less costs to sell should present the sale of its cryptocurrencies in the Statement of Comprehensive Income.

Definition of a Business

• Consider whether the amendments to IFRS 3 Business Combinations, can be early adopted by entities for annual reporting periods beginning on or after January 1, 2018.

Disclosing the Effects of Adopting the Leases Standard

• For the 2019 interim reporting periods, discuss what entities should consider disclosing regarding the effects of adopting IFRS 16 Leases.

Opening Remarks and Updates

• IFRS 16 and IAS 38: Cloud Computing Arrangements
• IAS 2 and IAS 41: Cannabis Accounting – Costs Incurred Related to Biological Transformation and Presentation
• IFRS 16 and IAS 16: Accounting for Asset Retirement Obligations
• Sale of Output by a Joint Operator
• IBOR Reform

Scope Exemption for Non-regenerative Resources

• Consider various land lease scenarios with a private owner in which an entity has a right from the government to explore for minerals below the surface. Discuss whether these land leases would be within the scope exemption in paragraph 3(a) of IFRS 16 Leases.

Spin-off Transaction

• Consider the accounting for a spin-off transaction. The transaction involves shareholders of a parent entity receiving shares of a newly created entity that holds an asset transferred from the parent entity.

Client Money

• Consider the accounting for money held by an entity on behalf of its clients (referred to as client money), and the related disclosures.

Determining Lease Payments

• Consider a lease with a co-tenancy clause that allows a tenant to reduce its rent if a key tenant leaves the retail space. Discuss the effect of this clause on determining lease payments under IFRS 16 Leases from both a lessee and lessor’s perspective.

Fair Value Option

• Discuss the factors to consider in assessing against the criteria for designating an investment entity’s financial liability at fair value through profit and loss. Also, consider the presentation implications of the change in the financial liability’s fair value that is attributable to changes in that liability’s credit risk.

Opening Remarks and Updates

• IFRS 16 and IAS 38: Cloud Computing Arrangements
• Cryptocurrencies
• Cryptocurrencies – Other Considerations
• IAS 41: Cannabis Accounting – Costs Incurred Related to Biological Transformation
• IAS 16: Capitalization of Costs
• Lessee’s Incremental Borrowing Rate
• Reminders on IASB® Documents for Comments
• Proposed Amendments to IFRS 17 Insurance Contracts

Realization of Variable Consideration 

• Consider whether variable consideration that is known after the reporting period is considered an adjusting event under IAS 10 Events after the Reporting Period.

Right to Control Assessment

• Consider a lease contract with a right of first refusal clause that gives the customer an option to lease the remaining capacity of the asset. Discuss the effect of this clause on determining whether the customer has the right to control the use of the asset.

Statute Barred Payables

• Discuss the application of derecognition principles in IFRS 9 Financial Instruments related to statute barred payables.

Timing of Applying Agenda Decisions

• Consider the meaning of “sufficient time” in applying an agenda decision published by the IFRS Interpretations Committee.

Uncertain Tax Positions Acquired in a Business Combination

• Further to the Group’s April 2012 and September 2015 discussions, consider the potential effects of IFRIC 23 Uncertainty Over Income Tax Treatments on the accounting for uncertain tax positions, including any transition implications.

Closing Remarks

Allocating Transaction Price to Multiple Elements of a Transaction Involving Warrants

• Consider various scenarios where an entity issues a unit comprising either a share or debt and a warrant. Discuss methods the entity can use to allocate transaction price to the multiple elements of the transaction.

Sale-leaseback Transaction with Variable Payments

• Consider a sale-leaseback transaction with variable payments. Discuss approaches to calculating the proportion of the asset retained and the recognition and measurement of the right-of-use asset, lease liability, and the deferral of the gain.

Variable Lease Payments and Onerous Lease Provisions

• Consider a lease contract where a lessee elected not to separate lease and non-lease components. Discuss whether the lessee should assess the lease contract for onerous lease provisions under IAS 37.

Cash Flow Presentation of Sale-leaseback Transactions

• Discuss the presentation of sales proceeds received by the seller-lessee on its statement of cash flows for a sale-leaseback transaction. Consider whether the entire sales proceeds should be presented as cash flows from investing activities or a portion of the proceeds should be presented as cash flows from financing activities.

Timing of Right of Use Asset Depreciation and IAS 23 Capitalization

• Consider a land lease with the sole purpose of constructing a manufacturing facility. Discuss the timing of Right of Use (ROU) asset depreciation. Also, assuming the manufacturing facility is a “qualifying asset” under IAS 23, discuss whether the depreciation cost associated with the land lease can be capitalized to the manufacturing facility during the construction period.

Share-based Payments for an Asset Acquisition

• Consider a scenario where a company issues multiple financial instruments in exchange for assets of another company that do not comprise a business. Discuss whether any of the financial instruments issued are in scope of IFRS 2. Also consider whether a contingent payment should be considered as part of the cost of the assets acquired.

Application Issues from an Asset Acquisition

• Discuss the application issues that arise when the acquisition of (net) assets is determined to be an asset acquisition (e.g., determining the cost of the acquired assets, and the allocation thereof).

IBOR Reform and Impacts on Financial Reporting

• Consider current developments in the IBOR Reform. Discuss potential Phase 2 financial reporting issues from the IBOR Reform, such as debt modification and extinguishment of an instrument, from the perspective of a corporate borrower.

Opening Remarks and Updates

• IAS 41: Cannabis Accounting – Costs Incurred Related to Biological Transformation and Presentation
• IFRS 16: Right to Control Assessment
• IFRS 3, IAS 12, IFRIC 23: Uncertain Tax Position Acquired in a Business Combination
• Reminders on IASB® Documents for Comments

Closing Remarks

International Accounting Standards Board’s 2020 Agenda Consultatio

• Provide initial feedback on the topics to be included in the IASB’s 2020 Agenda Consultation.

Long-term Bonus Plans Contingent on Future Events or Performance

• Discuss how to incorporate contingencies for uncertain future events into the recognition and measurement of long-term bonus plans.

Classification of Limited Partnership Units

• Consider a partnership structure where the unit distribution to the General Partner is greater than its ownership interests. Discuss whether a portion of the unit distribution is in-substance fees for services warranting a separate unit of account.

Climate Change and Asset Impairment

• Discuss accounting implications arising from climate change such as its effects on the recoverable amount calculation used in the asset impairment assessment under IAS 36 Impairment of Assets.

Deferred Taxes on Goodwill in a Business Combination

• Consider a scenario where an entity with tax-deductible goodwill is acquired by another entity in a business combination. The resulting goodwill from the business combination is itself not tax deductible but the tax basis of the pre-existing goodwill survives. Discuss the accounting for the deferred tax on the goodwill in this business combination.

Pension Remeasurement for Significant Market Fluctuations during an Interim Period

• Consider a scenario where significant market fluctuations occurred during an entity’s interim reporting period. Discuss whether the entity is required to:
  • remeasure the net defined benefit liability (asset); and
  • update underlying assumptions to calculate current service cost and net interest to reflect current market conditions.

Impacts of IFRS 16 on Inventory Costing, Revenue Recognition, and Biological Assets

• Discuss the impacts of IFRS 16 Leases on inventory costing under IAS 2 Inventories, the measurement of the stage of progress using an input method for over-time revenue recognition under IFRS 15 Revenue from Contracts with Customers, and the cost capitalized in the transformation of biological assets.

Application of Definition of Lease to a Surface Right

• Consider an arrangement between a landowner and a customer that allows the customer to place a specified number of wind turbines and associated infrastructure on a plot of land. Discuss whether this contract contains a lease under IFRS 16 Leases.

Lease Term and Useful Life of Leasehold Improvements

• Consider the IFRS Interpretations Committee’s tentative agenda decision on “Lease Term and Useful Life of Leasehold Improvements.” Discuss the application of this tentative agenda decision for month-to-month leases.

Opening Remarks and Updates

• IFRS 16: Right to Control Assessment
• IFRS 3, IAS 12, IFRIC 23: Uncertain Tax Position Acquired in a Business Combination
• IFRS 16: Sales-leaseback Transaction with Variable Payments
• IFRS 16 and IAS 37: Variable Lease Payments and Onerous Lease Provisions
• Reminders on IASB® Documents for Comments
• Classification of Liabilities as Current or Non-current (Amendments to IAS 1)
• Goodwill and Impairment