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Want to join a network of financial reporting experts and be ahead of the curve on IFRS Accounting Standards hot topics? If so, we need you on the AcSB’s IFRS Accounting Standards Discussion Group! Apply to be a volunteer member by November 3, 2023.

On September 27, 2023, the AcSB responded to the IASB’s Request for Information, “Post-implementation Review of IFRS 9 Financial Instruments—Impairment” issued in May 2023. The AcSB’s letter expressed that overall, the impairment requirements in IFRS 9 are working as intended. However, the AcSB highlighted some application issues that may indicate a need for clarification to the requirements.  Read our letter to find out more! 

The AcSB issued its Exposure Draft which corresponds to the IASB’s Exposure Draft on this topic. If you would like your feedback considered prior to our Board finalizing our comment letter, please respond by November 27, 2023.

The IFRS Accounting Standards Discussion Group wants to hear about the challenges you face when applying IFRS Accounting Standards. Submit your issue by October 20, 2023, for consideration as a discussion topic at our December 12, 2023, meeting.

The AcSB discussed the Post-implementation Reviews of IFRS 9 and 15, Scaling the Standards, Contributions, Insurance Contracts with Cash Surrender Value, Reporting Controlled and Related Entities, Pension Plans, and more. Read the Decision Summary for full details, including how interested and affected parties can provide feedback on our initiatives.

The Group discussed Accounting for the Development of Carbon Credits by a Renewable Energy Generator, Unit of Account for Lease Modification Accounting, Accounting for Equity Instruments in a Shares-for-Debt Transaction, Classification of Liabilities with Covenants when an Entity is Granted a Waiver or Grace Period, and more. Read the meeting report for full details!

The IASB has published an Exposure Draft proposing amendments to IFRS Accounting Standards as part of its annual improvements process. Respond with your feedback by December 11, 2023.

On August 25, 2023, the AcSB responded to the ISSB’s Request for Information, “Consultation on Agenda Priorities.” We strongly encourage the ISSB to focus its time over the next two years on the implementation of its inaugural standards, IFRS S1 and S2. We further emphasize continuing to prioritize work that ensures connectivity between financial and sustainability reporting requirements, and the interoperability of ISSB requirements with other sustainability standards. Read our letter for more on the matters we raised to the ISSB for further consideration.

Read these top 5 frequently asked questions as both a reminder and update in advance of coming decisions related to the IRCSS’ Final Report – decisions that will pave the way forward for standard setting in Canada for years to come.

The IASB issued amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates that require entities to provide more useful information in their financial statements when a currency cannot be exchanged into another currency. The AcSB will ballot the final amendments and complete its endorsement process in Q4 2023.