Skip to main content

IFRS® Accounting Standards

Disclosure Initiative – Targeted Standards-level Review of Disclosures

Summary

The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) targeted standards-level review of disclosures project.

The objective of this project is to help preparers improve the usefulness of disclosures for the primary users of financial statements. The IASB is:

  • developing guidance for itself to use when developing and drafting disclosure requirements in the future; and
  • testing this draft guidance by applying it to the disclosure requirements in IAS 19 Employee Benefits and IFRS 13 Fair Value Measurement. The aim of the test is to improve the guidance for the IASB and the disclosure requirements in these two standards.

The AcSB’s due process includes:

  • ensuring that Canadian entities’ financial reporting needs are considered by the IASB; and
  • issuing the AcSB’s own exposure draft on each IASB proposal.

Subject to the responses to the AcSB’s Exposure Draft on whether the IASB’s proposals are appropriate for application in Canada, the AcSB expects that the amendments will be incorporated into Canadian GAAP in accordance with the AcSB’s strategy of adopting IFRS Standards for publicly accountable enterprises.

Staff Contact(s)

Jayshal Rajendra Daya, CPA, CA Principal, Accounting Standards Board

Jamie Goodman, CPA, CA Principal, Accounting Standards Board

Project Status

  • Information gathering

    Completed prior to March 2018

  • Approving project

    The IASB added the project to its agenda in March 2018

  • Engaging Communities

    IASB Exposure Draft issued in March 2021

    AcSB Exposure Draft, which corresponds to the IASB Exposure Draft, issued in May 2021

    The AcSB held outreach events throughout June and July 2021

  • Deliberating feedback

    The AcSB submitted its response letter to the IASB in January 2022

    The IASB deliberated comments on their Discussion Paper between February 2022 – October 2022

    At its meeting in October 2022, the IASB decided to use a ‘middle-ground’ approach to drafting disclosure requirements

    The IASB also decided not to proceed with any further work on the disclosure requirements in IFRS 13 Fair Value Measurement and IAS 19 Employee Benefits

  • Final pronouncement

    The IASB published a Project Summary in March 2023

Read the IASB’s Project Report

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal voting process.