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IFRS® Accounting Standards

Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12

Summary

The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) post-implementation review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, and IFRS 12 Disclosure of Interests in Other Entities to provide input on these standards’ effects and whether they are working as intended.

In undertaking the review, the IASB: 

  • considers important or contentious issues in the development of the IFRS Standards;
  • considers issues that have come to the IASB’s attention since publication; and 
  • identifies areas in which unexpected costs or implementation problems were encountered. 

The AcSB is participating in the consultations and activities on this project to ensure that Canadian entities’ financial reporting needs are considered by the IASB. The review of IFRS 10, IFRS 11, and IFRS 12 may lead to the IASB making minor amendments to these standards, preparing an agenda proposal for a broader revision of these standards, or perhaps no changes at all.

Staff Contact(s)

Matthew Bishop, CPA, CA Principal, Accounting Standards Board

Sean Wang, CPA, CA, CFA Principal, Accounting Standards Board

Project Status

  • Information gathering

    Completed prior to September 2019

  • Approving project

    Companies were required to begin applying IFRS 10, IFRS 11, and IFRS 12 in annual reporting periods starting on January 1, 2013

    The IASB carries out a post-implementation review of each new IFRS Standard or major amendment

  • Engaging Communities

    The IASB issued a Request for Information, Post Implementation Review — IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities in December 2020

    The AcSB conducted outreach with stakeholders on the IASB’s Request for Information from February 2021-April 2021

    Stakeholders are encouraged to respond with their comments by May 10, 2021

  • Deliberating feedback

    IASB deliberated feedback on its Request for Information

  • Final pronouncement

    IASB published the Feedback Statement in June 2022

News


April 9, 2021

News

Connect with us – Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities

The AcSB wants to hear your feedback on the IASB Request for Information on the Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities. Easily respond to key proposals by completing a quick poll or survey on Connect.FRASCanada.ca. Help the AcSB represent Canadian views in our response to the IASB!

January 5, 2021

International Activity

IASB Request for Information – Post-implementation Review of IFRS 10, IFRS 11, and IFRS 12

On December 9, 2020, the IASB issued a Request for Information as part of the post-implementation review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, and IFRS 12 Disclosure of Interests in Other Entities. Post-implementation reviews are part of the IASB’s due process and help the IASB assess the effects of requirements on users of financial statements, preparers and auditors. Canadian stakeholders are encouraged to submit their comments to the IASB by May 10, 2021. 

Meeting & event summaries


May 5, 2021

AcSB Decision Summary – April 21, 2021

The AcSB discussed its draft response letter to the International Accounting Standards Board’s (IASB’s) Request for Information, “Post-implementation Review: IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, and IFRS 12 Disclosure of Interests in Other Entities,” providing staff with comments to incorporate into its final letter. The AcSB encourages stakeholders to share their views of the Request for Information by submitting their response letters to the IASB (and a copy to the AcSB) by May 10, 2021.

April 16, 2021

AcSB Decision Summary – April 7, 2021

The AcSB began discussing the key issues to include in its response letter to the International Accounting Standards Board’s (IASB) Request for Information, “Post-implementation Review: IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, and IFRS 12 Disclosure of Interests in Other Entities.” The Board considered stakeholder feedback obtained to date through its outreach activities on this topic. The Board will discuss a draft of its response letter at its meeting on April 21, 2021.

The AcSB encourages stakeholders to share their views on the Request for Information by submitting comment letters to the IASB by May 10, 2021, with a copy to the AcSB. If respondents would like the Board to consider their comments when drafting its letter to the IASB, they should submit their response letters to the AcSB before the IASB’s comment deadline.

January 12, 2021

AcSB Decision Summary – January 12, 2021

The Board discussed its Annual Plan, Performance Report, Post Implementation Review (IFRS 10, 11 and 12), and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

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.