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.