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IFRS® Accounting Standards

Primary Financial Statements

Summary

The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to develop targeted improvements to the structure and content of the primary financial statements, with a focus on the statement of financial performance. This project is part of the IASB’s plan to promote better communication in financial reporting.

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)

Matthew Bishop, CPA, CA Principal, Accounting Standards Board

Project Status

  • Information gathering

    Completed prior to July 2014

  • Approving project

    The IASB added the project to its research agenda in July 2014

  • Engaging Communities

    The IASB issued its Exposure Draft, General Presentation and Disclosures in December 2019

    The AcSB has issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic

    Virtual roundtable discussions held in April and May 2020

    Stakeholders are encouraged to respond with their comments by September 30, 2020

  • Deliberating feedback

    The IASB and the AcSB are deliberating comments on their Exposure Drafts

  • Final pronouncement

    The IASB issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024

News


May 22, 2024

International Activity, News, Webinar

Joint IASB-CAAA-AcSB virtual workshop for academics: an overview of IFRS 18 Presentation and Disclosure in Financial Statements

On June 17, 2024, the International Accounting Standards Board, the Canadian Academic Accounting Association, and the AcSB will hold a virtual workshop targeted to academics providing an overview of IFRS 18 Presentation and Disclosure in Financial Statements. Register now to learn more!

April 17, 2024

International Activity, News

IASB issues new IFRS® Accounting Standard – IFRS 18 Presentation and Disclosure in Financial Statements

The IASB’s newly issued IFRS Accounting Standard, IFRS 18 Presentation and Disclosure in Financial Statements, aims to improve the usefulness of information presented and disclosed in financial statements. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted.

The AcSB will ballot IFRS 18 and complete its endorsement process in Q2 2024. Find out more. 

October 16, 2020

International Activity

AcSB Response – General Presentation and Disclosures

On September 30, 2020, the AcSB responded to the IASB’s Exposure Draft, issued in December 2019. The IASB’s proposals take significant steps forward toward enhancing the relevance of financial statements. The AcSB’s letter encourages the IASB to consider the balance between users’ needs for better information about financial performance, and the effort and level of professional judgment required of preparers to generate that information.

February 18, 2020

News

IASB Basis for Conclusions and Illustrative Examples – General Presentation and Disclosures

The Basis for Conclusions and Illustrative Examples supporting the IASB’s Exposure Draft, General Presentation and Disclosures is now available in French!  Follow the AcSB’s website for further updates on this project, including ways to have your say.

January 15, 2020

Document for Comment

AcSB Exposure Draft – General Presentation and Disclosures

The AcSB has issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by June 30, 2020.

December 17, 2019

International Activity

IASB Exposure Draft – General Presentation and Disclosure

What do you think about disclosure of certain non-GAAP measures in the financial statements? The IASB has issued an Exposure Draft relating to its Primary Financial Statements project. Have your say by June 30, 2020. The AcSB will issue its corresponding exposure draft in January 2020.

Meeting & event summaries


July 28, 2020

AcSB Decision Summary – July 28, 2020

The AcSB discussed the key issues to be included in its response letter to the IASB’s Exposure Draft, “General Presentation and Disclosures.” As part of the discussion, the Board considered stakeholder feedback obtained through its outreach on this topic.

The AcSB encourages stakeholders to share their views on the Exposure Draft by submitting comment letters to the IASB by September 30, 2020, 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 September 30, 2020, deadline.

March 3, 2020

AcSB Decision Summary – March 3-4, 2020

The AcSB received an education session on the IASB’s Exposure Draft, “General Presentation and Disclosures.” The Board also received an update on research conducted to date and planned outreach with stakeholders.

UPDATE: Given the situation with COVID-19, the AcSB has suspended all in-person roundtables. The Board invites stakeholder to participate in its virtual roundtables in April or May 2020. The Board encourages Canadian stakeholders to participate in these outreach events to inform its response to the IASB, which is due by June 30, 2020.

December 11, 2019

AcSB Decision Summary – December 11, 2019

The AcSB approved a preliminary plan to respond to the IASB’s upcoming exposure draft related to the Primary Financial Statements project. The Board also discussed the communications activities it will undertake related to this project. The IASB expects to issue its exposure draft in December 2019. (The IASB issued its Exposure Draft, “General Presentation and Disclosures,” on December 17, 2019.) The Board plans to undertake outreach on this exposure draft, including virtual and in-person roundtables at locations across Canada, in the first half of 2020.

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.