The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to identify disclosure issues and address them by developing new, or clarifying existing, principles of disclosure in IFRS Standards.
With this project, the IASB aims to:
- help entities apply better judgment and communicate information more effectively;
- improve the effectiveness of disclosures for the primary users of financial statements; and
- provide guidelines for improving disclosure requirements in IFRS 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. In addition, the AcSB Chair is a member of the IASB’s Accounting Standards Advisory Forum and is advising the IASB on this project. 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 IFRSs for publicly accountable enterprises.