News Listings

AcSB Exposure Draft – Classification of Liabilities as Current or Non-Current – Deferral of Effective Date (Proposed Amendment to IAS 1)

The AcSB has issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. In response to COVID-19, the exposure draft proposes to defer the effective date of the amendments to annual reporting periods beginning on or after January 1, 2023. Stakeholders are encouraged to submit their comments by June 3, 2020.

Are you negotiating a debt agreement with your lender? Debt modification versus extinguishment assessment under IFRS 9 can be tricky. Read this easy-to-understand overview, which provides some useful tips on performing this assessment and other key considerations on debt modification accounting for both borrowers and lenders.

At its recent meeting, the Board discussed, reviewed, and made a final decision on its International Strategy project, voting to approve Option 2 – Adapt IPSAS principles when developing future standards. Read the Decision Summary for full details.

To meet the needs of our stakeholders, this year we focused on striking the right balance between efforts to influence at an international level and our domestic standard setting activities. Read about the AcSB’s 2019-2020 activities and accomplishments in this year’s Annual Report.

Do you have questions about the implications of COVID-19 on the impairment of non-financial assets? Read this easy-to-understand overview, which includes a list of helpful resources, to support you as you navigate your impairment assessment.

Do you have questions about the implications of COVID-19 on your discount rates? Read this easy-to-understand overview on the potential effects the current situation may have on the discount rates used by companies in the various valuation techniques under IFRS® Standards.

The COVID-19 pandemic continues to evolve rapidly and market-based measures like fair value are likely to change significantly and perhaps in unpredictable ways as a result. Read this easy-to-understand overview, which includes helpful resources, to support you as you determine the fair value of your assets and liabilities.

At its recent meeting, the Board discussed, reviewed, and made decisions on the Financial Instruments – Narrow Scope Amendments project. Read the Decision Summary for full details.

How is the IASB responding to the challenges facing lessees as a result of the COVID-19 pandemic? The IASB has issued an Exposure Draft amending IFRS 16 to include an exemption for COVID-19-related rent concessions. Canadian stakeholders are encouraged to submit their comments to the IASB by May 8, 2020.

The COVID-19 pandemic is affecting the recoverability of deferred tax assets and has introduced new government relief measures. Entities should use professional judgment to assess how this will impact the accounting for income taxes in accordance with IFRS^® Standards.