IFRS Newsletters
IFRS Newsletter No. 06 – 2024
On April 1, 2024, the reporting and assurance oversight councils in Canada announced the establishment of the Reporting & Assurance Oversight Council. This initiative marks a significant step forward towards improving standard-setting efficiency and connectivity in Canada.
The new council will bring together the activities of three oversight bodies: the Auditing and Assurance Standards Oversight Council (AASOC), Accounting Standards Oversight Council (AcSOC) and the Canadian Sustainability Standards Board (CSSB). This consolidation will streamline the processes and activities in accounting, audit and assurance, and sustainability standard setting.
The Oversight Council is effective since April 1, 2024. Its official oversight activities will begin on July 1, 2024, while the current oversight bodies will end their activities on June 30, 2024.
The new council will bring together the activities of three oversight bodies: the Auditing and Assurance Standards Oversight Council (AASOC), Accounting Standards Oversight Council (AcSOC) and the Canadian Sustainability Standards Board (CSSB). This consolidation will streamline the processes and activities in accounting, audit and assurance, and sustainability standard setting.
The Oversight Council is effective since April 1, 2024. Its official oversight activities will begin on July 1, 2024, while the current oversight bodies will end their activities on June 30, 2024.
IFRS Newsletter No. 05 – 2024
On 9 April 2024, the IASB published IFRS 18 Presentation and Disclosure in Financial Statements, the new standard that will replace the current IAS 1. This standard, the culmination of the Primary Financial Statements (PFS) project initiated in 2015, aims to improve the comparability, quality and transparency of financial information for users of financial statements. It will apply retrospectively to reporting periods beginning on or after 1 January 2027 at the latest. Given the structural changes it introduces, we believe it is important to pay immediate attention to this new standard in order to anticipate the necessary changes to internal systems and processes for producing financial statements and, perhaps, to rethink the way in which financial performance is reported.
IFRS Newsletter No. 07 – 2024
At the end of May, the IASB published amendments to IFRS 9 and IFRS 7 on the classification and measurement of financial instruments, which are mandatory for financial periods commencing on or after 1 January 2026. In this issue, we look in detail at the content of these amendments, which introduce some changes and clarifications relating to financial liabilities settled using an electronic payment system, financial assets with contingent payment features, financial assets with non-recourse features, and contractually linked financial assets. They also require additional disclosures to be presented in the notes.
IFRS Newsletter No. 04 – 2024
In last month’s issue, we looked at the three main topics covered by the draft amendments to IAS 32, IFRS 7 and IAS 1, as set out in the Financial Instruments with Characteristics of Equity (FICE) Exposure Draft. In this issue, we present the Board’s proposals on the other seven topics, including contingent settlement provisions, shareholder decisions and reclassification of financial instruments between financial liabilities and equity instruments.
The IASB’s other current priorities include the draft amendments to IFRS 9 on renewable electricity purchase agreements (known as PPAs or Power Purchase Agreements and VPPAs or Virtual PPAs). At its March 2024 meeting, the IASB clarified the content of its future amendments for the first time. In this issue, we present the likely contents of the forthcoming Exposure Draft, which is scheduled for publication in May 2024, with a comment period of 90 days.
The IASB’s other current priorities include the draft amendments to IFRS 9 on renewable electricity purchase agreements (known as PPAs or Power Purchase Agreements and VPPAs or Virtual PPAs). At its March 2024 meeting, the IASB clarified the content of its future amendments for the first time. In this issue, we present the likely contents of the forthcoming Exposure Draft, which is scheduled for publication in May 2024, with a comment period of 90 days.
IFRS Newsletter No. 03 – 2024
Last November, we reported the publication of an IASB Exposure Draft of proposed amendments to IAS 32, IFRS 7 and IFRS 1 on the classification of financial instruments with characteristics of equity. In this issue, we present the IASB's proposals on three of the topics covered by these amendments: how to account for rights and obligations arising from legal or regulatory requirements, instruments that are settled in the entity's own equity instruments, and obligations requiring the entity to purchase its own equity instruments (including puts on non-controlling interests). These proposals are sure to prompt reactions from stakeholders.
Turning to sustainability reporting, a growing number of initiatives have been launched to help entities meet the new requirements. The IFRS Foundation has just published a methodological guide on the use of Sustainability Accounting Standards Board (SASB) standards to meet the requirements of IFRS S1.
Turning to sustainability reporting, a growing number of initiatives have been launched to help entities meet the new requirements. The IFRS Foundation has just published a methodological guide on the use of Sustainability Accounting Standards Board (SASB) standards to meet the requirements of IFRS S1.
IFRS Newsletter No. 02 – 2024
With respect to financial reporting, the IASB continued its deliberations on draft amendments to IFRS 9 and IFRS 7, considering comment letters received. The IASB's discussions focused on the SPPI qualification and associated indicators, as well as on financial assets with non-recourse features and contractually linked instruments, for which stakeholders expressed reservations about the existence of alternative structures avoiding the application for requirements of the standard.
IFRS Newsletter No. 01 – 2024
Happy New Year from our team!
The International Accounting Standards Board (IASB) work plan suggests that this new year will be a busy one on the accounting front. In this first issue of 2024 of our IFRS Newsletter, read about power purchase agreements, hyperinflationary economies and sustainability reporting.
The International Accounting Standards Board (IASB) work plan suggests that this new year will be a busy one on the accounting front. In this first issue of 2024 of our IFRS Newsletter, read about power purchase agreements, hyperinflationary economies and sustainability reporting.
IFRS Newsletter No. 11 – 2023
Looking a little further into the future, we present the IASB’s recently published Exposure Draft of proposed amendments to IAS 32, IFRS 7 and IFRS 1 on the classification of financial instruments with characteristics of equity (FICE), for which the comment period runs until March 29, 2024.
IFRS Newsletter No. 10 – 2023
In this issue of our IFRS Newsletter, read more about the IFRIC's decision regarding premiums receivable from an intermediary under IFRS 17 and IFRS 9.
IFRS Newsletter No. 09 – 2023
Following the summer break, the International Accounting Standards Board (IASB) began work again in September. It has published an Exposure Draft on Volume 11 of Annual Improvements to IFRS Accounting Standards, and tentatively decided to widen the scope of its project on climate-related risks in the financial statements to include other sources of uncertainty.