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The International Accounting Standards Board (IASB) has issued narrow-scope amendments to IFRS 9 Financial Instruments clarifying the accounting for financial assets with prepayment features that may result in negative compensation. The amendments are effective for annual periods beginning on or after January 1, 2019 with earlier application permitted. The IASB has also amended the Basis for Conclusions for IFRS 9 to confirm the accounting for modifications or exchanges of financial liabilities measured at amortized cost that do not result in derecognition.

The International Accounting Standards Board has issued narrow-scope amendments to IAS 28 Investments in Associates and Joint Ventures, clarifying that an entity applies IFRS 9 Financial Instruments (including its impairment requirements) to long-term interests in an associate or joint venture to which the equity method is not applied.

PotashCorp is one of six companies featured in a case study report published by the IFRS Foundation with before and after examples of how companies from different parts of the world have improved communication in their IFRS financial statements.

Tune in to this webinar on January 16, 2018 (English) or January 17, 2018 (French) to learn about the key features of PSAB’s Invitation to Comment, “Employment Benefits: Discount Rate Guidance in Section PS 3250."

Lesley Thomson, Vice President and Deputy Chief Actuary, Sun Life Financial, has been appointed a member of the IASB's Transition Resource Group.  The Group provides a public forum for stakeholders to share and discuss with the IASB, questions about the implementation of new IFRS 17.

The IASB has issued an Exposure Draft proposing amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Canadian stakeholders are encouraged to submit their comments to the IASB by January 15, 2018.

To recognize his leadership in establishing the Group in 2013, PSAB has invited recently retired PSAB Chair Rod Monette to be the first honourary Group member. This honourary membership will be reserved for each immediate past-Chair of PSAB.

The IASB has issued an Exposure Draft proposing amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Canadian stakeholders are encouraged to submit their comments to the IASB by January 15, 2018.

At its June meeting, PSAB approved an updated mandate that would allow the Group to discuss emerging issues and other public sector financial reporting issues, in addition to issues of application of the PSA Handbook. The Group is currently accepting submissions for its November 17, 2017 meeting.

The Group’s database has over 15 topics on IFRS 9, IFRS 15 and IFRS 16. Read and listen to recently added topics like modifications or exchanges of financial liabilities, seller’s right to variable consideration in an asset sale, and easements.