AcSB Delays the Adoption of IFRS to 2014
The AcSB has stated its decision to delay the adoption of IFRSs for companies that qualify for the IFRS adoption. The International Financial Accounting Standards will now be adopted 1st January 2014.
The Canadian Accounting Standards Board stated that the reasons for deferring the adoption of IFRS are similar to the reasons for delaying it in the month of March 2012. In view of the recent statements given by the International Accounting Standards Board publicly, with regard to the priority it intends to offer to the activities that are regulated by rate at the time of designing its futuristic agenda, the Canadian Accounting Standards Board stated that in accordance with the statements made earlier it will be monitoring future based developments as well as consider the requirement for deferring it further in case a solution is not achieved within a year’s time. With this move the AcSB has successfully ended the uncertainly of stakeholders with regard to future extension right away, instead of waiting until 2012 end.
The decision made by the Canadian Accounting Standards Board has been documented in its summary for the meeting held on 5-6th of September. The Canadian Accounting Standards Board is hoping to release the amendment pertaining to the CICA Handbook Part I- Introduction in the month of October 2012.
The AcSB in addition took into consideration, the recommendations made by the group during its meeting in the month of July regarding referring 2 matters to the International Financial Reporting Standard Interpretations Committee.
The Canadian Accounting Standards Board requested the staff members to undertake additional research as well as discuss the matters pertaining to, International Accounting Standards 1: Classification of Debt (Long-term) to Be Repaid from an Offering, along with the members of the Interpretations Committee. The AcSB also resolved to refer the matter pertaining to IFRS11: Classification of a Bare Trust SetUp for Real Estate Project to either the International Accounting Standards Board or the International Financial Reporting Standard Interpretations Committee. The AcSB also held discussions regarding the manner in which Section 1590, Subsidiaries, should be revised to address the entities that are governed through a mechanism different from that of the voting rights.
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