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News from 2009

Latest IFRS omnibus Exposure Draft now available

The Accounting Standards Board (AcSB) has issued its second omnibus Exposure Draft on the adoption of IFRSs. Highlights of the document, entitled Adopting IFRSs in Canada, II, include:

• Availability of the essential text of the IFRSs in effect at January 1, 2008
• Clarification of the definition of a publicly accountable enterprise.
• Confirmation of the January 1, 2011 adoption date
• Confirmation that IFRSs will be applied to an entity’s first interim financial statements in the year of adoption
• New introductory material that will replace the “Introduction to Accounting Standards” currently in the Handbook

While the latest omnibus Exposure Draft invites public comment on the eight specific standards issued since the 2007 IASB Bound Volume and included in the 2008 Bound Volume, it also provides essential text of the body of IFRSs in effect at January 1, 2008, making it a valuable resource for financial professionals and students. 

A third and final omnibus Exposure Draft of IFRSs is expected to be issued in the second half of 2009 to invite public comment on additional changes to IFRSs made by the IASB since the 2008 Bound Volume.  Following this process, IFRSs will be included in the CICA Handbook – Accounting in late 2009. 

The AcSB is asking for comment on four questions outlined in the Exposure Draft by May 15, 2009.

• Exposure Draft Adopting IFRSs in Canada, II (March 2009) can be accessed at www.acsbcanada.org/ifrs_exposuredraft.

Updates on the redeliberations will be made public on the AcSB website www.acsbcanada.org.

March 24, 2009

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