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Bringing clarity to an IFRS world
IFRS quarterly technical update
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September 17, 2014
Agenda
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Canadian Securities Administrators (CSA) update
Recently issued amendments impacting Q3 2014
IFRIC update – Selected topics
IFRS Discussion Group (IDG) update – Selected topics
IFRS 9, Financial Instruments
IASB projects update
Q&A
Bringing clarity to an IFRS world – IFRS quarterly technical update
© Deloitte LLP and affiliated entities.
Important caveats
This webcast does not provide
official Deloitte interpretive
accounting guidance.
Check with your advisor before
taking any action.
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Bringing clarity to an IFRS world – IFRS quarterly technical update
© Deloitte LLP and affiliated entities.
Polling question 1
Have you received a comment letter from securities regulators in the last
couple years?
a) Yes
b) No
c) Not sure
d) N/A – We are not a reporting issuer
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Bringing clarity to an IFRS world – IFRS quarterly technical update
© Deloitte LLP and affiliated entities.
Canadian Securities
Administrators (CSA)
update
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Bringing clarity to an IFRS world – IFRS quarterly technical update
© Deloitte LLP and affiliated entities.
CSA Staff Notice 51-341 – Continuous Disclosure Review
Program Activities
• Activities for the fiscal year ended March 31, 2014: 991 reviews (221 full
reviews and 770 issue-oriented reviews)
• 26% decrease compared to previous year – 1,336 CD reviews (368 full
reviews and 968 issue-oriented reviews)
Review outcomes for 2014*
60%
50%
40%
30%
20%
10%
0%
Education and
awareness
Referred to
Enforcement/Ceasetraded/Default list
2014
Refiling
Prospective Changes No action Required
2013
* Results replicated from CSA Staff Notice 51–341
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Bringing clarity to an IFRS world – IFRS quarterly technical update
© Deloitte LLP and affiliated entities.
CSA Staff Notice 51-341 – Continuous Disclosure Review
Program Activities (cont’d)
Full reviews
• Scope: Broad in scope and covers many types of disclosure
• Source: Most recent annual and interim financial reports and
management discussion & analysis (MD&A) filed before the start of the
review as well as technical disclosures, annual information forms (AIF),
annual reports, information circulars, press releases, material change
reports, business acquisition reports, websites, certifying officers’
certifications and material contracts for the issuer
• Fiscal 2014: total of 22% of the reviews were full reviews compared to
28% in 2013
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Bringing clarity to an IFRS world – IFRS quarterly technical update
© Deloitte LLP and affiliated entities.
CSA Staff Notice 51-341 – Continuous Disclosure Review
Program Activities (cont’d)
Issue-oriented reviews
• Focus is on specific accounting, legal or regulatory issues
• 78% of the reviews were issue-oriented reviews (72% in 2013)
Issue-oriented reviews 2014
13%
* The “Other” category includes reviews of:
• Social Media
12%
• Business Acquisition Reports
13%
19%
• Certifications
• Operating Segments
9%
• Timely Disclosure
• Management Information Circular
34%
IFRS Specific (12%)
Other* (19%)
Mining, Oil & Gas Technical Disclosure (34%)
Non-GAAP Measures (9%)
Related Party Transactions (13%)
Mining MD&A (13%)
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Bringing clarity to an IFRS world – IFRS quarterly technical update
© Deloitte LLP and affiliated entities.
CSA Staff Notice 51-341 – Continuous Disclosure Review
Program Activities (cont’d)
Disclosure of interests in other entities:
• Insufficient disclosure on significant judgments and assumptions made on adoption of IFRS 10,
Consolidated Financial Statements and IFRS 11, Joint Arrangements that led to significant changes
• Not apparent what factor led to the changes on adoption (i.e. from joint control to control), such as
underlying structure, agreements in place and/or the relevant activities
Example of good disclosure*
The Company owns 85% of Entity B, with the remaining 15% owned by a third party. Under the shareholder agreement,
majority shareholder approval (greater than 50%) is required for certain items such as commissioning feasibility studies
and approving projects based on these studies, signing new operating agreements and voting on expansion activities that
do not represent activities outside of the core business.
However, other items require the unanimous approval of all shareholders, such as entering into new credit financing,
approval of operating and capital budgets and expansion outside of the ordinary course of business. Under IAS 27 and
IAS 31, the Company determined that it did not have control as it did not have the power to govern the financial and
operating policies so as to benefit from the activities based on the items which required unanimous approval. On adoption
of IFRS 10, the Company assessed the power to direct the relevant activities of Entity B. The Company assessed that the
relevant activities of Entity B were only those requiring majority approval under the shareholder agreement. In assessing
the relevant activities, management used significant judgment to determine that the ability to unilaterally undertake
feasibility studies and acting on these studies, as well as signing new operating agreements, meant that the Company, in
addition to being exposed to variable returns through their 85% interest, had the ability to use its power to affect the
potential returns from Entity B, and therefore these relevant activities supported the determination that the Company now
controlled Entity B.
* Source: CSA Staff Notice 51–341
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Bringing clarity to an IFRS world – IFRS quarterly technical update
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CSA Staff Notice 51-341 – Continuous Disclosure Review
Program Activities (cont’d)
Revenue recognition:
• Insufficient disclosure on the facts and circumstances to support recognizing revenue as principal
or agent
• Several instances where disclosure in MD&A contradicted or did not support the accounting treatment
in the financial statements
Example of good disclosure*
Significant accounting policies
The Company evaluates whether it is appropriate to record the gross amount of its revenues and related costs by
considering a number of factors, including, among other things, whether the Company is the primary obligor under the
arrangement and has latitude in establishing prices. Sub-contract revenue is derived from lease operators providing
services to customers operating under the Company banner. Management has reviewed the primary indicators of the
lease operator transactions such as:
• The sub-contractor provides the service to the customer operating on behalf of the Company
• The Company has control over who performs the service
• The Company is responsible for all billing and collecting of revenues
• The Company is responsible for setting all rates, and
• The lease operator receives a set percentage of lease operator revenues generated.
Taking all of the above into consideration, management has made the judgment that the Company is the primary obligor
in these transactions and has sole latitude in establishing prices. Accordingly, revenue is recorded on a gross basis,
excluding any taxes, when the service has been performed, the related costs are incurred, the revenues can be reliably
measured and when collectability is reasonably assured.
* Source: CSA Staff Notice 51–341
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Bringing clarity to an IFRS world – IFRS quarterly technical update
© Deloitte LLP and affiliated entities.
CSA Staff Notice 51-341 – Continuous Disclosure Review
Program Activities (cont’d)
Impairment of assets:
• Insufficient disclosure under IAS 36, Impairment of Assets of:
– The events and circumstances that led to the recognition of the
impairment loss
– The amount of impairment loss recognized or reversed during the period
– Whether the recoverable amount of the assets is its fair value less costs of
disposal or its value in use
– If the recoverable amount is fair value less costs of disposal, how fair value is
determined, and the valuation technique used to measure fair value less costs
of disposal, and
– If the recoverable amount is value in use, the discount rate(s) used in the
current estimate and previous estimate (if any) of value in use
Please see next slide for an example of good disclosure
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Bringing clarity to an IFRS world – IFRS quarterly technical update
© Deloitte LLP and affiliated entities.
CSA Staff Notice 51-341 – Continuous Disclosure Review
Program Activities (cont’d)
Example of good disclosure*
During the year ended December 31, 2013, the Company performed an impairment test on its cash
generating unit A (CGU A), which includes oil and natural gas assets. The Company determined that the
carrying amount of CGU A of approximately $140 million exceeded its recoverable amount of
approximately $85 million due to a decline in estimated reserve volumes, and accordingly recognized an
impairment expense of approximately $55 million.
The recoverable amount of CGU A was based on the higher of value in use and fair value less costs of
disposal. The fair value measurement of CGU A is categorized within level 3 of the fair value hierarchy.
The estimate of the fair value less costs of disposal was determined using forecasted cash flows based
on proved plus probable reserves, forecasted commodity prices, and an after-tax discount rate of 5%
which represents the Company’s weighted average cost of capital and which includes estimates for riskfree interest rates, market value of the Company’s equity, market return on equity and share volatility.
The key input estimates used to determine cash flows from oil and gas reserves, which are subject to
significant changes, include: reserves at the time of reserve estimation, forward oil and natural gas
prices, and the discount rate. See table below for the values of these input estimates (table not provided
in this illustrative example).
* Source: CSA Staff Notice 51–341
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Bringing clarity to an IFRS world – IFRS quarterly technical update
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CSA Staff Notice 51-341 – Continuous Disclosure Review
Program Activities (cont’d)
MD&A/other regulatory disclosure deficiencies
MD&A deficiencies
• Non-GAAP measures
• Forward looking information
• Venture issuers without
significant revenue
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Bringing clarity to an IFRS world – IFRS quarterly technical update
Other regulatory
disclosure deficiencies:
• Mineral projects
• Filing of news releases and
material change reports
(MCRs)
• Executive compensation
© Deloitte LLP and affiliated entities.
CSA Staff Notice 51-341 – Continuous Disclosure Review
Program Activities (cont’d)
MD&A deficiencies - Non-GAAP measures
Non-GAAP measures: numerical measure of an issuer’s historical or
future financial performance, financial position or cash flows that does
not meet one or more of the criteria of an issuer’s GAAP for
presentation in financial statements, and that either:
i. Excludes amounts that are included in the most directly comparable
measure calculated and presented in accordance with the issuer’s
GAAP, or
ii. Includes amounts that are excluded from the most directly
comparable measure calculated and presented in accordance with
the issuer’s GAAP.
Reminder
EBITDA =
Earnings before interest, taxes, depreciation and amortization
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Bringing clarity to an IFRS world – IFRS quarterly technical update
© Deloitte LLP and affiliated entities.
CSA Staff Notice 51-341 – Continuous Disclosure Review
Program Activities (cont’d)
MD&A deficiencies - Non-GAAP measures
Deficient disclosure example
20X1
20X0
Net earnings
XX
XX
Interest expense
XX
XX
Current and deferred taxes
XX
XX
Depreciation and amortization
XX
XX
Impairment charges
XX
XX
Restructuring charges
XX
XX
Foreign exchange loss
XX
EBITDA
XX
Additional
adjustments
15
Appropriate disclosure example
20X1
20X0
Net earnings
XX
XX
XX
Interest expense
XX
XX
XX
Current and deferred taxes
XX
XX
Depreciation and amortization
XX
XX
EBITDA
XX
XX
Impairment charges
XX
XX
Restructuring charges
XX
XX
Foreign exchange loss
XX
XX
Adjusted EBITDA
XX
XX
Commonly
understood
meaning of
EBITDA
Bringing clarity to an IFRS world – IFRS quarterly technical update
© Deloitte LLP and affiliated entities.
CSA Staff Notice 51-341 – Continuous Disclosure Review
Program Activities (cont’d)
MD&A deficiencies - Venture issuers without significant revenue
Venture issuers that have not had significant revenue from operations
in either of its last two fiscal years, must disclose in its MD&A, breakdown
of the material components of:
• Exploration and evaluation assets or expenditures
NI 51-102
• Expensed research and development costs
• Intangible assets arising from development
Comparative
• General and administration expenses
basis
• Any material costs (not referred to above)
If issuer’s primary business involves mining exploration and
development, this analysis must be on a property-by-property basis
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CSA Staff Notice 51-341 – Continuous Disclosure Review
Program Activities (cont’d)
MD&A deficiencies - Venture issuers without significant revenue
Property A
Property B
Total
Balance, December 31, 20X1
XX
XX
XX
Additions
XX
XX
XX
Balance, December 31, 20X2
XX
XX
XX
Additions
XX
XX
XX
Balance, December 31, 20X3
XX
XX
XX
Property A
Deficient
disclosure
example
Property B
Total
Total
December
31, 20X3
December
31, 20X2
December
31, 20X3
December
31, 20X2
December
31, 20X3
December
31, 20X2
Assays and geochemistry
XX
XX
XX
-
XX
XX
Camp costs
XX
XX
XX
-
XX
XX
Consulting
XX
XX
XX
XX
XX
XX
Drilling
XX
XX
XX
-
XX
XX
Geology
XX
XX
XX
-
XX
XX
Geophysics
XX
XX
-
XX
XX
XX
Travel and lodging
XX
XX
XX
XX
XX
XX
Salaries and labour
XX
XX
XX
XX
XX
XX
Total exploration expenditures
XX
XX
XX
XX
XX
XX
Cumulative E&E since inception
XX
XX
XX
XX
XX
XX
Exploration Expenditures
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Appropriate
disclosure
example
© Deloitte LLP and affiliated entities.
Polling question 2
How do you keep up to date with regulatory developments?
a) CSA news releases
b) Deloitte webcasts
c) We rely on our auditors to communicate this information to us
as relevant
d) All of the above
e) N/A – We are not reporting issuers
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Recently issued
amendments
impacting Q3 2014
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© Deloitte LLP and affiliated entities.
Effective for
Annual Improvements 2010-2012 cycle
transactions with a
Amendments to IFRS 2 Share-based Payment:
grant date on or after
July 1, 2014
– Definition of vesting condition
Background – Treatment of vesting conditions
• Grant of equity instruments might be conditional upon satisfying
specified vesting conditions:
– For example, a grant of share options to an employee is conditional
on the employee remaining employed for a specified period of time
and there might be performance conditions that must be satisfied,
such as the entity achieving a specified growth in profit or share price.
• Vesting conditions, other than market conditions are:
– Not taken into account when estimating the FV of share options; but
instead are taken into account by adjusting the number of equity
instruments that will eventually vest.
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Effective for
Annual Improvements 2010-2012 cycle (cont’d)
transactions with a
Amendments to IFRS 2 Share-based Payment :
grant date on or after
July 1, 2014
– Definition of vesting condition
Why were the changes needed?
• IFRS 2 did not separately define “performance condition” or “service
condition”, but described both concepts within the definition of vesting
conditions such that it was unclear on how to apply the guidance.
• There was no specific guidance on how to account for a share-based
payment award when the entity terminates an employee’s employment.
What were the changes?
• IFRS 2 was amended to:
– Change the definition of “vesting condition” and “market condition”
– Add definitions for “performance condition” and “service condition”
– Clarify that any failure to complete a specified service period, even
due to the entity’s termination of an employee’s employment, would
be failure to satisfy a service condition
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Effective for
Annual Improvements 2010-2012 cycle (cont’d)
transactions with a
Amendments to IFRS 2 Share-based Payment :
grant date on or after
July 1, 2014
– Definition of vesting condition
What are the implications?
• Clear definitions and guidance for the treatment of a vesting condition,
performance condition, service condition and a market condition
• The treatment of any failure to complete a specified service period, even
due to the entity’s termination of an employee’s employment, would
result in the reversal of the compensation expense recorded because
the employee failed to complete a specified service condition.
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Effective for
Annual Improvements 2010-2012 cycle (cont’d)
transactions with
Amendments to IFRS 3 Business Combinations
acquisition dates on or
after July 1, 2014
- Contingent consideration
Background – Treatment of contingent consideration
• Contingent consideration = An obligation of the acquirer to transfer
additional assets or equity interests to the former owners of an acquiree
as part of the exchange for control of the acquiree if specified future
events occur or conditions are met.
• Recognized at fair value as part of the consideration transferred.
Why were the changes needed?
• Existing guidance was unclear on the initial classification requirements
and subsequent measurement.
What were the changes and implications?
• Contingent consideration is measured at fair value at each
reporting date, irrespective of whether it is a financial instrument or a
non-financial asset or liability.
• Changes in fair value (other than measurement period adjustments) are
recognized in profit and loss.
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IFRIC update
Selected topics
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IFRIC update – Selected topics
IAS 12, Income Taxes – Recognition of current income tax on uncertain
tax position
July 2014 meeting:
• IFRIC received a request for guidance on the recognition of a tax asset
in the situation in which tax laws require an entity to make an immediate
payment when a tax examination results in an additional charge, even if
the entity intends to appeal against the charge.
• IFRIC asked to clarify whether IAS 12, Income Taxes (and a ‘probable’
threshold) is applied to determine whether to recognize an asset, or
whether the guidance in IAS 37, Provisions, Contingent Liabilities and
Contingent Assets (and a ‘virtually certain’ threshold) should be applied.
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IFRIC update – Selected topics (cont’d)
IAS 12, Income Taxes – Recognition of current income tax on uncertain
tax position
IFRIC final agenda decision:
• IFRIC decided not to add the item to its agenda:
– IFRIC noted that IAS 12.12 states that: Current tax for current and prior periods shall, to
the extent unpaid, be recognized as a liability. If the amount already paid in respect of
current and prior periods exceeds the amount due for those periods, the excess shall
be recognized as an asset.
– IFRIC observed that, in this specific fact pattern, an asset is recognized if the amount of
cash paid (which is a certain amount) exceeds the amount of tax expected to be due
(which is an uncertain amount).
– Note that IFRIC will be considering measurement as a separate issue.
Example:
• An entity has exposure regarding an uncertain tax position (UTP) and as a result has
been assessed $12M by tax authorities
• Full $12M payment is made; however, a Notice of Objection is filed
• Entity estimates that ultimate settlement of this UTP will be $4M and a liability of $4M is
recorded
• Conclusion: Net asset of $8M ($12M-$4M) is reflected on balance sheet
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IFRIC update – Selected topics (cont’d)
IFRS 12 – Disclosure of summarized financial information on material joint
ventures and associates
July 2014 meeting:
• IFRIC received a request to clarify the requirement to disclose summary financial
information on material joint ventures and associates in paragraph 21 (b)(ii) of IFRS 12
and its interaction with the aggregation principle in paragraphs 4 and B2-B6 of IFRS 12.
IFRIC tentative agenda decision:
• The results of outreach performed indicated that there was no significant diversity
observed in practice.
• IFRIC concluded that the requirements in paragraph 21(b)(ii) of IFRS 12 would lead to the
disclosure of summarized information on an individual basis for each joint venture or
associate that is material to the reporting entity and this reflects the IASB’s intentions in
BC50 of IFRS 12.
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Bringing clarity to an IFRS world – IFRS quarterly technical update
© Deloitte LLP and affiliated entities.
IDG update
Selected topics
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© Deloitte LLP and affiliated entities.
IAS 19 – Shared-risk pension plans
Background:
• Increasing prevalence of “target benefit” or “shared-risk plans”
• Benefits typically targeted vs. guaranteed
• Contributions vary within pre-determined thresholds
Fact pattern (simplified):
• Plan established and includes target benefits – Not guaranteed but legislation
requires high probability that targets will be met
• Stipulated funding objectives must be met at inception of plan
• Targets: 97.5% for “base” benefits; 75% for CPI
• Funding levels of plan are subject to periodic review (actuarial process):
– Where deficit exceeds specified level – Contributions may be increased and
benefits may be decreased
– Where surplus exceeds specified level – Contributions may be decreased and
additional CPI may be granted
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IAS 19 – Shared-risk pension plans (cont’d)
Issue:
• Should the plan be classified as defined benefit or defined contribution?
IDG discussion:
• Majority of group members supported view that plan should be classified as a
defined benefit plan
• Definition of a defined contribution is not met: contributions are not fixed
– Contributions are set at an initial level
– Additional contributions required in future period where funding thresholds not
met
– Reduced contributions take effect where excess surplus
• Funding of the plan is being managed over the long-term
• While risk is shared, IAS 19 requires defined benefit classification in this case,
risk-sharing attributes should be dealt with via measurement
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Bringing clarity to an IFRS world – IFRS quarterly technical update
© Deloitte LLP and affiliated entities.
IAS 23 – Financial liabilities measured at fair value
through profit or loss
Borrowing costs
Qualifying asset
Capitalized
• Issue: What if the debt has been designated as
‘fair value through profit or loss’?
– Is capitalization of borrowing costs still required?
EIM
– If so, how would this amount be calculated?
• IDG discussion:
– Capitalization should still occur as the asset
measurement should not be affected by the
classification of the related liability
– In principle, the eligible borrowing costs should still be
calculated using the effective interest method (“EIM”)
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IAS 23 – Financial liabilities measured at fair value
through profit or loss (cont’d)
Example
• An entity issues preferred shares with a mandatory redemption date and
mandatory cumulative dividends - > classified as a financial liability
• Mandatory cumulative dividend is linked to the price of commodity X, as
such there is an embedded derivative
• Assume that the entire instrument is designated as ‘fair value through
profit or loss’ (FVTPL) due to the provisions of IAS 39 which permit such
designation (in specific circumstances)
• The value of this instrument would fluctuate due to changes in the fair
value of the instrument; there is no requirement to separately present
‘interest expense’
• No exemption from capitalization of an appropriate amount of borrowing
costs if there are expenditures on qualifying assets
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IAS 23 – Impairment
XX %
Total borrowing costs in period
Calculations
Weighted average total borrowings
Qualifying expenditures
$ (‘000s)
Incurred in period
$10,000
Impairment
$(1,000)
Adjusted balance
$9,000
XX % * $10,000 = capitalized interest
Or
XX % * $9,000 = capitalized interest
• Issue: Should qualifying expenditures be reduced for impairment when determining
capitalized interest?
• IDG discussion:
– IAS 23 is clear that the appropriate amount on how to capitalize is pre-impairment
– However, seems counterintuitive to capitalize interest on amounts that don’t exist
(i.e. due to impairment)
– May be a prevalent issue in Canada due to resource sector
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Other IDG issues
• Selected other topics at June 2014 meeting:
– IFRS 11: Accounting for Changes in Classification between Joint Ventures
and Joint Operations
– IFRS 3, IFRS 13 and IAS 37: Asset Retirement Obligations Assumed in a
Business Combination or Asset Purchase
– Non-GAAP and Additional GAAP Measures
• Selected other topics at September 2014 meeting:
– Disclosure of Contractual Commitments
– IFRS 1: Carve-out Financial Statements
– IFRS 3, IFRS 15, IAS 16, IAS 18 and IAS 37: Contingent Consideration in an
Asset Sale and in an Asset Purchase
– IFRS 9 and IAS 39: Flow-through Shares with Attached Share Purchase
Warrants
– IFRS 11: Application Issues and Process of the IFRS Interpretations
Committee
– IAS 19: Refundable Tax Accounts in Retirement Compensation Arrangements
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Polling question 3
How closely do you monitor the discussions of the IDG?
a) We listen to the playback
b) We wait to read the meeting notes
c) We rely on other information sources, like Deloitte webcasts
d) Not closely at all
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IFRS 9, Financial
Instruments
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IFRS 9 – Financial Instruments
• Final version issued on July 24, 2014
• Effective for annual periods beginning on or after January 1, 2018, with
early adoption permitted
• Incorporates a new expected loss impairment model
• Added limited amendments to the classification and measurement
requirements for financial assets
• Supersedes all previous versions (subject to a specific timeframe)
IFRS 9 (2009) or (2010) or (2013) or IFRS 9 (2014)
IFRS 9 (2014)
February 1, 2015
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January 1, 2018
© Deloitte LLP and affiliated entities.
IFRS 9 – Financial Instruments – Transition matrix – Prior
to February 1, 2015
IFRS 9 version
Description
IFRS 9 (2009) –
Financial assets
Classification and measurement Can be adopted on its own
of financial assets
IFRS 9 (2010) –
Financial assets
and financial
liabilities
Added classification and
measurement of financial
liabilities
Classification and measurement of
financial assets must be adopted
with classification and measurement
of financial liabilities
IFRS 9 (2013) –
Own credit risk
Presentation of gains and
losses associated with ‘own
credit risk’ related to financial
liabilities designated as FVTPL
Can be adopted on its own, without
IFRS 9 (2009) or (2010) and without
IFRS 9 (2013) – Hedge accounting
IFRS 9 (2013) –
Added new hedge accounting
Hedge accounting requirements
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Bringing clarity to an IFRS world – IFRS quarterly technical update
Early adoption
Must be adopted with the rest of
IFRS 9, i.e., all of the above
© Deloitte LLP and affiliated entities.
IFRS 9 – Financial Instruments – Transition matrix – On
or after February 1, 2015
IFRS 9
Description
Early adoption
IFRS 9 (2014)
Entire standard*
Yes
Specific requirement of the
Yes
standard only – Presentation of
gains and losses associated
with ‘own credit risk’ related to
financial liabilities designated
as FVTPL
Entire standard – With the
exception of hedge accounting
chapter (i.e. continue to use
IAS 39 for hedge accounting)
Yes
*Reminder: Entire standard includes the following:
• Classification and measurement of financial assets and liabilities
• Impairment
• Hedge accounting
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Bringing clarity to an IFRS world – IFRS quarterly technical update
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IFRS 9 – Financial Instruments – Key considerations
• Entities that are considering to early adopt IFRS 9 should be aware of
the following:
– Standard applies retrospectively
– Availability of information to comply with the extensive disclosure
requirements
– Impact on financial statement ratios, KPIs, covenants, etc.
– Key estimates and judgments that are required
– Required hedging documentation
• Consider potential future designations
– Long term hedging strategies and risk management objectives and
strategies
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IASB projects update
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IASB Work plan
As at July 30, 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Major projects
Insurance Contracts
Redeliberations
Leases
Redeliberations
IFRS for SMEs
Redeliberations
Conceptual Framework
Accounting for Dynamic Risk Management:
a Portfolio Revaluation Approach to Macro Hedging
Rate-regulated Activities
Disclosure Initiative: Principles of disclosure
Target ED
Public
consultation
Target DP
Board discussion
Other active projects
Annual Improvements 2012–2014
Target IFRS
Annual Improvements 2014–2016
Target ED
IFRS 2 Clarifications of Classification and Measurement of
Share-based Payment Transactions
Target ED
IAS 1 Classification of liabilities
Target ED
Disclosure Initiative: Amendments to IAS 1
Redeliberations
Disclosure Initiative: Reconciliation of liabilities from
financing activities
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Bringing clarity to an IFRS world – IFRS quarterly technical update
Target ED
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IASB Work plan (cont’d)
As at July 30, 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Other active projects
IAS 28 Elimination of gains or losses arising from
transactions between an entity and its associate or joint
venture
IAS 27 Equity Method in Separate Financial Statements
IFRS 13 Fair Value Measurement: Unit of Account
Target ED
Target IFRS
Target ED
IFRS 10 and IAS 28 Investment Entities: Clarifications to
accounting for interests in investment entities and applying
the consolidation exemption
IAS 12 Recognition of Deferred Tax Assets for Unrealised
Losses
IFRS 10 and IAS 28 Sale or Contribution of Assets
between an Investor and its Associate or Joint Venture
Redeliberations
Target ED
Target IFRS
Post-implementation reviews
IFRS 3 Business Combinations
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Deliberations
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Polling question 4
Do you plan to early-adopt IFRS 9?
a) Yes – likely before February 1, 2015
b) Yes – likely after February 1, 2015
c) No, we are not planning to early-adopt
d) We are uncertain, as we have not yet fully assessed the impacts of
the new standard
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Q&A
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