This newsletter highlights aspects of the AcSB Staff recent Financial Reporting Commentary regarding the newly issued IFRSs and the early adoption and advance disclosure related issues.
On October 24, 2012 the AcSB Staff released a Financial Reporting Commentary on newly issued IFRSs and related issues Canadian public companies may encounter with respect to early adoption and advance disclosure of changes to IFRSs. The following is a brief summary of the contents.
The staff proposed clarification to the Preface to the CICA Handbook - Accounting and the introduction to Part I of the Handbook for consideration by the AcSB.
The Accounting Standards Board is aware of this issue and is looking at ways to ensure the endorsement process is completed as soon as possible.
In some cases it may be necessary for companies to seek exemptive relief to adopt an IFRS that has been issued by the IASB but not yet included in the CICA Handbook.
The full text of the staff notice can be found here http://www.osc.gov.on.ca/en/SecuritiesLaw_csa_20120302_41-307_cf-prospectus-guidance.htm.