Canada: Technical Bulletin: July 2016 Part 1


International Financial Reporting Standards (IFRS)

Pronouncements effective for annual periods beginning on or after January 1, 2016

IAS 7 Statement of Cash Flows
Amendments will require entities to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes.

IAS 12 Income Taxes
Amendments clarify how to account for deferred tax assets related to debt instruments measured at fair value.

Pronouncements effective for annual periods beginning on or after January 1, 2018

IFRS 2 Share-based Payment
Amendments clarify how to account for certain types ofshare-based payment transactions, providing requirementson the accounting for:

  • the effects of vesting and non-vesting conditions on the measurement of cash-settled share-based payments;
  • share-based payment transactions with a net settlement feature for withholding tax obligations; and
  • a modification to the terms and conditions of ashare-based payment that changes the classificationof the transaction from cash-settled to equity-settled.

IFRS 9 Financial Instruments
This new standard replaces the requirements in IAS 39 Financial Instruments: Recognition and Measurement for classification and measurement of financial assets. IFRS 9 is built on a logical, single classification and measurement approach for financial assets that reflects the business model in which they are managed and their cash flow characteristics. IFRS 9 also incorporates requirements for financial liabilities, most of which were carried forward unchanged from IAS 39. Certain changes were made to the fair value option for financial liabilities to address the issue of own credit risk. IFRS 9 removes the volatility in profit or loss that was caused by changes in the credit risk of liabilities elected to be measured at fair value. Requirements related to hedge accounting, representing a new hedge accounting model, have been added to IFRS 9. The new model represents a substantial overhaul of hedge accounting which will allow entities to better reflect their risk management activities in the financial statements. The most significant improvements apply to those that hedge non-financial risk, and so these improvements are expected to be of particular interest to non-financial institutions. In addition, a single, forward-looking expected loss impairment model is introduced, which will require more timely recognition of expected credit losses.

IFRS 15 Revenue from Contracts with Customers
The core principle of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard contains enhanced disclosures about revenue, provides guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improves guidance for multiple-element arrangements. IFRS 15 supersedes the following standards: IAS 11 Construction Contracts, IAS 18 Revenue, IFRIC 13 Customer Loyalty Programmes, IFRIC 15 Agreements for the Construction of Real Estate, IFRIC 18 Transfers of Assets from Customers, and SIC-31 Revenue – Barter Transactions Involving Advertising Services.

Amendments to IFRS 15 have been issued by the IASB. The amendments do not change the underlying principles of the standard but clarify how those principles should be applied. The amendments clarify how to:

  • identify the performance obligations in a contract;
  • determine whether a company is a principal or an agent; and
  • determine whether the revenue from granting a license should be recognized at a point in time or over time.

In addition, the amendments include two additional reliefs to reduce cost and complexity for a company when it first applies the new standard.

Pronouncement effective for annual periods beginning on or after January 1, 2019

IFRS 16 Leases
This new standard replaces IAS 17 Leases. The biggest change introduced by the new standard is that leases will be brought onto companies' balance sheets, increasing the visibility of their assets and liabilities. IFRS 16 removes the classification of leases as either operating leases or finance leases (for the lessee—the lease customer), treating all leases as finance leases. Short-term leases (less than 12 months) and leases of low-value assets (such as personal computers) are exempt from the requirements.

Pronouncement with effective date to be determined

IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures
These standards were amended to eliminate an inconsistency between IFRS 10 and IAS 28 in dealing with the sale or contribution of assets between an investor and its associate or joint venture. Subsequent to the amendments, a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not), and a partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary.

These amendments are available for application; however, the previous mandatory effective date of January 1, 2016 has been removed. The reason for postponing the effective date is that the IASB is planning a broader review that may result in the simplification of accounting for such transactions and of other aspects of accounting for associates and joint ventures.

Recently issued document for comment

Definition of a Business and Accounting for Previously Held Interests (Proposed amendments to IFRS 3 and IFRS 11)
The IASB issued this exposure draft in June 2016. The Post-implementation Review of IFRS 3 carried out by the IASBidentified that stakeholders find it difficult to apply the definition of a business in IFRS 3. Defining a business is important. This is because the financial reporting requirements for the acquisition of a business are different from the requirements for the purchase of a group of assets that does not constitute a business. The proposed amendments are intended to provide entities with clearer application guidance to help distinguish between a business and a group of assets when applying IFRS 3.

The IASB was also informed that there is diversity in practice in accounting for previously held interests in the assets and liabilities of a joint operation in two types of transactions: those in which an entity obtains control of a business that is a joint operation and those in which it obtains joint control of a business that is a joint operation. The proposed amendments to IFRS 3 and IFRS 11 are intended to clarify the accounting for each of these types of transactions.

Comment period ends on October 31, 2016.

Current status of documents previously issued forcomment

Insurance Contracts

ED issued by the IASB in June 2013.

Final standard is expected to be issued by the IASB in 2016.

Project aimed at improving comparability through a coherent, principles-based framework and one accounting model for all types of insurance contracts and increased transparency.

Measuring Quoted Investments in Subsidiaries, Joint Ventures and Associates at Fair Value (Proposed amendments to IFRS 10, IFRS 12, IAS 27, IAS 28 and IAS 36 and Illustrative Examples for IFRS 13)

ED issued by the IASB in September 2014.

The work carried out in this project will be fed into the Post-Implementation Review of IFRS 13.

ED clarifies that an entity should measure the fair value of quoted investments and quoted CGUs as the product of the quoted price for the individual financial instruments that make up the investments held by the entity and the quantity of financial instruments. Currently in deliberations.

Reporting the Financial Effects of Rate Regulation

Discussion Paper issued by the IASB in September 2014. Currently in discussions.

This DP considers the common features of rate regulation and explores which of them, if any, creates a combination of rights and obligations that is distinguishable from the rights and obligations arising from activities that are not rate-regulated.

Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging

Discussion Paper issued by the IASB in April 2014. Currently in deliberations.

The DP explores a possible approach (portfolio revaluation approach) to better reflect dynamic risk management activities in entities' financial statements.

Classification of Liabilities (Proposed amendments to IAS 1)

ED issued by the IASB in February 2015.

Comment period closed on June 10, 2015. Currently in deliberations.

The goal is to improve presentation in financial statements by clarifying the criteria for the classification of a liability as either current or non-current, specifically clarifying that the classification of a liability as either current or non-current is based on the entity's rights at the end of the reporting period and making clear the link between the settlement of the liability and the outflow of resources from the entity.

Conceptual Framework

ED published by the IASB in May 2015.

Related ED Updating References to the Conceptual Framework was published by the IASB in May 2015.

Comment period for both EDs closed in November 2015. Currently in deliberations.

The proposal aims to provide a more complete, clearer and updated set of concepts that can be used by the IASB when it develops IFRSs and others to help them understand and apply those standards.

The Updating References ED aims to provide transition to the revised Conceptual Framework.

Remeasurement on a Plan Amendment, Curtailment or Settlement/Availability of a Refund from a Defined Benefit Plan (Proposed amendments to IAS 19 Employee Benefits and IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements)

ED published by the IASB in June 2015.

Comment period closed in October 2015. Currently in deliberations.

When a defined benefit plan is amended, curtailed or settled during a reporting period, the entity needs to update the assumptions about its obligation and fair value of its plan assets to calculate costs related to these changes. The proposed amendments to IAS 19 specify that the entity is required to use the updated information to determine current service cost and net interest for the period followed by these changes. The proposed amendments to IFRIC 14 address how the powers of other parties, such as the trustees of the plan, affect an entity's right to a refund of a surplus from the plan.

Uncertainty over Income Tax Treatments

Draft IFRIC Interpretation published by the IASB in October 2015 and by the AcSB in November 2015.

Comment period ended on January 19, 2016. Currently in deliberations.

This draft IFRIC Interpretation gives guidance on how uncertainty over income tax treatments should affect the accounting for income taxes. This draft Interpretation addresses:

  1. whether an entity should consider uncertain tax treatments collectively;
  2. the assumptions an entity should make about the examination of tax treatments by taxation authorities;
  3. how an entity should determine taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates; and
  4. how an entity should consider changes in facts and circumstances.

Foreign Currency Transactions and Advance Consideration

Draft IFRIC Interpretation published by the IASB in October 2015 and by the AcSB in November 2015.

Comment period ended on January 19, 2016. Currently in deliberations.

This draft IFRIC Interpretation addresses which exchange rate should be used to report foreign currency transactions when payment is made or received in advance.

Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Proposed amendments to IFRS 4)

ED issued by the IASB in December 2015 and AcSB in January 2016.

Comment period ended on February 8, 2016. Currently in deliberations.

This ED proposes amendments designed to address the concerns of some interested parties about the different effective dates of IFRS 9 and the forthcoming new Insurance Contracts standard.

Annual Improvements 2014-2016 Cycle

ED issued by the IASB in November 2015.

Comment period ended on February 17, 2016. Currently in deliberations.

This ED proposes the following amendments:

  • IFRS 1 – deletion of short-term exemptions for first-time adopters, as they have now served their intended purpose.
  • IFRS 12 – clarification of the scope of the disclosure requirements.
  • IAS 28 – measuring investees at fair value through profit or loss on an investment-by-investment basis. When an investment in an associate or a joint venture is held by an entity that is a venture capital organization, or other qualifying entity, it may elect to measure that investment at fair value through profit or loss. The proposed amendment will clarify that the election is available for each investment in an associate or joint venture on an investment-by-investment basis, upon initial recognition.

Application of Materiality to Financial Statements - Draft IFRS Practice Statement

Draft guidance issued by the IASB in October 2015.

Comment period ended on February 26, 2016. Currently in deliberations.

This draft guidance has been developed in response to concerns that management is often uncertain about how to apply the concept of materiality and therefore uses the disclosure requirements in the Standards as a checklist. This can result in excessive disclosure of immaterial information that can obscure useful information and also make financial statements cluttered and less understandable. It can also lead to useful information being left out.

Whether information is material or not depends on a range of factors and entity-specific circumstances, and is a matter of judgement. Determining what information is material also requires an understanding of the users of the financial statements and the decisions that they make based on those financial statements.

The objective of this publication is to assist management in applying the concept of materiality to general purpose financial statements prepared in accordance with IFRS.

Transfers of Investment Property (Proposed amendment to IAS 40)

Proposed amendment issued by the IASB in November 2015 and by the AcSB in December 2015.

Comment period ended on March 18, 2016. Currently in deliberations.

Proposed amendment clarifies the guidance on transfers to, or from, investment properties. Proposed amendment states that a transfer of property to, or from, investment property can only be done where there is a change in use supported by evidence. In addition, the list of examples of evidence that a change in use has occurred is re-characterized as non-exhaustive.


Here are some resources that will assist in the application of the standards.

CPA Canada Reporting Alerts for IFRS
CPA Canada issues Reporting Alerts aimed at assisting companies in determining the impact of new and revised standards on their business. Reporting Alerts provide a summary of the standard, highlight significant items, summarize key changes and address common questions. The following alert has recently been issued:IFRS 16 Leases – March 2016.

This series discusses views of the Oil and Gas Task Force and the Mining Task Force on IFRS application issues relevant to junior oil and gas companies and junior mining companies, respectively.

Recent issues: Calculating depletion – Units of production method (Oil & Gas, April 2016), Reporting Funds Flow (Oil & Gas, April 2016)

IFRS Discussion Group Meeting Topics
Established by the AcSB, the IFRS Discussion Group implements and maintains a regular public forum to discuss issues that arise in Canada when applying IFRS. The Financial Reporting & Assurance Standards Canada website allows for topics and issues discussed by the IFRS Discussion Group to be searched and sorted. Find out whether the group has discussed an issue that you face in applying IFRSs and get the meeting report extract and audio webcast for each issue you find.

Accounting Standards for Private Enterprises (ASPE)

Recently issued document for comment

Clarifications to Sections 1591 and 3056
This Exposure Draft, issued by the AcSB in May 2016, includes proposed narrow-scope amendments, which are intended to clarify guidance or wording and to correct for unintended consequences, conflicts or oversights, similar to the process for annual improvements. The proposed amendments to Section 1591 clarify:

  • that the transition provisions may not be applied whenan enterprise changes its accounting policy choice to consolidate its subsidiaries at any time after initial application of Section 1591;
  • that an enterprise is not required to assess whethercontractual arrangements give rise to control whensubsidiaries are not consolidated; and
  • that the voting interest, if any, that an investor holds in a subsidiary is accounted for using paragraph 1591.24(b)(i)when subsidiaries are not consolidated.

The proposed amendment to Section 3056 clarifies that the transition provisions may not be applied when an enterprise changes its accounting policy choice at any time after initial application.

Comment period ends on August 2, 2016.

Current status of documents previously issued for comment

Redeemable PreferredShares Issued in a Tax Planning Arrangement

Amendment to Section 3856 Financial Instruments; ED issued by the AcSB in October 2014. Currently in deliberations.

In the ED, the proposed effective date was fiscal years beginning on or after January 1, 2016. However, due to the time needed to consider issues and comments raised during the comment period, the AcSB has decided that the effective date of any such change will be no earlier than January 1, 2018.

Amendment to remove the current exemption of classifying redeemable preferred shares issued in a tax planning arrangement as equity resulting in such shares being presented as liabilities, which would be more consistent with other financial liabilities.

Subsidiaries and Investments

Amendments to Section 1591, Subsidiaries and Section 3051, Investments.

ED issued by the AcSB in September 2015.

Comment period closed on January 6, 2016. Currently in deliberations.

Amendments expected to be issued in Q4 of 2016. Amendments will be effective for fiscal years beginning on or after January 1, 2018, with earlier application permitted.

Amendments will clarify the accounting for a subsidiary and an investment subject to significant influence when the cost method is used.

As an underlying principle, an interest in a subsidiary should initially be measured on a basis similar to other business combinations.The proposals include the following:

  • cost would be measured at the acquisition-date fair value of the consideration transferred;
  • a bargain purchase gain on the purchase of a subsidiary would not be recognized;
  • a previously held investment would not be remeasured in a step acquisition; and
  • acquisition costs incurred would be recognized as an expense.

The proposals also include guidance on the subsequent measurement of lian interest in a subsidiary.


This Discussion Paper was published by the AcSB in December 2015.

Comment period ended on May 19, 2016. Currently in deliberations.

As a result of a lack of specific authoritative guidance, there is diversity in accounting by private enterprises for biological assets (i.e., living animals or plants) and agricultural produce (i.e., the harvested product of the enterprise's biological assets). This Discussion Paper aims to obtain broad input from stakeholders, in particular, those involved in the agricultural sector. This input will assist the AcSB in deciding whether to develop authoritative guidance, either by developing a new standard or amending existing standards, on accounting for biological assets and agricultural produce by private enterprises and, if so, the issues to be addressed and how they could be addressed.

Here are some resources that will assist in the application of the standards.

CPA Canada Publications for ASPE
The following publications have recently been issued:
Financial Reporting Alert: 2015 Annual Improvements to ASPE (March 2016)
ASPE Briefing: A New Light on Accounting for Investment – Section 1591 Subsidiaries, Section 3051 Investments and Section 3056 Interests in Joint Arrangements (May 2016)

Private Enterprise Advisory Committee
Established by the AcSB in 2010, the committee assists the AcSB in maintaining and improving accounting standards for private enterprises and advises on the need for non-authoritative guidance about the standards. At the request of the AcSB, the committee may also undertake research into the financial reporting needs of private enterprises.

Click here to access recent meeting notes.

Accounting Standards for Not-for-Profit Organizations (ASNPO)


Here are some resources that will assist in the application of the standards.

Not-for-Profit Advisory Committee
Established by the AcSB in 2015, the committee's purpose is to advise the AcSB on maintaining and improving ASNPO and in identifying the need for non-authoritative guidance about the standards. The committee makes recommendations to the AcSB but is not authorized to interpret or provide authoritative guidance.

Click here to access recent meeting notes.

Public Sector Accounting (PSA)

Pronouncements effective for fiscal years beginning on or after April 1, 2017

Related Party Disclosures, Section PS 2200
This new section defines a related party and establishes disclosures required for related party transactions. Disclosure of information about related party transactions and the relationship underlying them is required when they have occurred at a value different from that which would have been arrived at if the parties were unrelated, and they have, or could have, a material financial effect on the financial statements.

Inter-entity Transactions, Section PS 3420
This new section establishes standards on how to account for and report transactions between public sector entities that comprise a government's reporting entity from both a provider and recipient perspective.

Assets, Section PS 3210
This new section provides guidance for applying the definition of assets set out in Section PS 1000, and establishes general disclosure standards for assets. Disclosure of information about the major categories of assets that are not recognized is required. When an asset is not recognized because a reasonable estimate of the amount involved cannot be made, the reason(s) for this should be disclosed.

Contingent Assets, Section PS 3320
This new section defines and establishes disclosure standards on contingent assets. Disclosure of information about contingent assets is required when the occurrence of the confirming future event is likely.

Contractual Rights, Section PS 3380
This new section defines and establishes disclosure standards on contractual rights. Disclosure of information about contractual rights is required, including description of their nature and extent and the timing.

Pronouncement effective for fiscal years beginning on or after April 1, 2018

Restructuring Transactions, Section PS 3430
This new section defines a restructuring transaction and establishes standards for recognizing and measuring assets and liabilities transferred in a restructuring transaction. The main features of the new section are:

  • A restructuring transaction is a transfer of an integrated set of assets and/or liabilities, together with related program or operating responsibilities without consideration based primarily on the fair value of the individual assets and individual liabilities transferred.
  • The net effect of a restructuring transaction should be recognized as revenue or as an expense by entities involved.
  • A recipient should recognize individual assets and liabilities received in a restructuring transaction at their carrying amount with applicable adjustments at the restructuring date.
  • A transferor and a recipient should not restate their financial position or results of operations.
  • A transferor and a recipient should disclose sufficient information to enable users to assess the nature and financial effects of a restructuring transaction on their financial position and operations.

Pronouncements effective for fiscal years beginning on or after April 1, 2019 (except for government organizations that applied CICA Handbook – Accounting prior to adoption of the CICA Public Sector Accounting Handbook, for which these pronouncements apply to fiscal years beginning on or after April 1, 2012)

Financial Statement Presentation, Section PS 1201
This section revises and replaces Financial Statement Presentation, Section PS 1200. The new standard introduces a new statement for reporting of remeasurement gains and losses.

Foreign Currency Translation, Section PS 2601
This section revises and replaces Foreign Currency Translations, Section PS 2600. Definition of currency risk is aligned with the new Financial Instruments Section, PS 3450. The new standard also removes certain previously available exceptions to measurement of items on initial recognition. The deferral and amortization of foreign exchange gains and losses relating to long-term foreign currency denominated monetary items, hedge accounting and presentation of items as synthetic instruments are removed. In addition, the new statement of remeasurement gains and losses introduced in Section PS 1201 is used to reflect exchange gains and losses until the period of settlement, rather than reflecting them in the statement of operations.

Portfolio Investments, Section PS 3041
This section replaces Section PS 3040, Portfolio Investments. In addition, Section PS 3030 is withdrawn as the distinction between temporary and portfolio investments is removed with the issue of Section PS 3041. The scope in the new standard is expanded to include interests in pooled investment funds, and requirement for application of cost method is removed. The new standard is also aligned with the new Financial Instrument Section, PS 3450.

Financial Instruments, Section PS 3450
This new section establishes standards for recognizing and measuring financial assets, financial liabilities and non-financial derivatives. The standard introduces two measurement categories: fair value and cost or amortized cost. The statement of remeasurement gains and losses will reflect gains and losses arising on fair value remeasurement until an item is derecognized. The standard also introduces new disclosure requirements of items reported and the nature and extent of risks arising from financial instruments.

Recent publication

Post-Implementation Review: Section PS 3410, Government Transfers
The Feedback Statement issued by PSAB in April 2016 confirmed that the primary areas of concern are recipient accounting for capital transfers and the role of the "authority to pay" relating to authorization in one jurisdiction. PSAB will explore whether an authoritative accounting guideline would help clarify interpretations of Section PS 3410.

Current status of documents previously issued for comment

Retirement Obligations

Statement of Principles

Issued by PSAB in August 2014. Currently in deliberations.

Exposure draft expected in the second half of 2016.

Subject to comments received, the PSAB proposes to expose a proposed new section on retirement obligations associated with tangible capital assets controlled by a public sector entity.


Statement of Principles

Issued by the PSAB in August 2013. Currently in deliberations.

ED to be issued in Q1 of 2017.

PSAB proposes, subject to comments received, to expose a new section on revenue. The Statement of Principles proposes definitions and principles applying to a broad range of revenues public sector entities report on. The proposals apply to exchange transactions involving a sale of goods or services and also cover other forms of revenue that do not involve an exchange, such as fines and penalties.

Financial Instruments: Transition

ED issued by the PSAB in October 2014.

Comment period closed on January 15, 2015. Currently in deliberations.

Proposes to clarify aspects of the section's scope of application, specifically, the receivables and payables that the section does not apply to, and add transitional provisions and new guidance relating to certain specialized forms of agreements.

Conceptual Framework Fundamentals and the Reporting Model

Consultation Paper 3, issued by the PSAB in March 2015.

Comment period ended on August 31, 2015. Statement of Principles is expected to be issued in Q3 of 2016.

Proposes a new reporting model and draft principles on public sector characteristics, financial statement objectives, qualitative characteristics, elements, recognition, measurement and presentation.

Withdrawal of Disclosure of Related Party Transactions by Not-for-Profit Organizations, Section PS 4260

ED issued by PSAB in January 2016.

Comment period ended on April 29, 2016.

This ED proposes to withdraw section PS 4260 given the completion of PSAB's Related Party Transactions project, and amend the transitional provisions in section PS 2200 Related Party Disclosures. Sections PS 2200 and PS 4260 are very similar and while some minor terminology differences exist, the basic intent of each section is the same.

PSA Discussion Group Meeting Topics
Established by the PSAB, the PSA Discussion Group provides a public forum for discussion of issues arising on the application of the PSA Handbook. Summaries of topics and discussions from past meetings are available on the Financial Reporting & Assurance Standards Canada website.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at and we will use commercially reasonable efforts to determine and correct the problem promptly.