What are the latest accounting standards?
Applicability of Accounting standards
| Accounting Standard | Level I | Level III |
|---|---|---|
| AS 1 Disclosure of Accounting Principles | Yes | Yes |
| AS 2 Valuation of Inventories | Yes | Yes |
| AS 3 Cash Flow Statements | Yes | No |
| AS 4 Contingencies and Events Occurring After the Balance Sheet Date | Yes | Yes |
Which new IFRS pronouncements became effective in 2020?
On 25 June 2020, the IASB issued ‘Amendments to IFRS 17’ to address concerns and implementation challenges that were identified after IFRS 17 ‘Insurance Contracts’ was published in 2017. The amendments are effective for annual periods beginning on or after 1 January 2023.
What is the PSAB?
PSAB stands for the Public Sector Accounting Board (PSAB). They are an independent body with the authority to set accounting standards for the public sector, which includes municipalities.
What are the new IFRS standards?
IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. The IASB tentatively decided to defer the effective date of IFRS 17, Insurance Contracts to annual periods beginning on or after January 1, 2022.
What is the latest IFRS standard?
The final version of IFRS 9 “Financial Instruments” issued in July 2014 is the IASB’s replacement of IAS 39 “Financial Instruments: Recognition and Measurement”. The Standard includes requirements for recognition and measurement, impairment, derecognition and general hedge accounting.
When Aboriginal firms respond to a PSAB set aside opportunity How must they prove eligibility?
7. How do Aboriginal firms confirm that they meet the PSAB criteria? To do so, firms must complete and sign the form entitled “Aboriginal Business Directory Application”. Note: An Aboriginal bidder must provide proof of eligibility upon request.
What accounting standards are used in Canada?
In Canada, accounting standards for all entities outside the public sector are issued by the Accounting Standards Board (AcSB). The AcSB adopted IFRS® Standards as the accounting standards used by publicly accountable enterprises.