International Accounting Standards Board (IASB) Exposure Drafts

The International Accounting Standards Board issued three exposure drafts in July 2024:

• The exposure draft, Translation to a Hyperinflation Presentation Currency, proposing to amend IAS 21, The Effects of Changes in Exchange Rates to require that when an entity translates amounts from a functional currency that is the currency of a non-hyperinflationary economy to a presentation currency that is the currency of a hyperinflationary economy, the entity translates those amounts, including comparative amounts, using the closing rate at the date of the most recent statement of financial position. Comments are requested by November 22, 2024.
• The exposure draft, Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures, proposing updates to the newly released standard IFRS 19 for new or amended disclosure requirements added or amended in other IFRS Accounting Standards after February 28, 2021. Comments are requested by November 27, 2024.
• The exposure draft, Climate-related and Other Uncertainties in the Financial Statements, proposing to provide illustrative examples to accompany IFRS Accounting Standards. These examples would illustrate how an entity applies IFRS Accounting Standards to report the effects of climate-related and other uncertainties in its financial statements. Comments are requested by November 28, 2024.

For questions, please contact CPA Ontario’s Professional Advisory Services at 416 204.3106 or 1 800 387.0735, ext. 4456 or by email.