Regulatory Alerts2014-01-15
Notice Relating to Early Adoption of IAS 36 for Asset Impairment
The Autorité des marchés financiers permits Québec chartered financial institutions to early adopt the International Accounting Standards Board’s amendments to IAS 36 regarding asset impairment disclosures. These amendments narrow disclosure requirements to focus on recoverable amounts based on fair value less costs of disposal, correcting previous broad reporting obligations. Institutions may apply the changes retrospectively for annual periods beginning on or after January 1, 2014, provided they simultaneously apply IFRS 13.
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