AcSB Decision Summary – March 21-22, 2017
An executive summary of discussions and decisions with respect to the topics addressed at this meeting. As reported by The Standard.
International Financial Reporting Standards
Annual Improvements 2015-2017
The AcSB discussed and approved its response letter to the IASB’s Exposure Draft, “Annual Improvements to IFRS Standards 2015-2017 Cycle,” subject to drafting changes.
IFRS Financial Statement Users
The AcSB discussed the views expressed by users of financial statements at a recent panel discussion on “Audited Financial Information: Is it losing its Relevance?” arranged by the Chartered Financial Analyst Institute, and sponsored by the Auditing and Assurance Standards Board and Canadian Public Accountability Board. The AcSB plans to monitor the next steps following this panel discussion and discuss further the role of the accounting standard setter and others in seeing that users have quality financial information to make investment decisions at future meetings.
Prepayment Features with Negative Compensation (Previously Called Symmetric Prepayment Options)
The AcSB decided on a 30-day comment period for the AcSB’s exposure draft corresponding to the forthcoming IASB’s exposure draft on the same topic. The AcSB expects to issue its wraparound exposure draft when the IASB issues its exposure draft in late April 2017.
Principles of Disclosure
The AcSB discussed a plan to respond to the IASB’s forthcoming discussion paper.
The AcSB discussed an updated version of its research paper on the decision-usefulness of financial information that reflects the economics of rate-regulated activities. The paper has been expanded to make it more globally inclusive, using new data obtained in part by surveying other national standard setters to learn about the regulatory frameworks in their jurisdictions. The AcSB directed the staff to revise the paper to:
- incorporate additional data from completed surveys returned after this AcSB discussion; and
- provide further context for the data presented in some areas and improve the clarity around the overall research findings.
No decisions were made. The AcSB will consider a final draft of this research paper at a later date.