FYI Article – Annual Improvements: Revised Timing
The Accounting Standards Board (AcSB) heard you! Are you aware that the AcSB revised the timing of the annual improvements process for accounting standards for private enterprises? Here’s an overview of the new process; as reported by the Standard.
Timing of the Annual Improvements Process
In response to stakeholder feedback, in November 2015 the AcSB agreed to revise the timing of the annual improvements process.
An exposure draft will now be issued in September rather than February and final amendments will be released in the Handbook the following July as opposed to October. As a result, the next cycle will be issued in 2017.
What are Annual Improvements?
Annual improvements consist of limited amendments to accounting standards for private enterprises in Part II of the CPA Canada Handbook – Accounting. They clarify guidance or wording, or correct relatively minor unintended consequences, conflicts or oversights.
The focus of annual improvements is to help our stakeholders apply the standards, rather than introduce significant change.
What is the Process?
The process for identifying annual improvements starts with a stakeholder submitting an issue that meets the Annual Improvements Criteria …Read details here.
The AcSB established the Private Enterprise Advisory Committee to assist the AcSB in maintaining and improving accounting standards in Part II. With input from this Committee, the AcSB deliberates an issue and decides whether it should be addressed in the annual improvements process.
Submit Your Issues by April 2016
Help us to help you.
Do you have an issue that should be considered as an annual improvement for the 2017 cycle?
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