Accounting Standards Board – Decision Summary – April 20, 2016

April 20, 2016 – This summary of Accounting Standards Board (AcSB) decisions has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussion on projects, which may change after further deliberations by the AcSB. Decisions to publish Handbook material are final only after a formal ballot process.

International Financial Reporting Standards

Accounting Standards Advisory Forum

The AcSB received feedback on the discussions of various topics at the recent meeting of the Accounting Standards Advisory Forum, including insurance, rate-regulated activities and the IASB’s Agenda Consultation.

Definition of a Publicly Accountable Enterprise

The AcSB discussed whether it should provide guidance on the application of the definition of a publicly accountable enterprise found in the Preface to the Handbook. The AcSB:

  • observed that the current environment of entities raising capital in non-traditional markets continues to evolve;
  • would like to better understand this environment before deciding on this issue; and
  • requested an education session at a future meeting, after which it will determine next steps.

The AcSB continued to note that an entity needs to exercise judgment in determining whether it meets the definition of a publicly accountable enterprise given its facts and circumstances.

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