AcSB Decision Summary – December 15, 2016
An executive summary of discussions and decisions with respect to the topics addressed at this meeting. As reported by The Standard.
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
The AcSB received an update on the discussions of the IASB staff’s proposed accounting model for rate-regulated activities at the December 2016 meetings of the Accounting Standards Advisory Forum and the IASB.
The AcSB directed the staff to expand its research paper to include more global data, in order to support the advancement of the IASB’s Rate-regulated Activities project. This includes working with other national standard setters to perform a comparison of regulatory frameworks across various jurisdictions and learning more about the perspective of users of financial statements outside Canada.
Financial Instruments – Insurance
The AcSB discussed and approved its response letter to the U.S. Financial Accounting Standards Board’s Exposure Draft, “Financial Services — Insurance.”
Standards for Private Enterprises
The AcSB approved a standards-level project to develop authoritative guidance after considering the input received from stakeholders on its Discussion Paper, “Agriculture.”
During 2017, the AcSB plans to develop an exposure draft of a new standard in accordance with its due process. The AcSB expects to issue the exposure draft for public comment in the first quarter of 2018.
The AcSB encourages stakeholders interested in volunteering for its new Agriculture Advisory Group to submit a resumé by January 16, 2017.
Standards for Not-for-Profit Organizations
Accounting Standards Improvements
The AcSB discussed the comment period deadline for the upcoming exposure draft and decided to provide a longer comment period of 120 days. The AcSB plans to issue the exposure draft in early February 2017 with a May 31, 2017 comment deadline.
The AcSB also discussed the extent and type of consultations needed to obtain input on the exposure draft proposals. The AcSB emphasized the importance of receiving feedback from the not-for-profit sector and directed the staff to offer stakeholders different ways to provide input on the proposals.
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