AcSB Decision Summary – January 12, 2016
This AcSB decision summary (Accounting Standards Board decision) 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.(as reported by The Standard)
International Financial Reporting Standards
Applying IFRS 9 with IFRS 4
The AcSB continued to discuss the IASB’s Exposure Draft, “Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts.”
The AcSB encourages stakeholders to share their views on the Exposure Drafts issued by the IASB and the AcSB by submitting comment letters by February 8, 2016.
Foreign Currency Transactions and Advance Consideration
The AcSB approved its response letter to the IFRS Interpretations Committee’s Draft Interpretation, “Foreign Currency Transactions and Advance Consideration,” subject to drafting changes.
The AcSB discussed concerns raised by stakeholders related to proposals on contractual service margin and transition in the forthcoming new insurance contracts standard, including receiving feedback from discussions at a meeting of the AcSB’s Insurance Accounting Task Force. No decisions were made.
Materiality Practice Statement
The AcSB discussed the key points to be included in its response letter to the IASB on its Draft Practice Statement, “Application of Materiality to Financial Statements.”
The AcSB encourages stakeholders to share their views on the Draft Practice Statement issued by the IASB by submitting comment letters by February 26, 2016.
Uncertainty over Income Tax Treatments
The AcSB approved its response letter to the IFRS Interpretations Committee’s Draft Interpretation, “Uncertainty over Income Tax Treatments,” subject to drafting changes.
Governance and Planning
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