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Accounting Standards Improvements for NFPOs - AcSB

Date recorded:

At its meeting on September 21-22, 2016, the AcSB discussed the effective date of the new Sections proposed in the upcoming exposure draft and the timing of incorporating the proposed new Sections into Part III of the Handbook. The AcSB decided to propose an effective date of January 1, 2019 in the exposure draft. The AcSB also considered whether using an alternative effective date of April 1 for changes to Part III on an ongoing basis would be preferable and decided to seek input on that proposal in the exposure draft.

The AcSB also discussed concerns raised so far from the fatal flaw review of the exposure draft. The AcSB will continue to consider feedback received from the fatal flaw review and will discuss the need to revise the proposals at a future meeting, if necessary.

Review the Executive Summary on the AcSB's Web site.

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