At its meeting on September 20-21, 2023, the AcSB continued its discussion on feedback received from its Private Enterprise Advisory Committee and Not-for-Profit Advisory Committee on concerns raised with Section 3400, Revenue related to accounting for upfront non-refundable fees or payments. The Board approved an exposure draft to indefinitely defer the effective date of these amendments, with early application permitted, until their Evaluating the Preface project is complete. This exposure draft will also propose a new disclosure requirement for entities recognizing upfront non-refundable fees or payments. The Board expects to issue this exposure draft in November 2023 with a 90-day comment period.

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

At its meeting on September 20-21, 2023, the AcSB discussed feedback received from its Private Enterprise Advisory Committee and Small Practitioners Working Group on a proposed Accounting Guideline for accounting for insurance contracts with cash surrender value. The AcSB decided to limit the scope of the proposed Accounting Guideline to accounting treatment of life insurance contracts with cash surrender value by the owner of the life insurance policy. The Board also decided that, to meet the definition of an asset, the owner would also need to be the policy’s beneficiary. Additionally, the Board decided to include a consequential amendment to Section 1582, Business Combinations and Section 4449, Combinations by Not-for-Profit Organizations, to provide exceptions to the fair value measurement requirement. These amendments would require measurement of cash surrender value at the acquisition date at the amount that would be realized by the owner of the policy upon termination of the policy, consistent with the measurement requirement under the proposed Guideline. The AcSB approved an exposure draft proposing Accounting Guideline AcG-21, Accounting for Insurance Contracts with Cash Surrender Value. The Board expects to issue this exposure draft in November 2023 with a 90-day comment period.

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

At its meeting on September 20-21, 2023, the AcSB discussed preliminary feedback from outreach activities on the Exposure Draft, “Contributions – Revenue Recognition and Related Matters,” which closed for comment on September 30, 2023. The Board will redeliberate a complete analysis of all feedback on the Exposure Draft starting at its November 2023 meeting. As part of this redeliberation, the Board will consider the next steps and timeline for this project.

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

At its meeting on September 20-21, 2023, the AcSB discussed feedback received from over 150 interested and affected parties on its “Consultation Paper I – Exploring Scalability in Canada” which closed for comment on July 31, 2023. Based on the feedback received, the AcSB decided not to pursue an intermediary accounting framework option between IFRS Accounting Standards and Parts II and III of the CPA Canada Handbook – Accounting. The Board agreed on additional research and continued targeted consultation on options for possible tiering within the existing Part II and Part III frameworks. They also discussed a potential new framework for small entities. The AcSB was not asked to make any final decisions regarding these scaling options and will discuss the next steps for this project at the Board’s October 2023 meeting.

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