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Location: Toronto
On April 7, 2015, the Accounting Standards Board published an executive summary of discussions and decisions with respect to the topics addressed at this meeting.
Read the executive summary.
The AcSB began considering responses to its Exposure Draft, “Redeemable Preferred Shares Issued in a Tax Planning Arrangement,” as well as the results of all roundtable discussions with stakeholders, including the additional discussions conducted in January and February 2015 with practitioners and lenders that use financial statements. The AcSB agreed that redeemable preferred shares issued in a tax planning arrangement (as addressed in Financial Instruments, paragraph 3856.23) meet the definition of a liability. The AcSB will consider whether there are sufficient cost/benefit considerations to retain equity treatment for certain redeemable preferred shares issued in a tax planning arrangement. The AcSB also discussed whether further consultations with financial statement users should be undertaken. No decisions were made on this issue. The AcSB will continue discussions of this topic at its May 2015 meeting
The AcSB began considering responses to its Exposure Draft, “Redeemable Preferred Shares Issued in a Tax Planning Arrangement,” as well as the results of all roundtable discussions with stakeholders, including the additional discussions conducted in January and February 2015 with practitioners and lenders that use financial statements.
The AcSB agreed that redeemable preferred shares issued in a tax planning arrangement (as addressed in Financial Instruments, paragraph 3856.23) meet the definition of a liability. The AcSB will consider whether there are sufficient cost/benefit considerations to retain equity treatment for certain redeemable preferred shares issued in a tax planning arrangement.
The AcSB also discussed whether further consultations with financial statement users should be undertaken. No decisions were made on this issue.
The AcSB will continue discussions of this topic at its May 2015 meeting.
Read the executive summary.