Redeemable Preferred Shares Issued in a Tax Planning Arrangement - AcSB

Date recorded:

The Accounting Standards Board (AcSB) continued discussions of respondents’ comments, including the results of the roundtable discussions with stakeholders, on the Exposure Draft, “Redeemable Preferred Shares Issued in a Tax Planning Arrangement.” Many respondents noted that the Exposure Draft proposals were based on discussions with creditors and suggested that additional types of users should be consulted.  These respondents noted that other users may not understand the results of reporting redeemable preferred shares issued in a tax planning arrangement as liabilities. 

The AcSB decided to consider the results of the user outreach on the Invitation to Comment before further deliberating this issue. In light of the above decision, and the time needed to fully consider other issues and comments raised by respondents, the AcSB agreed that any change as a result of this project will not be published prior to January 1, 2016.  Accordingly, the AcSB decided that the effective date of any such change will be no earlier than January 1, 2018.

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