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2017 annual improvements - AcSB

Date recorded:

At its meeting on July 20, 2016, the AcSB considered the remaining issues for inclusion in the 2017 annual improvements process and decided that the proposals:

  • in Section 1506, Accounting Changes, would require the disclosure of the amount of an adjustment related to a change in accounting policy for the prior period(s) presented, and remove the requirement to disclose the adjustment related to the current period; and
  • in Section 1521, Balance Sheet, would clarify the presentation and disclosure requirements including that assets under capital lease should be presented separately.

The AcSB further decided not to include in the 2017 annual improvements clarification on how impairment losses should be allocated between long-lived assets and goodwill when an impairment loss is determined at the reporting unit level, as the issue is not within the scope of an annual improvement. The AcSB directed staff to conduct further analysis of the issue for consideration at a future meeting.

In addition, the AcSB decided to correct the duplication of the requirement to disclose the number of shares issued in Section 3240, Share Capital, as an editorial correction.

The AcSB discussed whether to remove Foreign Currency Translation, paragraph 1651.53, to permit the reversal of previously recorded write-downs of inventory consistent with the guidance in Section 3031, Inventories. The AcSB would like to better understand the concern before deciding on this issue and directed staff to conduct further analysis of the issue.

The AcSB expects to issue an exposure draft in the third quarter of 2016.

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

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