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Post-implementation Review of Section 3856 – AcSB

Date recorded:

At its meeting on July 13, 2017, the AcSB considered feedback received from its Not-For-Profit Advisory Committee on current practice of not-for-profit organizations on the topics in this project. The Board decided: (i) that the modification of all related party financial instruments will be accounted for as an extinguishment and that the modified instrument will be measured using the initial measurement concepts for related party financial instruments; (ii) to amend the Section to clarify that an entity needs to disclose significant risks arising from derivatives although it need not be done separately; (iii) that the amendments will be applicable to for-profit enterprises and not-for-profit organizations; and (iv) on the transition requirements and the proposed effective date. The Board directed the staff to conduct testing of the initial measurement proposals. The Board expects to issue an exposure draft no later than the fourth quarter of 2017.

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

Correction list for hyphenation

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