At its meeting on June 22, 2017, the AcSB continued its discussion on the circumstances in which classification of redeemable preferred shares may need to be reassessed after initial recognition. The Board reaffirmed its view that the need to reassess classification should be based on the occurrence of an event or transaction and decided on some examples that should be provided in the guidance. The Board also decided that: (i) on transition, enterprises will be provided an option to not restate comparatives; (ii) the proposed effective date of the amendments will be January 1, 2020; and (iii) Section 1500, First-time Adoption, will be amended to allow the same transitional relief for enterprises applying Accounting Standards for Private Enterprises subsequent to the date that the amendments are made effective. The Board will issue a re-exposure draft on these proposals no later than September 30, 2017.

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