At its meeting on March 21-22, 2017, the AcSB considered responses from stakeholders to its Exposure Draft, “2017 Annual Improvements to Accounting Standards for Private Enterprises,” and the recommendations from its Private Enterprise Advisory Committee on how to proceed with the proposals based on that feedback. The AcSB approved proposed amendments, subject to drafting changes and a written ballot.

Amendments to accounting standards for private enterprises resulting from the 2017 annual improvements process will be effective for years beginning on or after January 1, 2018, with earlier application permitted. The amendments are expected to be issued in July 2017.

The responses to the Exposure Draft also included suggestions for additional improvements to accounting standards for private enterprises that did not relate to the specific proposals in the Exposure Draft. The AcSB will decide whether, and how, to address the suggestions at a future meeting.

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