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Location: Toronto
On May 31, 2017, the Accounting Standards Board (AcSB) released an executive summary of discussions and decisions with respect to the topics addressed at this meeting.
The following topics were discussed:
Standards for Private Enterprises
Review the Executive Summary on the AcSB's Web site.
At its meeting on May 16, 2017, the AcSB considered feedback received from the “Post-implementation Review of Section 3856, Financial Instruments” and additional targeted advice from members of its Private Enterprise Advisory Committee on alternatives to resolve the following narrow-scope issues: (i) Initial measurement of related party financial instruments; (ii) Measurement of related party compound financial instruments; (iii) Classification of impairment and forgiveness of related party loans; (iv) Scope of accounting for modifications and extinguishments of related party loans; (v) Usefulness of financial instrument risk disclosures; and (vi) Application by not-for-profit organizations. The Board will issue an exposure draft on these narrow-scope issues no later than the fourth quarter of 2017.
At its meeting on May 16, 2017, the AcSB considered feedback received from the “Post-implementation Review of Section 3856, Financial Instruments” and additional targeted advice from members of its Private Enterprise Advisory Committee on alternatives to resolve the following narrow-scope issues:
The Board will issue an exposure draft on these narrow-scope issues no later than the fourth quarter of 2017.
Review the Executive Summary on the AcSB's Web site.
At its meeting on May 16, 2017, the AcSB considered an issue raised in finalizing the amendments to Section 1521, Balance Sheet, proposed in its Exposure Draft, “2017 Annual Improvements to Accounting Standards for Private Enterprises,” relating to the presentation of current assets. The Board decided to clarify further the requirements in Section 1521.
At its meeting on May 16, 2017, the AcSB considered an issue raised in finalizing the amendments to Section 1521, Balance Sheet, proposed in its Exposure Draft, “2017 Annual Improvements to Accounting Standards for Private Enterprises,” relating to the presentation of current assets. The Board decided to clarify further the requirements in Section 1521.
Review the Executive Summary on the AcSB's Web site.
At its meeting on May 16, 2017, , the AcSB discussed: (i) Initial measurement for shares issued to a related party; (ii) Reassessment criteria; (iii) Presentation and disclosures; and (iv) Transition requirements. The Board will issue a re-exposure draft on these proposals no later than September 30, 2017.
At its meeting on May 16, 2017, , the AcSB discussed: (i) Initial measurement for shares issued to a related party; (ii) Reassessment criteria; (iii) Presentation and disclosures; and (iv) Transition requirements. 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.