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Financial Statement Concepts – AcSB

Date recorded:

At its meeting on March 6-7, 2019, the AcSB discussed a financial statement concepts project proposal for Parts II and III of the CPA Canada Handbook – Accounting . The Board approved the project to include: (i) elements (definition of an asset, liability, revenue and net assets); (ii) recognition; (iii) measurement; (iv) presentation and disclosure; and (v) unit of account. The Board directed the staff to prioritize work on the definitions of an asset and liability in conjunction with its ongoing domestic projects.

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

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Correction list for hyphenation

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