At its meeting on December 6-7, 2021, the AcSB discussed questions raised by stakeholders with applying the retractable or mandatorily redeemable shares (ROMRS) amendments that are effective for fiscal years beginning on or after January 1, 2021. The Board considered various tax planning arrangements that its Private Enterprise Advisory Committee discussed on October 27, 2021. After considering the Private Enterprise Advisory Committee’s advice, the AcSB decided not to pursue additional standard setting to clarify the amendments. The Board suggests that stakeholders consider the previously issued Basis for Conclusions, podcast series and webinar that provide guidance on applying judgment when implementing the amendments. The Board will continue to monitor the implementation of the amendments and take additional action as needed. The Board encourages stakeholders to raise any implementation concerns using its Contact Us form.

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