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Annual Improvements 2021 – AcSB

Date recorded:

At its meeting on January 20, 2021, the AcSB discussed stakeholders’ responses to the Exposure Draft, 2021 Annual Improvements to Accounting Standards for Private Enterprises and Accounting Standards for Not-for-Profit Organizations. The Board decided, subject to written ballot, to:

  • amend Illustrative Example 3 in Section 3856, Financial Instruments, to use an assigned value of $45,000 in the case facts of the example;
  • issue the amendments to Section 1510, Current Assets and Current Liabilities, as exposed, with the exception of a consequential amendment to Section 1521, Balance Sheet; and
  • issue the amendments to Section 1500, First-time adoption, Section 1501, First-time Adoption by Not-for-Profit Organizations, and Section 1540, Cash Flow Statement, and, as exposed.

The AcSB provided approval to begin the balloting process. The Board plans to issue the final amendments in April 2021.

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

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