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Location: Toronto
On July 31, 2015, the Accounting Standards Board released an executive summary of discussions and decisions with respect to the topics addressed at this meeting.
The following topics were discussed:
Review the Decision Summary.
The AcSB considered input from its Conceptual Framework Discussion Group and Academic Advisory Council on the IASB’s Exposure Draft, “Conceptual Framework for Financial Reporting.” The AcSB is developing the points to be included in its comment letter to the IASB and will consider additional views from the Conceptual Framework Discussion Group as well as input from the public roundtable to be held on September 8, 2015. Canadian stakeholders are encouraged to submit their comments to the IASB by October 26, 2015.
The AcSB considered input from its Conceptual Framework Discussion Group and Academic Advisory Council on the IASB’s Exposure Draft, “Conceptual Framework for Financial Reporting.” The AcSB is developing the points to be included in its comment letter to the IASB and will consider additional views from the Conceptual Framework Discussion Group as well as input from the public roundtable to be held on September 8, 2015. Canadian stakeholders are encouraged to submit their comments to the IASB by October 26, 2015.
Review the executive summary.
The AcSB decided to respond to the IASB’s forthcoming exposure draft on the application of materiality to financial statements to support the development of this non-authoritative practice statement. The exposure draft is part of the IASB’s disclosure initiative and will propose guidance to assist preparers, auditors and regulators in using judgment when applying the concept of materiality. The IASB expects to issue the exposure draft in the third quarter of 2015.
The AcSB decided to respond to the IASB’s forthcoming exposure draft on the application of materiality to financial statements to support the development of this non-authoritative practice statement. The exposure draft is part of the IASB’s disclosure initiative and will propose guidance to assist preparers, auditors and regulators in using judgment when applying the concept of materiality. The IASB expects to issue the exposure draft in the third quarter of 2015.