At its meeting on April 25, 2023, the AcSB, as part of its 2023 annual improvements process, has decided to issue an exposure draft to scope out buy-in annuity contracts from the fair value disclosure requirements. The Board tentatively decided to propose an effective date of January 1, 2024, to align with the effective date of the December 2022 amendments. Earlier application would be permitted. The Board reviewed a draft of the exposure draft at the meeting and gave permission to begin the balloting process. It expects to issue the exposure draft in early May 2023 with a 30-day comment period. The AcSB approved a project to provide guidance on accounting for insurance contracts with cash surrender value in Part II and Part III of the CPA Canada Handbook – Accounting.

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