Future-orientated Financial Information – AASB
Date recorded:
At its meeting on June 6-7, 2022, the AASB discussed issues related to developing a new Canadian standard on compilations of FOFI. This new standard will replace Assurance and Related Services Guideline (AuG) 16, Compilation of a Financial Forecast or Projection. Key issues discussed included: (i) whether the new standard should clarify the AuG-16 definitions of “forecast” and “projection”; (ii) whether the new standard’s scope should include budgets and pro forma financial information; and (iii) what requirements and guidance might be needed in the new standard to guide the practitioner to compile FOFI that is not misleading.
Review the Executive Summary on the AASB's Web site.