At its meeting on November 17, 2016, the Committee members discussed the changes the AcSB made to the exposure draft as a result of the fatal flaw review process. Committee members discussed whether an effective date of January 1, 2019 or April 1, 2019 for the exposure draft proposals would be most appropriate. AcSB staff noted that a question relating to this will be included in the exposure draft. Committee members noted that since year ends for NFPOs vary across the sector, it is difficult to determine the best effective date for all NFPOs. Some Committee members also observed that regardless of the effective date, earlier application of the proposals is an option.

Review the summary of discussions on the AcSB's Web site.

At its meeting on November 17, 2016, the Committee discussed the following related to accounting for contributions in Canada: (i) reasons for two methods of accounting; (ii) how two methods serve conceptual principles and the effect on donors; (iii) deferral method – pros and cons; (iv) restricted fund method – pros and cons; (v) other areas for improvement; (vi) other matters; (vii) FASB update; and (viii) other issues.

Review the summary of discussions on the AcSB's Web site.