2017 Annual Improvements - PEAC

Date recorded:

At its meeting on February 2, 2017, the PEAC agreed to recommend to the AcSB that the following proposed amendments be approved as exposed:

  • Section 1505, Disclosure of Accounting Policies, would require disclosure of accounting policies “in one of the first notes” to the financial statements
  • Section 1506, Accounting Changes, would require disclosure of the amount of an adjustment to an accounting policy to the prior period(s) only
  • Section 1651, Foreign Currency Translation, would not require the reversal of previously recorded write-downs of inventory in the translated financial statements of an integrated foreign operation
  • Section 3065, Leases, would only require disclosure of the amount of the allowance for impairment of operating lease receivables and not the carrying amount of impaired operating lease receivables

The AcSB will discuss the responses to its Exposure Draft and the Committee’s recommendations at its March 2017 meeting.

Review the meeting notes on the AcSB's Web site.

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