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Part II Prioritization Survey - PEAC

Date recorded:

At its meeting on February 2, 2017, Private Enterprise Advisory Committee (PEAC) noted that, to carry out its plan to consult stakeholders about the relative priorities of future ASPE projects, the AcSB is focusing its consultation on the following specific topics at this time: (i) Section 1000, Financial Statement Concepts; (ii) Section 3400, Revenue; and (iii) Section 3840, Related Party Transactions. The Committee also discussed challenges with the application of Section 3840, Related Party Transactions at this meeting. In particular, Committee members discussed: (a) interaction of Section 3840 with Section 3856; (b) challenges with applying the measurement bases in Section 3840; (c) accounting for related party transactions for a non-profit entity; (d) business combinations under common control; and (e) presentation and disclosure. The Committee agreed to advise the AcSB that research should focus on the application challenges with the measurement bases in Section 3840 and business combinations under common control.

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

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