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Post-implementation Review of Section 3856 – PEAC

Date recorded:

At its meeting on February 7, 2018, the PEAC discussed a summary of the feedback obtained from outreach activities on the Exposure Draft, “Accounting for Related Party Financial Instruments and Significant Risk Disclosures.” Committee members advised that the Board clarify the initial measurement proposals for related party financial instruments. Members thought adding a flow chart in Section 3856, Financial Instruments, and Section 3840, Related Party Transactions, would direct stakeholders on which standard to apply to the various elements of a related party transaction. Committee members also advised the Board to consider providing guidance on what “entity-specific information” means. However, members think illustrative examples should not be provided in the guidance because these may be applied as template disclosures.

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

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