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Location: Toronto
In July 2021, the Accounting Standards Board released the meeting notes of discussions held by its Private Enterprise Advisory Committee on May 26, 2021.
The following topics were discussed:
Review the meeting notes on the AcSB's Web site.
At its meeting on May 26, 2021, the Private Enterprise Advisory Committee discussed financial reporting issues arising from the Covid-19 pandemic. The Committee provided input on: (a) extending the relief for both lessees and lessors on accounting for COVID-19-related rent concessions; (b) whether additional guidance or educational materials were needed on going concern; and (c) the accounting for the Covid-19-related government assistance programs. The Committee recommended the AcSB extend the relief on accounting for rent concessions by at least six months. The Committee did not recommend any additional standard setting on the other topics discussed.
At its meeting on May 26, 2021, the Private Enterprise Advisory Committee discussed financial reporting issues arising from the Covid-19 pandemic. The Committee provided input on:
The Committee recommended the AcSB extend the relief on accounting for rent concessions by at least six months. The Committee did not recommend any additional standard setting on the other topics discussed.
Review the meeting notes on the AcSB's Web site.
At its meeting on May 26, 2021, the Private Enterprise Advisory Committee discussed proposals to amend Section 3856, Financial Instruments, addressing issues related to debt modification and hedge accounting resulting from IBOR reform. The Committee advised the AcSB on which industries in the private sector are most likely to be affected by the proposals. The Committee also advised on improving the drafting of the proposals.
At its meeting on May 26, 2021, the Private Enterprise Advisory Committee discussed proposals to amend Section 3856, Financial Instruments, addressing issues related to debt modification and hedge accounting resulting from IBOR reform. The Committee advised the AcSB on which industries in the private sector are most likely to be affected by the proposals. The Committee also advised on improving the drafting of the proposals.
Review the meeting notes on the AcSB's Web site.