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AcSB Decision Summary – December 15, 2015 - Private Enterprise Advisory Committee

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Jan 04, 2016

On January 4, 2016, the Accounting Standards Board (AcSB) released an executive summary of discussions and decisions with respect to the topics addressed at this meeting.

At this meeting, the AcSB discussed the Private Enterprise Advisory Committee’s recommendations on whether IFRSs issued or amended by the IASB in 2014 should be considered for ASPE. The AcSB agreed with the Committee’s recommendation that no amendments should be considered at this time. The AcSB noted the following:

  • Improvements in accounting for and disclosure of financial instruments should be considered as part of the analysis of the results on the Post-implementations Review of Section 3856, Financial Instruments.
  • Amendments relating to the acquisition of an interest in a joint operation should be considered when there has been sufficient experience in applying Section 3056, Interests in Joint Arrangements. Section 3056 is effective for fiscal periods beginning on or after January 1, 2016. Therefore, the AcSB decided that no amendments to Section 3056 should be considered at this time.
  • Feedback received from stakeholders has identified Section 3400, Revenue, as an area that requires additional guidance. Accordingly, the AcSB directed staff to conduct research into assessing the scope of a potential project.

The AcSB also considered the Committee’s recommendation from its April 1, 2015 meeting on whether a review of existing disclosure requirements should be undertaken.  This recommendation is based on discussing the results of two surveys conducted to assess the effect on disclosures when private enterprises transitioned to Part II of the Handbook.  The AcSB agreed with the Committee’s recommendation that there does not appear to be a significant urgency to undertake a disclosures review project at this time but directed staff to assess disclosure requirements through ongoing projects and activities.

Review the executive summary on the AcSB's Web site.

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