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AcSB Decision Summary – November 24, 2015 - 2017 annual improvements

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Dec 04, 2015

On December 4, 2015, the Accounting Standards Board (AcSB) released an executive summary of discussions and decisions with respect to the topics addressed at this meeting.

At its meeting on November 24, 2015, the AcSB agreed to revise the timing of the annual improvements process, such that the exposure draft will be issued in September rather than February and final amendments will be released in the Handbook the following July as opposed to October. As a result, the next cycle of annual improvements will be issued in 2017.  Stakeholders are encouraged to submit issues.

The AcSB considered recommendations of its Private Enterprise Advisory Committee and decided to include proposals in the 2017 annual improvements to remove the requirements for an enterprise to disclose:

  • its accounting policies “as the first note to the financial statements” as described in Section 1505, Disclosure of Accounting Policies; and
  • the carrying amount of impaired operating lease receivables set out in Section 3065, Leases.

The AcSB also decided not to include several other issues raised by stakeholders during the 2015 annual improvements process and the Post-implementation Review of Section 3856, Financial Instruments.  The AcSB determined that the issues identified in the Post-implementation Review either were not within the scope of an annual improvement or thought the issues should be addressed as part of broader projects.

The AcSB expects to issue an exposure draft of the proposed 2017 annual improvements in September 2016.

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

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