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FYI Article – 2015 Annual Improvements: Clarifying the Standards

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Nov 03, 2015

On November 3, 2015, the Accounting Standards Board (AcSB) released an article on the its recently issued amendments regarding disclosures of business combinations, investments, leases, and property, plant and equipment; and the measurement of a defined benefit plan obligation.

In October 2015, the AcSB issued the 2015 annual improvements, including the Basis for Conclusions. Annual improvements consist of limited amendments to accounting standards for private enterprises in Part II of the CPA Canada Handbook – Accounting to clarify guidance or wording, or correct relatively minor unintended consequences, conflicts or oversights. The focus of annual improvements is to help stakeholders apply the standards, rather than introduce significant change.

The following standards have been amended as a result of the 2015 annual improvements:

  • Section 1582, Business Combinations – Disclosures
  • Section 3051, Investments, and Section 3065, Leases – Disclosures
  • Section 3061, Property, Plant and Equipment – Disclosures
  • Section 3462, Employee Future Benefits – Use of a Funding Valuation

Read the article on the AcSB's Web site.

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