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FYI Article – 2015 Annual Improvements: Proposed Clarifications to the Standards

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Mar 10, 2015

On March 10, 2015, the Accounting Standards Board released an article where it discusses its recently issued Exposure Draft regarding disclosures of business combinations and impairments, and the measurement of a defined benefit plan obligation.

The Accounting Standards Board (AcSB) recently issued an exposure draft of 2015 annual improvements. 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 Exposure Draft, “2015 Annual Improvements to Accounting Standards for Private Enterprises,” proposes changes to:

  1. the disclosures in Section 1582, Business Combinations;
  2. the disclosures in Section 3051, Investments, and Section 3065, Leases; and
  3. the measurement of a defined benefit plan obligation in Section 3462, Employee Future Benefits.

Read the article.

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