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Survey on Financial Statement Disclosures – April 2015 PEAC Meeting

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Apr 29, 2015

At its meeting on April 1, 2015, the Private Enterprise Advisory Committee discussed the results of two surveys conducted to assess the impact on financial statement disclosures when private enterprises transitioned to Part II of the Handbook.

The feedback suggested that applying Part II did not result in significant reductions to note disclosures for most private enterprises, even though there are significantly fewer disclosure requirements than in the pre-changeover standards in Part V of the Handbook. Committee members observed this could be due to the fact that private enterprises were not required to apply the pre-changeover financial instrument standards (and many had not done so), and private enterprises that used differential reporting options already benefited from some reduction in disclosures.

Also, a number of the reduced disclosures were in Sections that do not apply to many private enterprises, while some private enterprises chose to retain disclosures that are not required under Part II.

However, the majority of the respondents commented that the disclosure requirements in accounting standards for private enterprises are currently meeting the needs of users and, thus, the Committee observed there does not appear to be a significant urgency to undertake a disclosures review project at this time. 

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