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AcSB Exposure Draft – 2017 Annual Improvements to Accounting Standards for Private Enterprises

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Sep 13, 2016

On September 13, 2016, the Accounting Standards Board (AcSB) issued an Exposure Draft proposing amendments that will affect private enterprises and not-for-profit organizations. Stakeholders are encouraged to submit their comments by December 15, 2016.

The proposed amendments include:

Disclosure of Accounting Policies, Section 1505

  • The proposed amendment requires that the disclosure of accounting policies should be provided “in one of the first notes”, rather than as the first note, to the financial statements.

Accounting Changes, Section 1506

  • The proposed amendments deletes the requirement to disclose the amount of an adjustment related to an accounting policy change for the current period and requires disclosure “for each of the prior period(s) presented”.

Balance Sheet, Section 1521

  • The proposed amendments clarifies the existing presentation and disclosure requirements related to assets under capital leases. The AcSB also proposes to clarify the requirements of Section 1521, as they relate to the presentation and disclosure requirements of other standards in Part II of the Handbook.

Foreign Currency Translation, Section 1651

  • The AcSB proposes to amend Section 1651 by deleting the paragraph that requires that previously recorded write-downs of inventory should not be reversed in the translated financial statements of an integrated foreign operation and provides further clarification on the example included in paragraph 1651.51.

Leases, Section 3065

  • Leases, paragraph 3065.81, requires disclosure of the carrying amount of impaired operating lease receivables and the amount of any related allowance for impairment. The proposed amendment to paragraph 3065.81 clarifies that only the amount of the allowance for impairment is required to be disclosed and not the carrying amount of impaired operating lease receivables.

Timing of adoption and transitional provisions

The AcSB expects to issue the final amendments in the third quarter of 2017. The amendments will be effective for years beginning on or after January 1, 2018. Earlier application is permitted. The AcSB intends that the amendments be applied retrospectively.

Review the Exposure Draft on the AcSB's website.

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