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Basis for Conclusions – Clarifications to Sections 1591 and 3056

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Dec 08, 2016

On December 8, 2016, the Accounting Standards Board (AcSB) released this document which sets out how the AcSB reached its conclusions. As well, it sets out significant matters arising from comments received in response to its Exposure Draft and indicates how the Board dealt with the issues raised.

The amendments are effective for fiscal years beginning on or after January 1, 2017, with earlier application permitted. However, the AcSB decided that the amendments to clarify the accounting for a subsidiary controlled through a combination of contractual arrangements and voting interests are effective for fiscal years beginning on or after January 1, 2018. This timing coincides with the effective date of amendments to be issued as a result of the Exposure Draft, “Subsidiaries and Investments,” issued in September 2015.

Download the Basis for Conclusions on the AcSB's website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.