The scope of Section 3856 would be amended to make clear that the Section would apply to the initial and subsequent measurement, derecognition, presentation and disclosure of related party financial instruments.

Guidance on how NFPOs initially measure related party financial instruments would be added to Section 3856.

Review the Exposure Draft on the AcSB's website.

The AcSB proposes, subject to comments received following exposure, to amend FINANCIAL INSTRUMENTS, Section 3856, to modify the accounting for retractable or mandatorily redeemable shares issued in a tax planning arrangement.

The Board also proposes, subject to comments received following exposure, to amend:

• SUBSIDIARIES, Section 1591, to add guidance on substantive rights; and
• EQUITY, Section 3251, to present the effects of the amendments to FINANCIAL INSTRUMENTS, Section 3856, as a separate component of equity.

The Board plans to issue the final amendments in the first quarter of 2019, if no significant changes are required to the proposals after deliberating the comments received. In that case, the proposed effective date of the amendments would be for fiscal years beginning on or after January 1, 2020.

Review the Exposure Draft on the AcSB's website.

The Agriculture Advisory Group will hold four or five meetings per year, including full-day working sessions and short interim teleconferences. Appointments are generally for a three-year term.

Review the Decision Summary on the AcSB's website.

The Exposure Draft proposed that the amendments be effective for annual financial statements beginning on or after January 1, 2018, with earlier application permitted. Respondents agreed with this proposal and, accordingly, the AcSB finalized the effective date as proposed.

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

In developing its 2016-2021 Strategic Plan and through various consultations, the AcSB has received feedback from stakeholders applying ASPE/Part II of the Handbook about their concerns with the standards. In response to this feedback, the AcSB is considering a number of topics for future projects.

This survey seeks stakeholders’ views on how the AcSB should prioritize the topics that it is considering. The AcSB will consider the results of this survey, together with its other research, to determine if and when to undertake projects on these topics.

Re­view the Survey on the AcSB's Web site.

The AcSB decided that the following themes merit further consultation with stakeholders:

• accounting for business combinations under common control; and
• determining how to measure transactions involving items that are not financial in nature.

The AcSB decided that further targeted outreach should be conducted to identify whether there are additional stakeholder concerns that should be considered before determining the scope of any future projects on this topic. The AcSB also directed the staff to consider similarities in the characteristics of combinations of private enterprises and not-for-profit organizations.

The AcSB discussed the complexities with the measurement of related party financial instruments and agreed to further deliberate this issue at its next meeting in the context of its Section 3856, Financial Instruments project.

Review the Executive Summary on the AcSB's Web site.

Are you a private enterprise preparing financial statements for an annual period beginning on or after January 1, 2016? If so, you are required to apply Section 1591, Subsidiaries, and Section 3056, Interests in Joint Arrangements.

Review the article on the AcSB's website.

The AcSB continues to gather information to understand the views of stakeholders in the agriculture sector including users, preparers and practitioners. There is a need for guidance because of the different ways similar items are reported in the financial statements of agriculture producers.

The Agriculture Advisory Group was set up to provide input on agriculture guidance being developed.

Review the article on the AcSB's website.

Since the release of the 2014 Exposure Draft, the Board has heard from stakeholders through a number of outreach activities.

Review an overview of the AcSB’s stakeholder consultations on the AcSB's website.