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AcSB Exposure Draft – Agriculture

Jul 09, 2018

On July 9, 2018, the Accounting Standards Board (AcSB) issued an Exposure Draft examining the accounting for agricultural inventories and productive biological assets. Stakeholders are encouraged to submit their comments by October 31, 2018.

The AcSB proposes to issue Section 3041, Agriculture. This new Section provides agricultural producers with guidance on the accounting for agricultural inventories and productive biological assets. This new Section would also apply to not-for-profit organizations (NFPOs) using the standards in Part III of the Handbook, as relevant.

The Board proposes that this Section applies to annual financial statements relating to fiscal years beginning on or after January 1, 2021. An agricultural producer applies this Section retrospectively, in accordance with Section 1506, Accounting Changesexcept as specified in paragraphs 3041.91-.92. Earlier application is permitted.

Review the Exposure Draft on the AcSB's website.

AcSB In Brief – Results of Stakeholder Survey on Section 3400

Feb 27, 2018

On February 27, 2018, the Accounting Standards Board (AcSB) released an overview of what stakeholders think about the existing Section 3400, "Revenue".

The survey informed the AcSB about stakeholders’ issues when applying Section 3400, including to what extent and why stakeholders refer to other sources for revenue guidance.

The AcSB directed staff to develop a project proposal to address the issues raised by stakeholders. It also directed staff to compare the current risks-and-rewards model with a control-based model based on the concepts in the standards on Revenue from Contracts with Customers in IFRS® Standards and U.S. GAAP.

The AcSB will consider a project proposal.

Review the publication on the AcSB's website.

New Narrow-scope Amendment Projects Approved

Jul 23, 2018

On July 23, 2018, the Ac­count­ing Stan­dards Board (AcSB) has confirmed that it is undertaking two new narrow-scope projects with respect to Part II of the CPA Canada Handbook; one with respect to income taxes and one with respect to investments. The AcSB plans to issue the related Exposure Draft(s) in the third quarter of 2018.

The income tax project proposes to amend Section 3465 to remove an outdated example on “eligible capital expenditures”, and to remove the requirement to present future income tax assets and liabilities as current and non-current when the future income taxes method is applied.

The investment project will clarify that the guidance relating to the cost method in Section 3051 also applies to interests in jointly controlled enterprises accounted for using the cost method.

For further details refer to the active projects on the AcSB's web­site.


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