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New Narrow-scope Amendment Projects Approved

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The income tax project proposes to amend Section 3465 to remove an outdated example on “eligible capital expenditures”, and to remove the requirement to present future income tax assets and liabilities as current and non-current when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