This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Basis for Conclusions – Amendments to Section 3051, Investments

  • ASPE_AcSB Image

May 31, 2019

On May 31, 2019, the Ac­count­ing Stan­dards Board (AcSB) re­leased this doc­u­ment which sets out how the AcSB reached its con­clu­sions on its project to amend Section 3051, and its dis­cus­sions on sig­nif­i­cant mat­ters aris­ing from com­ments re­ceived and is­sues raised in re­sponse to its Ex­po­sure Draft.

Stakeholders informed the AcSB that the scope of paragraph 3051.07A is unclear. Specifically, stakeholders observed that it was not clear whether this paragraph, which relates to the application of the cost method, also applies to interests in jointly controlled enterprises accounted for using that method. Consequently, the Board decided to amend Section 3051 to clarify that paragraph 3051.07A also applies to investments in jointly controlled enterprises (JCEs) accounted for using the cost method.

The amendment is applicable for annual financial statements relating to fiscal years beginning on or after January 1, 2020, with earlier application permitted.

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.