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AcSB Exposure Draft – 2021 Annual Improvements

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Oct 15, 2020

On October 15, 2020, the Accounting Standards Board (AcSB) issued an exposure draft proposing annual improvements to accounting standards for private enterprises and accounting standards for not-for-profit organizations. Comments are requested by December 14, 2020.

The exposure draft includes proposed amendments to:

Part II – Accounting Standards for Private Enterprises

  • FIRST-TIME ADOPTION, Section 1500
  • CURRENT ASSETS AND CURRENT LIABILITIES, Section 1510
  • CASH FLOW STATEMENT, Section 1540
  • FINANCIAL INSTRUMENTS, Section 3856

Part III – Accounting Standards for Not-for-Profit Organizations

  • FIRST-TIME ADOPTION BY NOT-FOR-PROFIT ORGANIZATIONS, Section 1501

The AcSB expects to issue the final amendments in the second quarter of 2021. The amendments will be effective for years beginning on or after January 1, 2022. Earlier application is permitted. The AcSB intends that the amendments be applied retrospectively.

Review the press release and exposure draft on the AcSB's website.

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