Completed projects
- 2017 Annual Improvements [Completed]
- Changes to standards, however small, are time-consuming for the Accounting Standards Board (AcSB) to deal with. Accordingly, the AcSB has adopted the Annual Improvements process to deal efficiently with a collection of narrow scope amendments to the CPA Canada Handbook – Part II even though the amendments are unrelated.
- 2017 Consultation on Priorities for Part II [Completed]
- The AcSB conducted research and targeted outreach with stakeholders to gain a better understanding of the issues relating to the following topics: (i) Section 1000, Financial Statement Concepts; (ii) Section 3400, Revenue; (iii) Section 3840, Related Party Transactions; (iv) the benefit of amortizing goodwill and providing relief from the recognition of intangible assets on business combinations; (v) clarifying the definition of a business; (vi) including guidance on determining functional currency; and (vii) Section 3856, Financial Instruments: fair value measurement, hedge accounting, derecognition and classification of equity and financial liabilities.
- Accounting for Related Party Financial Instruments and Significant Risk Disclosures (Proposed Amendments to Section 3856, Financial Instruments) [Completed]
- This project clarifies the scope of related party financial instruments, clarifies the measurement of related party compound financial instruments and amends the financial instrument risk disclosure requirements.
- Accounting for Subsidiaries under the Cost Method and the Equity Method (Amendments to Sections 1591 and 3051) [Completed]
- A project to clarify certain issues in accounting for subsidiaries under the cost method and the equity method.
- Additional Guidance with respect to Section 3400, Revenue [Completed]
- The AcSB approved a project to address stakeholders’ issues about insufficient guidance on accounting for revenue in Section 3400, Revenue, in Part II of the Handbook.
- Agriculture [Completed]
- The purpose of this project is to develop an accounting standard for agricultural activities.
- Annual improvements
- Annual Improvements 2021 [Completed]
- The annual improvements process clarifies guidance or wording in the standards; or corrects relatively minor unintended consequences, conflicts or oversights
- Cloud Computing Arrangements [Completed]
- Cloud Computing Arrangements
- Employee Future Benefits – Use of a Funding Valuation [Completed]
- This project will clarify the AcSB’s intent regarding the Stabilization Provision established in 2016 by Quebec’s pension regulator for private sector plans.
- Interest Rate Benchmark (IBOR) Reform [Completed]
- This amendment would provide an optional expedient for applying debt modification accounting and an exception to certain hedge accounting requirements in Section 3856.
- Investments and Income Taxes (Proposed Amendments to Sections 3051 and 3465) [Completed]
- This project clarifies the applicability of the cost-method guidance in Section 3051, Investments; and revises and updates Section 3465, Income Taxes, to remove an outdated example and requires future income tax assets and liabilities to be presented as non-current.
- Leases – Accounting for rent concessions as a result of the COVID-19 pandemic (Amendments to Section 3065) [Completed]
- The objective of this project is to provide relief for both lessees and lessors on accounting for rent concessions as a result of the COVID-19 pandemic
- Leases – Accounting for rent concessions as a result of the COVID-19 pandemic (Further amendments to Section 3065) [Completed]
- Leases – Accounting for rent concessions as a result of the COVID-19 pandemic (Further amendments to Section 3065) [Completed]
- Retractable or Mandatorily Redeemable Shares Issued in a Tax Planning Arrangement (Proposed Amendments to Sections 1591, 3251 and 3856) [Completed]
- Under the proposals, paragraph 3856.23, requiring redeemable preferred shares issued in a tax planning arrangement under specific sections of the Income Tax Act to be presented as equity, would be deleted.
- Revenue – Upfront Non-refundable Fees or Payments [Completed]
- The amendments to Section 3400 defer the effective date for upfront non-refundable fees or payments application guidance from fiscal years beginning on or after January 1, 2022, to fiscal years beginning on or after January 1, 2025