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

Correction list for hyphenation

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