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2017 Annual Improvements [Completed]

Effective date:

The amendments are effective for annual financial statements relating to fiscal years beginning on or after January 1, 2018. Earlier application is permitted.

Last up­dated:

September 2017

Overview

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. These amendments would also apply to not-for-profit organizations using the standards in Part III.

The AcSB has adopted an annual improvements process that will amend accounting standards for private enterprises to clarify guidance or wording and to correct for unintended consequences, conflicts or oversights. Major improvements to the standards, such as the issuance of a new standard, are not included in the annual improvements process.

The AcSB agreed to revise the timing of the Annual Improvements process, such that an Exposure Draft will be issued in September each year, rather than in February, and then final amendments will be released to the CPA Canada Handbook in the following July, as opposed to October. As a result, the next cycle of Annual Improvements will be issued in 2017.

 

Other developments

September 2017

On September 13, 2017, the AcSB released the Basis for Conclusions which sets out how the AcSB reached its conclusions on the 2017 Annual Improvements, and discussions on significant matters arising from comments received and issues raised in response to its Exposure Draft.

July 2017

On July 1, 2017, the CPA Canada Handbook Part II was amended in respect of the 2017 Annual Improvements project, namely Sections 1505, 1506, 1521, 1651 and 3065. The amendments are effective for annual financial statements relating to fiscal years beginning on or after January 1, 2018. Earlier application is permitted.

September 2016

On September 13, 2016, the AcSB issued an Exposure Draft proposing amendments that will affect private enterprises and not-for-profit organizations. Stakeholders are encouraged to submit their comments by December 15, 2016.

 

Correction list for hyphenation

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