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2017 Consultation on Priorities for Part II [Completed]

Effective date:

N/A

Last updated:

September 2017

Overview

The AcSB conducted research and targeted outreach with stakeholders to gain a better understanding of the issues relating to the following topics:

  • Section 1000, Financial Statement Concepts;
  • Section 3400, Revenue;
  • Section 3840, Related Party Transactions; and
  • the benefit of amortizing goodwill and providing relief from the recognition of intangible assets on business combinations.

The AcSB also considered the following topics in its priorities for Part II:

  • clarifying the definition of a business;
  • including guidance on determining functional currency; and
  • Section 3856, Financial Instruments: fair value measurement, hedge accounting, derecognition and classification of equity and financial liabilities.

In September 2017, the AcSB discussed the results of the survey. After considering feedback from the survey and other consultations, the Board decided that three topics should be prioritized for further research in addition to its research activities on Section 3400, Revenue. The Board directed staff to seek input from its Private Enterprise Advisory Committee on these topics before it makes a final decision. The Board also discussed the interaction of its research activities with Section 1000, Financial Statement Concepts. The Board decided that a review of financial statement concepts in Part II and Part III is warranted in context of its other research activities.

 

Other developments

July 2017

On July 7, 2017, the AcSB issued its prioritization survey.

June 2017

In June 2017, the AcSB staff added this item as an active project re Part II.

 

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