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2018 Annual Improvements [Research]

Next steps:

The AcSB expects to issue an Exposure Draft(s) in Q3/2018

Last updated:

July 2018


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.

Other Developments

July 2018

On July 23, 2018, the AcSB confirmed that it is undertaking two new narrow-scope projects with respect to Part II of the CPA Canada Handbook; one with respect to income taxes and one with respect to investments. The AcSB plans to issue the related Exposure Draft(s) in the third quarter of 2018.


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