This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Financial Statement Concepts [Research]

Next steps:

At its meeting on May 9-10, 2012, the AcSB decided to defer this project to update Section 1000, Financial Statement Concepts, pending further progress on the IASB’s conceptual framework project and further experience with the application of accounting standards for private enterprises.

Last updated:

March 2018

Overview

In developing accounting standards for private enterprises set out in Part II of the CPA Canada Handbook - Accounting, the AcSB determined that the conceptual framework for accounting standards for publicly accountable enterprises and for private enterprises should be consistent. The Background Information and Basis for Conclusions for accounting standards for private enterprises notes that the IASB has a project to develop an improved  conceptual framework and that the AcSB intends that Section 1000, Financial Statement Concepts, will be updated over time to remain consistent with the IASB's conceptual framework.

The AcSB’s Private Enterprise Advisory Committee has reviewed the IASB conceptual framework project and recommended to the AcSB that similar material be included in Section 1000. At its March 2011 meeting, the AcSB agreed to commence a project on this topic.

Other developments

May 2012

In May 2012, the AcSB decided to defer the project to update Section 1000, Financial Statement Concepts, pending further progress on the IASB’s conceptual framework project and further experience with the application of the Part II standards.

March 2011

In March 2011, the AcSB agreed to commence a project on this topic.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.