Financial Statement Concepts [Research]
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Next steps: |
The AcSB is continuing to carry out research in respect of this project |
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Last updated: |
September 2019 |
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.
In March 2019, the AcSB approved a project to review the Financial Statement Concepts in Parts II and III of the CPA Canada Handbook – Accounting. The scope of the project includes the following:
- elements (definition of an asset, liability, revenue and net assets);
- recognition;
- measurement;
- disclosure; and
- unit of account.
The Board directed the staff to prioritize work on the definitions of an asset and liability in conjunction with its ongoing domestic projects.
Other developments
March 2019
In March 2019, the AcSB agreed to restart this project.
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.