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Section 1506 - Accounting changes

Effective date:

January 1, 2011 except for subsequent amendments

Published by the AcSB:

December 2009

 

Overview

The purpose of this Section is to prescribe the criteria for changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and corrections of errors. This Section is intended to enhance the relevance and reliability of an entity's financial statements, and the comparability of those financial statements over time and with the financial statements of other entities.

History of Section 1506

Date

 

Development

 

Comments

December 2009

 

Part II of the CPA Canada Handbook  issued

 

Effective for fiscal years beginning on or after January 1, 2011.

July 2017

 

2017 Annual Improvements. Refer to completed project.

 

Amendments to paragraphs 1506.34(e) and 1506.35(c). Ef­fec­tive annual financial statements relating to fiscal years beginning on or after January 1, 2018. Earlier application is permitted.

Note: The above summary does not include details of consequential amendments made as the result of other projects.

 

Private Enterprise Advisory Committee Meeting Notes

  • June 14, 2016 - 2017 Annual Improvements: Accounting Changes –Disclosure of Adjustments when Applying and Accounting Policy Change
  • April 14, 2016 - Responses received on the AcSB’s Exposure Draft, “Subsidiaries and Investments”

Amendments under consideration

  • None

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.