Accounting Standards Board
Agenda for March 21-22, 2017 Meeting
The topics the Accounting Standards Board (AcSB) plans to discuss, in addition to routine updates, and anticipated actions, if any, are outlined below. Although current at the date prepared (March 3, 2017), this agenda is subject to change.
International Financial Reporting Standards
Annual Improvements 2015 – 2017
- Discuss the IASB’s Exposure Draft, “Annual Improvements to IFRS Standards 2015–2017 Cycle.”
IFRS Financial Statement Users
- Consider the views shared by users of financial statements at a recent panel discussion on "Audited Financial Information: Is it losing its Relevance?" arranged by the Chartered Financial Analyst Institute, and sponsored by the Auditing and Assurance Standards Board and Canadian Public Accountability Board.
Principles of Disclosure
- Approve a plan to respond to a forthcoming IASB discussion paper.
- Consider the additional information gathered to make the AcSB Staff Research Paper on the decision-usefulness of financial information that reflects the economics of rate-regulated activities more globally inclusive.
Symmetric Prepayment Options
- Decide on the comment period for the AcSB’s wrap-around exposure draft on the forthcoming IASB exposure draft.
Standards for Private Enterprises
2017 Annual Improvements
- Consider the responses received from stakeholders to the AcSB’s Exposure Draft, “2017 Annual Improvements to Accounting Standards for Private Enterprises,” and the advice from its Private Enterprise Advisory Committee, and decide what changes should be made to the proposals based on that feedback.
- Consider additional consultations conducted with users of financial statements on the AcSB’s Discussion Paper, “Agriculture.” Decide on key issues raised by stakeholders including whether to:
- include purchased agricultural produce in the scope of the project;
- require enterprises to recognize unharvested crops;
- require enterprises to measure unharvested crops and bearer animals using a cost or current value model; and
- identify an underlying principle for measuring biological assets and agricultural produce.
Consultation on Priorities for Part II of the Handbook
- Decide on next steps to complete the AcSB’s consultation with stakeholders about the relative priorities for Part II and consider an approach to addressing new issues raised by stakeholders.
Redeemable Preferred Shares
- Consider the advice of the AcSB’s Private Enterprise Advisory Committee relating to the field test results, and:
- decide on the additional guidance needed relating to the control assessment and the other conditions, in addition to retention of control of the enterprise, that are necessary to qualify for the classification exception; and
- begin to discuss transitional provisions.
Standards for Not-for-Profit Organizations
- Receive feedback on a recent meeting of the AcSB’s Not-for-Profit Advisory Committee.
Due Process and Governance
- Approve the AcSB’s 2017-2018 annual plan, taking into consideration further discussion on the research program for the year and feedback from AcSOC.
- Consider the process for periodic reporting to AcSOC on AcSB due process compliance matters.
- Consider the AcSB’s ongoing research program for future years until 2021.
- Consider the results of a self-assessment survey of AcSB members and surveys of AcSB volunteers to be presented to AcSOC, and decide on whether any follow up is necessary.
- Decide on the actions to take to further implement the AcSB's 2016-2021 Strategic Plan and ensure that financial reporting by publically accountable enterprises, private enterprises, not-for-profit organizations and pension plans continues to remain relevant to stakeholders.
- Approve a revised approach to drafting the AcSB’s 2016-2017 annual report to communicate better with stakeholders.
Harry Klompas, CPA, CA
Secretary, Accounting Standards Board
Phone: +1 (416) 204-3236