Accounting Standards Board
January 12, 2016
This summary of Accounting Standards Board (AcSB) decisions has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussion on projects, which may change after further deliberations by the AcSB. Decisions to publish Handbook material are final only after a formal ballot process.
International Financial Reporting Standards
Applying IFRS 9 with IFRS 4
The AcSB continued to discuss the IASB’s Exposure Draft, “Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts.”
The AcSB encourages stakeholders to share their views on the Exposure Drafts issued by the IASB and the AcSB by submitting comment letters by February 8, 2016.
Foreign Currency Transactions and Advance Consideration
The AcSB approved its response letter to the IFRS Interpretations Committee's Draft Interpretation, "Foreign Currency Transactions and Advance Consideration," subject to drafting changes.
The AcSB discussed concerns raised by stakeholders related to proposals on contractual service margin and transition in the forthcoming new insurance contracts standard, including receiving feedback from discussions at a meeting of the AcSB’s Insurance Accounting Task Force. No decisions were made.
Materiality Practice Statement
The AcSB discussed the key points to be included in its response letter to the IASB on its Draft Practice Statement, "Application of Materiality to Financial Statements."
The AcSB encourages stakeholders to share their views on the Draft Practice Statement issued by the IASB by submitting comment letters by February 26, 2016.
Uncertainty over Income Tax Treatments
The AcSB approved its response letter to the IFRS Interpretations Committee’s Draft Interpretation, “Uncertainty over Income Tax Treatments,” subject to drafting changes.
Governance and Planning
AcSB Advisory Committee
The AcSB received feedback on discussions at the recent inaugural meeting of its Not-for-Profit Advisory Committee.
AcSB Planning and Performance
The AcSB approved initial drafts of its annual performance report for the year ending March 31, 2016 and its annual operating plan for the year beginning on April 1, 2016. These documents will be presented to the Accounting Standards Oversight Council in accordance with the AcSB’s governance procedures. The AcSB expects to approve its annual plan in March 2016 and its performance report in May 2016, after considering the Council’s input.
Note: All of the AcSB’s responses to documents for comment issued by the IASB and the IFRS Interpretations Committee are available on the IASB’s website at www.ifrs.org.