Accounting Standards Board
Decision Summary
February 1 and February 9, 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 Financial Instruments with IFRS 4 Insurance Contracts

The AcSB discussed and approved its response letter to the IASB’s Exposure Draft, “Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts,” subject to drafting changes.

Materiality Practice Statement

The AcSB approved its response letter to the IASB’s draft Practice Statement, "Application of Materiality to Financial Statements,” subject to drafting changes.

Standards for Private Enterprises

Enterprises Permitted to Apply Accounting Standards for Private Enterprises

The AcSB approved, subject to drafting changes, its response to the Canadian Securities Administrators’ written request for clarification on how the definition of publicly accountable enterprises in the Preface to the Handbook relates to issuers that prepare financial statements in conjunction with a securities offering under a prospectus exemption. The key messages in the response are described in the AcSB’s December 15, 2015 Decision Summary.

Governance and Planning

AcSB Due Process

The AcSB approved a report to the Accounting Standards Oversight Council on due process compliance matters.

AcSB Strategic Plan

The AcSB reviewed a preliminary, designed version of its 2016-2021 Strategic Plan, also to be discussed at the February 25-26, 2016 meeting of the Accounting Standards Oversight Council.

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