Accounting Standards Board
Decision Summary
April 20, 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

Accounting Standards Advisory Forum

The AcSB received feedback on the discussions of various topics at the recent meeting of the Accounting Standards Advisory Forum, including insurance, rate-regulated activities and the IASB’s Agenda Consultation.

Definition of a Publicly Accountable Enterprise

The AcSB discussed whether it should provide guidance on the application of the definition of a publicly accountable enterprise found in the Preface to the Handbook. The AcSB:

  • observed that the current environment of entities raising capital in non-traditional markets continues to evolve;
  • would like to better understand this environment before deciding on this issue; and
  • requested an education session at a future meeting, after which it will determine next steps.

The AcSB continued to note that an entity needs to exercise judgment in determining whether it meets the definition of a publicly accountable enterprise given its facts and circumstances.

Draft Guideline on IFRS 9

The AcSB discussed key points to be included in its response letter to the Office of the Superintendent of Financial Institutions’ Draft Guideline, “IFRS 9 Financial Instruments and Disclosures.” The AcSB will respond to the Draft Guideline by May 6, 2016.

Rate-regulated Activities

The AcSB discussed the feedback provided by the Chair on the discussion of the IASB staff’s illustrative example at the Accounting Standards Advisory Forum’s recent meeting (see the Forum’s Agenda Paper 03). The discussion highlights the continuing diversity in views on how to account for rate-regulated activities that are being assessed in the IASB’s Rate-regulated Activities project.

The AcSB decided to increase its level of activity on the project in order to assist the IASB in obtaining the facts and information it needs to make decisions that are evidence based and consider the economic substance of the tripartite relationship between the rate regulator, the entity and the customer.  

Standards for Not-for-Profit Organizations

Accounting Standards Improvements

The AcSB discussed presentations that were made at recent meetings of the Accounting Standards Oversight Council and the International Forum of Accounting Standard Setters, on domestic and international developments relating to not-for-profit organizations.

Governance and Planning

AcSB Advisory Committees

The AcSB received feedback on discussions at recent meetings of its Private Enterprise Advisory Committee and User Advisory Council.

AcSB Performance Report

The AcSB approved its performance report for the operating year ending on March 31, 2016 after considering input from the Accounting Standards Oversight Council on a preliminary draft.

AcSB Response Letters

The AcSB discussed proposed revisions to the standard descriptions (for example, of the AcSB, its standard-setting authority and endorsement process of IFRSs) included in its response letters to the IASB and others. Board members provided comments and directed the staff to bring revised descriptions for consideration at a future meeting.

Orientation Session

Some AcSB members participated in an education session on the IASB’s forthcoming new standard on insurance contracts and recent developments in that project.

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