Accounting Standards Board
October 13, 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
Definition of a Business and Accounting for Previously Held Interests (Amend IFRS 3 and IFRS 11)
The AcSB discussed and approved its response letter to the IASB’s Exposure Draft, “Definition of a Business and Accounting for Previously Held Interests (Proposed amendments to IFRS 3 and IFRS 11),” subject to drafting changes.
FASB Invitation to Comment
The AcSB discussed and approved its response letter to the U.S. Financial Accounting Standards Board’s (FASB) Invitation to Comment, “Agenda Consultation,” subject to drafting changes.
Standards for Not-for-Profit Organizations
Accounting Standards Improvements
The AcSB completed its deliberations of the feedback received from the fatal flaw review of the upcoming exposure draft. The AcSB decided to clarify its proposals including those on how to account for gains and losses on proceeds of disposal of items from collections.
The AcSB expects to issue the exposure draft in the first quarter of 2017.
AcSB Due Process
The AcSB approved a report to the Accounting Standards Oversight Council on due process compliance matters.
Private Enterprise Advisory Committee
The AcSB received feedback on discussions at the recent meeting of its Private Enterprise Advisory Committee.
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.