Accounting Standards Board
November 21-22, 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
IFRS Discussion Group
The AcSB discussed the Group’s recommendation from its September 2016 meeting on the issue, “IFRS 3 and IAS 39: Transaction Price Allocation,” and decided to refer the issue to the IFRS Interpretations Committee.
The AcSB also approved the Group’s amended Terms of Reference, subject to minor amendments.
The AcSB discussed the IASB staff’s preliminary proposed model for accounting for rate-regulated activities in order to advise the AcSB Chair on points to raise with the IASB at the December 2016 meeting of the Accounting Standards Advisory Forum (see the Forum’s Agenda Paper 3). No decisions were made.
The discussion on next steps regarding the AcSB staff research paper exploring the decision-usefulness of financial information that reflects the economics of rate-regulated activities was deferred to a future meeting.
Financial Instruments – Insurance
The AcSB discussed points to be included in its response letter to the U.S. Financial Accounting Standards Board (FASB) on its Exposure Draft, “Financial Services — Insurance.”
The AcSB encourages stakeholders to share their views on the FASB’s Exposure Draft by submitting comment letters to the FASB by December 15, 2016.
Standards for Private Enterprises
The AcSB considered the responses received on its Discussion Paper, “Agriculture,” as well as the results of the roundtable discussions. The AcSB agreed with its Private Enterprise Advisory Committee that several key issues have emerged from this feedback. No decisions were made.
The AcSB requested that additional consultations with financial statement users be undertaken.
The AcSB encourages stakeholders interested in volunteering for its new Agriculture Advisory Group to submit a résumé by January 3, 2017.
AcSB Advisory Committees
The AcSB received feedback on discussions at recent meetings of its User Advisory Council and Not-for-Profit Advisory Committee, including topics for potential standards improvements projects.
AcSB Research Program
The AcSB discussed the objectives of its new research program and the type of research to be performed. No decisions were made.
AcSB 2016-2021 Strategic Plan
The AcSB discussed matters of strategy to refine the implementation of its 2016-2021 Strategic Plan, including ensuring that financial reporting by publicly accountable enterprises, private enterprises, not-for-profit organizations and pension plans continues to remain relevant to stakeholders. No decisions were made.
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.