Accounting Standards Board
December 15, 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
The AcSB received an update on the discussions of the IASB staff’s proposed accounting model for rate-regulated activities at the December 2016 meetings of the Accounting Standards Advisory Forum and the IASB.
The AcSB directed the staff to expand its research paper to include more global data, in order to support the advancement of the IASB’s Rate-regulated Activities project. This includes working with other national standard setters to perform a comparison of regulatory frameworks across various jurisdictions and learning more about the perspective of users of financial statements outside Canada.
Financial Instruments – Insurance
The AcSB discussed and approved its response letter to the U.S. Financial Accounting Standards Board’s Exposure Draft, “Financial Services — Insurance.”
Standards for Private Enterprises
The AcSB approved a standards-level project to develop authoritative guidance after considering the input received from stakeholders on its Discussion Paper, “Agriculture.”
During 2017, the AcSB plans to develop an exposure draft of a new standard in accordance with its due process. The AcSB expects to issue the exposure draft for public comment in the first quarter of 2018.
The AcSB encourages stakeholders interested in volunteering for its new Agriculture Advisory Group to submit a resumé by January 16, 2017.
Standards for Not-for-Profit Organizations
Accounting Standards Improvements
The AcSB discussed the comment period deadline for the upcoming exposure draft and decided to provide a longer comment period of 120 days. The AcSB plans to issue the exposure draft in early February 2017 with a May 31, 2017 comment deadline.
The AcSB also discussed the extent and type of consultations needed to obtain input on the exposure draft proposals. The AcSB emphasized the importance of receiving feedback from the not-for-profit sector and directed the staff to offer stakeholders different ways to provide input on the proposals.
AcSB Advisory Committees
The AcSB received feedback on discussions at recent meetings of its IFRS Discussion Group and Private Enterprise Advisory Committee.
AcSB 2016-2021 Strategic Plan
The AcSB considered actions to refine the implementation of the AcSB’s 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. Discussions will be continued at future AcSB meetings.
AcSB 2017-2018 Annual Plan
The AcSB reviewed an initial draft of its annual operating plan for the year beginning on April 1, 2017. This document 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 2017, after considering the Council’s input.
AcSB Terms of Reference and Statement of Operating Procedures
The AcSB considered input from the Accounting Standards Oversight Council and approved revised versions of its Terms of Reference and Statement of Operating Procedures subject to minor amendments. The AcSB authorized their submission to the Council for final approval in the case of the Terms of Reference, and ratification in the case of the Statement of Operating Procedures.
AcSB Committees’ and Support Groups’ Terms of Reference and Statements of Operating Procedures
The AcSB considered input from its standing committees and support groups, and approved revised versions of their Terms of Reference. The AcSB ratified revised versions of their Statements of Operating Procedures subject to minor amendments.
The AcSB received an update on communications activities, including information on its increasing use of social media tools and branding best practices.
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.