Page 10 - Accounting Standards Board Annual Report For the Year Ended March 31, 2015
P. 10
8 AcSB Annual Report 2014-2015

–– formed support groups for Canadian members of the revenue recognition
and impairment of financial instruments Transition Resource Groups;

–– responded to each of the IASB’s exposure drafts and other formal requests
for information;

• continued to fulfil its responsibility for
improving Canadian generally accepted
accounting principles (GAAP) by applying
due process to the development and
adoption of new and amended IFRSs,
as well as domestic standards for
private enterprises and not-for-profit
organizations; and

• completed a risk assessment, in
conjunction with the Public Sector
Accounting Board (PSAB).

As a result of these achievements, the long- Left to Right: Linda Mezon – AcSB Chair, Harry Klompas – AcSB
term outcomes in the AcSB’s 2011-2016 staff

results chain that financial statements satisfy

the financial reporting needs of stakeholders have been reached. However, some issues

will take more time to deal with fully. The main remaining challenges are:

• addressing the significant concerns of some Canadian stakeholders about IASB proposals

on insurance contracts;

• addressing practical implementation issues arising from the lack of clarity or the lack

of specific guidance in some IFRSs; and

• developing project proposals outlining the next steps in its work program related to

accounting standards for not-for-profit organizations, in light of the considerable input

received on the Statement of Principles.

The AcSB made slower progress towards certain targets in its 2014-2015 Annual Plan than
• The project to develop a new standard on agriculture — A delay resulted from limited staff

resources and a decision to avoid overburdening stakeholders by providing better spacing
of comment deadlines on multiple documents. Work is continuing and timely progress is
anticipated in 2015.
• The joint project with PSAB to review standards for not-for-profit organizations — The
substantial volume of responses on the Statement of Principles and the wide range of
issues raised by stakeholders required considerable time for the staff to analyze and
summarize, and for the Boards to consider.
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