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 Board. Decisions to publish Handbook material are final only after a formal ballot process.
The AcSB will respond to change and reprioritize when necessary, ensuring we can address implementation challenges and provide the information users may need in these unique circumstances.
The AcSB values input and feedback from stakeholders and can be reached anytime through our online form.
IFRS® Standards
Rate Regulated Activities
The AcSB received an education session on the International Accounting Standards Board’s (IASB) Exposure Draft, “Regulatory Assets and Regulatory Liabilities.” The Board discussed and approved a plan to respond to the Exposure Draft, which includes undertaking activities such as:
- hosting a panel discussion to raise awareness of the IASB’s proposed accounting model and how it compares to the U.S. GAAP accounting model and the current accounting under IFRS 14 Regulatory Deferral Accounts;
- undertaking targeted stakeholder group outreach; and
- consulting with the Board’s advisory committees.
The AcSB will also hold roundtables for stakeholders across Canada to provide input on the Exposure Draft. Stakeholders can monitor the Board’s project page for opportunities to share feedback on the Exposure Draft. The deadline to submit a response letter to the IASB is June 30, 2021.
Standards for Private Enterprises and Not-for-Profit Organizations
Cloud Computing
The AcSB discussed an analysis on the accounting treatment under existing guidance for implementation costs incurred in a cloud computing arrangement. Specifically, the analysis focused on the customer’s accounting for the configuration or customization costs. The Board noted the complexity involved in applying the guidance in practice and discussed whether the complexity is warranted and if the accounting outcome would provide decision-useful information to financial statement users.
The AcSB directed staff to seek input on possible solutions from its Private Enterprise Advisory Committee and Not-for-Profit Advisory Committee and present a project proposal for the Board’s consideration at its March 2021 meeting.