FYI Article – AcSB Advisory Committees: A Glance at What’s Happening

May 2017

The Accounting Standards Board (AcSB) has three key advisory committees that provide advice on matters relating to Part I, Part II and Part III of the CPA Canada Handbook – Accounting. Who are they and what are they up to recently?

Part I – International Financial Reporting Standards (IFRSs)

The IFRS Discussion Group assists the AcSB in supporting the application of IFRSs in Canada and influencing the global development of these standards.

The Group is gearing up for its first meeting of the year on May 30, 2017. Register as an observer to learn about hot topics in the world of IFRSs!

You’ll find out about:

  • implementation challenges relating to the new financial instruments, revenue and leases standards;
  • topical matters such as the accounting implications from cap and trade programs; and
  • IFRS Interpretations Committee discussions that could affect you.

If the topics are relevant to your professional work, attending the public meeting would qualify as Continuing Professional Development (CPD). Contact your CPA provincial body for any questions about CPD hours.

Part II – Accounting Standards for Private Enterprises (ASPE)

The Private Enterprise Advisory Committee assists the AcSB in maintaining and improving ASPE.

The Committee is diligently providing advice on the development of the following two exposure drafts that the AcSB plans on publishing in the second half of 2017 based on its current work plan:

  • Redeemable Preferred Shares Issued in a Tax Planning Arrangement – Q3 of 2017
  • Narrow-scope amendments to Financial Instruments – Q4 of 2017

The AcSB will also be rolling out a survey to consult stakeholders on priorities of projects it is considering to undertake. Look out for the survey next month to provide your views!

And don’t forget these two items!

  • Take hold of the opportunity to influence the AcSB in deciding whether to undertake a project on revenue by completing this 20-minute survey before May 17, 2017. 
  • The 2017 Annual Improvements are expected to be issued in July 2017.

Part III – Accounting Standards for Not-for-Profit Organization (NFPOs)

The Not-for-Profit Advisory Committee assists the AcSB in maintaining and improving accounting standards for NFPOs.

The Committee is getting ready for a busy summer. It will be assisting the AcSB on any matters that come to light from comments received on the Exposure Draft, “Accounting Standards Improvements for Not-for-Profit Organizations.” If you haven’t already, send in your comments by May 31, 2017.

The Committee will also be focusing their efforts on issues related to accounting for contributions. Keep an eye out for what’s happening via the Contributions – Revenue Recognition and Related Matters project page.   

Interested in being a part of Canada’s accounting standard-setting process?

In addition to these three advisory committees, the AcSB also has other specialty committees that provide input in various ways. The dedication and passion of the volunteers on the AcSB’s committees contribute greatly to development of accounting standards in Canada.

Be a part of this process and look out for future volunteer opportunities posted on www.frascanada.ca.  

    

Contact

IFRS Discussion Group:

Davina Tam, CPA, CA
Principal, Accounting Standards Board
Phone: +1 (416) 204-3514
Email: dtam@cpacanada.ca
 
Private Enterprise Advisory Committee:

Mohamed Hassanali, CPA, CA
Principal, Accounting Standards Board
Phone: +1 (416) 204-2967
Email: mhassanali@cpacanada.ca

Not-for-Profit Advisory Committee:

Grace Lang, CPA, CA, CPA (Illinois)
Principal, Accounting Standards Board
Phone: +1 (416) 204-3478
Email: glang@cpacanada.ca