Responses to IASB Documents for Comment
Exposure Draft – Application of Materiality to Financial Statements – October 2015
On February 25, 2016, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in October 2015. The letter supports the proposed practice statement. However, it suggests limiting the scope to presentation and disclosure and suggests the IASB issue the guidance as a non-mandatory appendix to IAS 1 Presentation of Financial Statements. The letter also provides suggestions on how to further develop the guidance, in particular by providing detailed examples focussing on the most difficult materiality judgments. Read the AcSB letter posted by the IASB.
Invitation to Comment – Proposal to Establish an Accounting Standards Advisory Forum – November 2012
On December 17, 2012, the AcSB submitted a comment letter to the IFRS Foundation’s Invitation to Comment issued in November 2012. The letter commends the Foundation for reconsidering the role of national and regional accounting standard-setting bodies in supporting the IASB. The response agrees with the analysis in the Invitation to Comment and expresses strong support for the proposals. Read the AcSB letter posted by the IASB.
Drafting Review – Separating the Role of the IASB Chair and the Executive Director – July 2012
On October 22, 2012, the AcSB submitted a comment letter to the Trustees of the IFRS Foundation on its “Drafting Review: Separating the role of the IASB Chair and the Executive Director,” issued in July 2012. The Accounting Standard Oversight Council and the AcSB had advocated separating these roles previously. Therefore, the letter supports appointing an Executive Director and amending the Constitution to further enhance the independence of the IASB Chair to carry out standard-setting activities, both in fact and in appearance. These changes were required in order for the Foundation and the IASB Chair to be transparent and accountable. From that perspective, the response recommends further drafting amendments to the Constitution to distinguish more clearly the separate roles of the IASB Chair and the Executive Director. Read the AcSB letter posted by the IASB.
Request for Views – Effective Dates and Transition Methods – October 2010
On January 31, 2011, the AcSB submitted a comment letter responding to the IASB’s Request for Views. The letter strongly recommends that the IASB give the highest priority to taking the time to deliberate stakeholders’ comments on its exposure drafts fully, resolve differences in approach with FASB, and develop high-quality global standards. Given the significant number of new standards still under development and the uncertainty of when they will be issued, the letter recommends ten principles to guide the IASB in setting effective dates once the standards are finalized. The AcSB letter posted by the IASB is available here.
Discussion Document – Part 2 of the Constitution Review: Proposals for Enhanced Accountability – September 2009
On November 24, 2009, the AcSOC and the AcSB submitted a joint response to the IASC Foundation (IASCF) Discussion Document, “Part 2 of the Constitution Review: Proposals for Enhanced Accountability.” While the response agrees with many of the proposals, the AcSOC and the AcSB strongly disagree with the proposal to establish an accelerated due process in exceptional circumstances. In addition, they disagree with a) changing the name of the IASB to the IFRS Board, b) emphasizing that governance of the IASC Foundation rests “primarily” with the Trustees, and c) reducing the length of a possible second term of IASB members. The letter posted by the IASCF is available here.