FYI Article – 2017 Annual Improvements to Accounting Standards for Private Enterprises: Have Your Say

December 2016

The Accounting Standards Board’s (AcSB) Exposure Draft, “2017 Annual Improvements to Accounting Standards for Private Enterprises,” focuses on improvements to help stakeholders apply the standards, rather than introducing significant change.

What Are the Proposed Changes?

The proposed 2017 annual improvements include:

  • guidance regarding disclosures of accounting policies, accounting changes and leases;
  • clarifications relating to presentation of balance sheet items; and
  • amendments to foreign currency translation.

When Will the Changes Be Effective?

The proposed updates will be effective for annual periods beginning on or after January 1, 2018.  Earlier application will be permitted.

When and How Do I Respond to this Exposure Draft?

Make sure to respond to the Exposure Draft by December 15, 2016. You can submit a comment letter to the AcSB by emailing ed.accounting@cpacanada.ca

After we receive and consider stakeholders’ feedback, the AcSB aims to issue the final amendments in the third quarter of 2017. 

What Are Your Next Steps?

Part of our regular process includes consulting with the Private Enterprise Advisory Committee on the feedback we receive. Stakeholders are encouraged to submit issues throughout the year.  So submit your issues anytime.

Keep up to date as we progress through this year’s improvements process via the 2017 Annual Improvements project page.

Contact

Michael Massoud, CPA, CA
CPA (Illinois)
Principal, Accounting Standards Board
Phone: +1 (416) 204-3286
Email: mmassoud@cpacanada.ca