Members of the public are encouraged to submit issues for possible consideration by the Accounting Standards Board (AcSB) as part of its annual improvements process.
To be addressed as an annual improvement, an issue must be:
Corrections of errors consist of:
Clarifications of existing guidance generally address:
Issues that are not corrections of errors or clarifications of existing guidance generally will not be addressed in the annual improvements process. Issues determined not to meet the criteria for inclusion in the annual improvements may be addressed outside that process.
The following guidelines are used to determine whether a clarification should be addressed as part of the annual improvements. These guidelines are not intended to act as definitive rules; accordingly, there may be cases in which issues that do not meet all of these guidelines are addressed. Other factors may also be considered in evaluating a particular issue.
The AcSB uses the criteria above to assess whether a specific issue should be addressed as part of the annual improvements process with input from the Committee. Ensuring that an issue meets these criteria promotes efficient discussion of the issue, and also helps stakeholders in framing issues submitted for consideration.
Issues are considered during the year and then bundled together for purposes of exposure and issuance as amendments to Part II of the Handbook. This “bundling” reduces the number of times changes to the standards are proposed and issued and makes it easier for stakeholders to keep current with changes to the standards. The typical timeline will result in an exposure draft being issued late in the third quarter of the year and the changes being finalized late in the second quarter of the following year. This timing will result in the annual improvements being available for use in the year after they are issued.
Submit issues in writing to:
Mohamed Hassanali CPA, CA
Principal, Accounting Standards Board
277 Wellington Street West
Toronto ON M5V 3H2
Telephone: +1 (416) 204-2967
Fax: +1 (416) 204-3412