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AcSB Decision Summary – April 7, 2021

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

Post Implementation Review (IFRS 10, 11 and 12)

The AcSB began discussing the key issues to include in its response letter to the International Accounting Standards Board’s (IASB) Request for Information, “Post-implementation Review: IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, and IFRS 12 Disclosure of Interests in Other Entities.” The Board considered stakeholder feedback obtained to date through its outreach activities on this topic. The Board will discuss a draft of its response letter at its meeting on April 21, 2021.

The AcSB encourages stakeholders to share their views on the Request for Information by submitting comment letters to the IASB by May 10, 2021, with a copy to the AcSB. If respondents would like the Board to consider their comments when drafting its letter to the IASB, they should submit their response letters to the AcSB before the IASB’s comment deadline.

Standards for Private Enterprises and Not-for-Profit Organizations

Interest Rate Benchmark (IBOR) Reform

The AcSB discussed the impact of IBOR reform on debt modification accounting and hedge accounting in Section 3856, Financial Instruments, and considered guidance provided in IFRS® Standards and U.S. generally accepted accounting principles (GAAP) on these topics. The Board also considered the feedback from its Private Enterprise Advisory Committee and Not-for-Profit Advisory Committee on the common types of IBOR-based financial instruments used by private enterprises and not-for-profit organizations in Canada.

The AcSB decided to proceed with a project to address issues related to debt modification accounting and hedge accounting resulting from IBOR reform. The Board will discuss potential solutions to address these issues at a future meeting. 

Due Process 

AcSB Member and Volunteer Surveys  

The AcSB discussed the results of a self-assessment of its members and surveys of other volunteers on the performance of the Board and its related committees in 2020-2021. The Board was satisfied with all the survey results, considering the obstacles of the past year. The Board also discussed how to improve the efficiency and effectiveness of its operations.