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.
IFRS® Discussion Group
The AcSB considered the results of targeted outreach, which focused on whether it is common for a lessor to provide a lessee the first refusal right to purchase the remaining capacity of a leased asset. The Board understands that this is common in the oil and gas industry; however, it noted that this issue was not widespread among other industries. This issue would not meet the IFRS® Interpretations Committee’s (IFRIC) agenda criteria; therefore, the Board decided not to raise it with the IFRIC. The Board directed staff to continue monitoring future developments in IFRS 16 Leases, specifically in the oil and gas industry, to assess whether this issue should be raised in the future (such as during the post-implementation review of IFRS 16).
Standards for Private Enterprises and Not-for-Profit Organizations
The AcSB discussed the results of the Not-for-Profit Advisory Committee’s fatal-flaw review of the exposure draft. The Board decided not to include guidance in the exposure draft on measuring the acquisition date fair value of deferred contributions and deferred capital contributions. The Board will provide an explanation of its discussions in the basis for conclusions and will seek feedback from stakeholders in this area through exposure draft questions.
The AcSB plans to issue the exposure draft in January 2020.
AcSB's 2019-2020 Annual Plan
The AcSB received an update on the activities relating to its 2019-2020 Annual Plan. The Board noted that it is progressing well on its planned activities. It also noted that completion of two planned activities will be deferred to the next operating year: issuing the Contributions consultation paper and deliberating the feedback on the Combinations exposure draft. The Board decided to delay these activities in response to stakeholder feedback about the timing of issuing these documents for comment.