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AcSB Decision Summary – February 13, 2024

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® Accounting Standards

Business Combinations – Disclosures, Goodwill and Impairment

The AcSB discussed its plan to respond to the International Accounting Standards Board’s (IASB) upcoming Exposure Draft on Business Combinations – Disclosures, Goodwill and Impairment. The Exposure Draft is expected to be issued in March 2024, with a 120-day comment period. The AcSB discussed its outreach and communications plans, which include gathering feedback from its advisory committees, public round tables, and online engagement tools. More information on public outreach events will be shared on the AcSB’s project page in the coming weeks. 

IFRS® Accounting Standards Discussion Group

The AcSB discussed an issue raised by the IFRS Accounting Standards Discussion Group at its September 2023 meeting. The issue pertained to the agenda paper on the application of the 2022 amendments to International Accounting Standard (IAS) 1 Presentation of Financial Statements in the CPA Canada Handbook – Accounting on the classification of liabilities with covenants when an entity is granted a waiver or period of grace. The Group noted that one fact pattern in the agenda paper, which involved a loan with repayment terms based on a percentage of revenue for each fiscal year, might not have been contemplated by the IASB when it issued the 2022 amendments. The Group recommended that the AcSB staff discuss this issue with the IASB staff to determine how the IASB intends the guidance in IAS 1 to be applied in similar fact patterns. After conducting the requested outreach, the AcSB decided that no further action is needed because the fact pattern is not pervasive in Canada and there are disclosure requirements in other Handbook sections that result in an entity providing useful information to users about these types of loans. 

The AcSB also appointed a new Chair for the Group. 


Cash Flow Reporting

The AcSB received an update of its research project, Statement of Cash Flows and Related Matters. The Board discussed draft research findings and provided feedback on next steps in gathering additional data.


AcSB Guidance Framework

The AcSB discussed the criteria that would need to be met in order for an application issue to be discussed at its advisory Committees and the Board. Criteria include determining the prevalence and diversity of the issue, and the impact on a user’s decision making. 

The Board will review a complete guidance framework at its March 2024 meeting, including guidance needed for new or amended standards and ongoing application issues with the goal of finalizing the framework as soon as possible.

Due Process

AcSB’s Advisory Committees and Working Groups

Not-for-Profit Advisory Committee

The AcSB received an update on the February 12, 2024, Not-for-Profit Advisory Committee meeting. At this meeting, the Committee discussed contributions, financial statement concepts, revenue, and the AcSB’s guidance framework. Please see the Not-for-Profit Advisory Committee Meeting Notes for details.

Private Enterprise Advisory Committee

The AcSB received an update on the February 7, 2024, Private Enterprise Advisory Committee meeting. At this meeting, the Committee held an open session covering certain application questions, which will be discussed at the Board’s March 2024 meeting. The Committee also discussed climate-related risks and opportunities, revenue, financial statement concepts and the AcSB’s guidance framework. Please see the Private Enterprise Advisory Committee Meeting Notes for details.