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AcSB Decision Summary – January 20, 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.

Standards for Private Enterprises and Not-for-Profit Organizations

Annual Improvements

The AcSB discussed stakeholders’ responses to the Exposure Draft, 2021 Annual Improvements to Accounting Standards for Private Enterprises and Accounting Standards for Not-for-Profit Organizations. The Board decided, subject to written ballot, to:

  • amend Illustrative Example 3 in Section 3856, Financial Instruments, to use an assigned value of $45,000 in the case facts of the example;
  • issue the amendments to Section 1510, Current Assets and Current Liabilities, as exposed, with the exception of a consequential amendment to Section 1521, Balance Sheet; and
  • issue the amendments to Section 1500, First-time adoption, Section 1501, First-time Adoption by Not-for-Profit Organizations, and Section 1540, Cash Flow Statement, and, as exposed.

The AcSB provided approval to begin the balloting process. The Board plans to issue the final amendments in April 2021.

IBOR Reform

The AcSB considered the recent developments in the Canadian Dollar Offered Rate market. The Board also discussed the potential impact of IBOR reform on debt modification accounting and hedge accounting in Section 3856. 

The AcSB directed staff to perform additional analysis to assess whether the accounting issues related to IBOR reform are significant to private enterprises in Canada and to consider options to address the issues related to the accounting for IBOR reform. The Board will review staff’s analysis and decide whether standard-setting activity related to IBOR reform is needed. 

Due Process  

Strategic Plan

The AcSB reviewed a draft of its next Strategic Plan and continued discussing its core strategies and mission statement. The Board will discuss the proposed content of the plan with the Accounting Standards Oversight Council in February and will review a revised draft at its March 2021 meeting.  

The AcSB expects to issue its Draft Strategic Plan for comment in the second quarter of 2021.