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AcSB Decision Summary – January 23, 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

IFRS® Interpretations Committee Tentative Agenda Decisions

The AcSB discussed its draft responses to the two Tentative Agenda Decisions issued by the IFRS Interpretations Committee (Committee) in December 2023:

Responses are due to the Committee by February 5, 2024. In developing its responses, the AcSB considered feedback from its IFRS Interpretations Committee Member Support Group and IFRS Accounting Standards Discussion Group. The Board approved its responses for submission to the Committee, subject to drafting changes. The Board’s responses will be posted on the IFRS Foundation’s website at the following links:

Standards for Not-for-Profit Organizations


The AcSB continued deliberating the feedback on its Exposure Draft, “Contributions - Revenue Recognition and Related Matters.”

The AcSB discussed feedback from its Not-for-Profit Advisory Committee and from targeted outreach activities on a narrowed set of options to address the Exposure Draft feedback on the proposed approach for recognition of restricted contributions. The Board directed staff to continue to refine these options and to conduct additional outreach activities to determine if these options would meet the needs of the not-for-profit sector.

The AcSB will seek feedback from its Not-for-Profit Advisory Committee at its February 2024 meeting. The Board will discuss the Committee’s feedback, the results of additional outreach and will continue deliberating the feedback on the Exposure Draft's proposals at its March 2024 meeting.

Standards for Private Enterprises and Not-for-Profit Organizations

Subsequent Measurement of Goodwill and Acquired Intangible Assets

The AcSB discussed research findings and feedback from its Not-for-Profit Advisory Committee, Private Enterprise Advisory Committee and Small Practitioners Working Group on the challenges related to the subsequent measurement of goodwill and the recognition of intangible assets acquired in a business combination. The Board also discussed a potential standard-setting project that would allow private enterprises to amortize goodwill and offer relief from the recognition of intangible assets acquired in a business combination.

The AcSB agreed that the project should address both the subsequent measurement of goodwill and the relief from recognition of acquired intangible assets. The Board also determined that this project should consider the implications for entities applying both Parts II and III of the CPA Canada Handbook – Accounting. The Board highlighted the need to conduct more public outreach before issuing an exposure draft.

The AcSB will discuss a project proposal at its March 2024 meeting.

Relevance of Financial Reporting

Scaling the Standards

The AcSB discussed feedback from its Not-for-Profit Advisory CommitteePrivate Enterprise Advisory Committee and Small Practitioners Working Group on potential options to enhance the scalability of the standards in the CPA Canada Handbook – Accounting as proposed in the Consultation Paper “Consultation Paper I – Exploring Scalability in Canada.” Through its discussions, the Board noted that feedback was mixed on whether the standards in Parts II and III of the Handbook are too complex, and whether simplification and/or more accounting policy choices are needed.

In response to the feedback received, the AcSB approved a plan to conduct a detailed review of ASPE to determine the specific challenges that entities are facing in each standard and potential solutions. After completing its review of ASPE, the Board plans to issue a second consultation paper seeking feedback on its findings and proposals. The Board will continue its discussion of the detailed review of ASPE at its April 2024 meeting.

The Board decided to pause research on a potential new framework for small for-profit entities due to limited demand for it. The Board also decided to pause research on a potential new framework for small not-for-profit entities while it considers feedback on its Contributions – Revenue Recognition and Related Matters project and its upcoming review of ASPE.

Due Process 

AcSB’s Advisory Committees and Working Groups

Not-for-Profit Advisory Committee

The AcSB received an update on the December 14, 2023 Not-for-Profit Advisory Committee meeting. At this meeting, the Committee discussed contributions and relief from recognition of intangible assets and amortization of goodwill. Please see the Not-for-Profit Advisory Committee Meeting Notes – December 14, 2023 for details.

Due Process Compliance

The AcSB approved a report for the Accounting Standards Oversight Council on its due process compliance.

Triennial Review: AcSB Terms of Reference, Statement of Operating Procedures and Due Process Manual

The AcSB reviewed revisions to its Terms of Reference, Statement of Operating Procedures and Standard-Setting Due Process Manual. Subject to minor amendments, the Board approved the Terms of Reference for submission to Accounting Standards Oversight Council, and approved its Statement of Operating Procedures and Standard-Setting Due Process Manual.


AcSB’s Annual Plan

The AcSB discussed a revised draft of its annual plan for the year beginning on April 1, 2024 and made preliminary decisions on its priorities for the 2024-2025 fiscal year.

The AcSB will present its draft annual plan to the Accounting Standards Oversight Council (AcSOC) and AcSOC’s Performance Review Committee (PRC) in February 2024. The Board plans to approve its annual plan in March 2024, after considering AcSOC’s and PRC’s input.