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.
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Standards for Not-for-Profit Organizations
The AcSB discussed the results of a fatal flaw review of the exposure draft completed by members of its Not-for-Profit Advisory Committee and provided feedback on a revised draft. The Board discussed some wording changes to clarify:
- that an external restriction must be explicitly communicated between the contributor and the organization before or at the time the contribution is made;
- that the recognition guidance should be applied to each individual pledge for the recognition of pledges; and
- the proposed disclosure requirement related to availability of financial assets to meet an organization’s requirements related to restricted contributions.
The AcSB gave permission to begin the balloting process. The Board will discuss an outreach and communications plan for the exposure draft at its meeting in February 2023 and plans to issue the exposure draft in March 2023.
Relevance of Financial Reporting
Scaling the Standards
The AcSB reviewed a revised draft of its consultation paper on its strategic initiative related to scaling the standards, as set out in the 2022-2027 Strategic Plan. The AcSB will review and approve the final consultation paper at its March 2023 meeting. The Board expects to issue the consultation paper at the end of March 2023.
IFRS® Accounting Standards
Second Comprehensive Review of the IFRS for SMEs® Accounting Standard
The AcSB approved its response letter to the IASB’s Exposure Draft “Third edition of the IFRS for SMEs Accounting Standard.”
AcSB’s Annual Plan
The AcSB discussed a revised draft of its annual plan for the year beginning on April 1, 2023.
The AcSB will present its draft annual plan to the Accounting Standards Oversight Council (AcSOC) and AcSOC’s Performance Review Committee in February 2023. The Board will approve its annual plan in March 2023, after considering the Council’s and Committee’s input.
AcSB’s Advisory Committees’ and Groups’ Terms of Reference and Statements of Operating Procedures
The AcSB discussed the triennial review of their Advisory Committees’ and Groups’ Terms of Reference and Statements of Operating Procedures. The Board provided feedback on the proposed amendments, resulting from the triennial review. The Board will approve the Terms of Reference and Statement of Operating Procedures at its February 2023 meeting.