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 interested and affected parties and can be reached anytime through our online form.
Standards for Private Enterprises
Detailed Review of ASPE
The AcSB continued discussing feedback on its Consultation Paper, “Detailed Review of Accounting Standards for Private Enterprises (ASPE).” As part of this discussion, the Board deliberated feedback from its Private Enterprise Advisory Committee and Medium and Small Practitioners Advisory Committee on guidance to address challenges related to the impairment of long-lived assets. The Committees’ feedback highlighted the need for guidance to improve process clarity and support consistent application. Based on this feedback, the Board decided to develop a non-authoritative resource to clarify the sequential steps in the end-to-end impairment process. The Board expects to issue this resource in Q1 2027.
The AcSB will continue addressing additional topics covered in the Consultation Paper beyond the current fiscal year and expects to issue a project summary in Q1 2027.
Guidance Framework – Agriculture
The AcSB considered feedback from its Agriculture Advisory Group on staff’s non-authoritative resource regarding how to determine when there is a change in the carrying amount of productive biological assets that are managed on a collective basis. This resource was developed in response to a question that interested and affected parties raised and that met the Guidance Framework criteria, as the Board discussed at its February 18, 2026, meeting. The Board approved publishing the non-authoritative resource to support consistent application of Section 3041, Agriculture. The resource is expected to be published before the end of August 2026.
The AcSB also dissolved the Agriculture Advisory Group because it fulfilled its purpose of supporting the development and post-implementation review of Section 3041. The Group’s contributions informed recent narrow-scope amendments to Section 3041 and the development of the non-authoritative resource. The Board will continue to monitor questions raised regarding Section 3041 through its Guidance Framework.
Guidance Framework – Private Equity Funds
The AcSB continued discussing an application question regarding the measurement of investments in private equity investment funds under Section 3856, Financial Instruments. The question was whether units of a private equity fund would meet the criteria to be considered “quoted in an active market” under Section 3856.
The AcSB noted that, according to paragraph 3856.A9, a financial instrument is quoted in an active market when quoted prices are readily and regularly available from market sources and reflect actual and regularly occurring arm's length market transactions. The Board also noted that determining whether a financial instrument meets these criteria may require judgment based on the facts and circumstances of the investment, as noted in paragraph 73 of the Basis for Conclusions to Section 3856.
The AcSB will continue to monitor developments in this area, including work performed by standard setters in other jurisdictions. The Board will consider whether further guidance is needed to address the question in a future meeting.
Narrow-scope Amendment – Derecognition of Financial Liabilities
The AcSB discussed proposals for inclusion in an exposure draft for its Derecognition of Financial Liabilities project. As part of its deliberations, the Board considered feedback from its Private Enterprise Advisory Committee and Medium and Small Practitioners Advisory Committee.
The AcSB discussed proposals to introduce an accounting policy choice for determining when financial liabilities settled in cash should be derecognized. The Board will continue discussing the proposals at its September 2026 meeting. The Board plans to issue an exposure draft in November 2026.
Standards for Not-for-Profit Organizations
Reporting Controlled and Related Entities
The AcSB approved a final draft of its Consultation Paper “Improvements to Section 4450, Reporting Controlled and Related Entities by Not-for-Profit Organizations.” The Board plans to issue the consultation paper in September 2026, with comments due by the end of February 2027.
Standards for Private Enterprises, Not-for-Profit Organizations, and Pension Plans
2026-2027 Package of Minor Amendments
The AcSB discussed feedback from its Private Enterprise Advisory Committee, Medium and Small Practitioners Advisory Committee, and Canadian Private Enterprise User Advisory Committee on draft proposals to be included in the 2026-2027 Package of Minor Amendments. The Board also reviewed an initial draft of the exposure draft.
The AcSB decided to retain the following topics in the Package of Minor Amendments exposure draft:
- Accounting policy disclosure requirements – The Board supported retaining the proposed amendment in Section 1505, Disclosure of Accounting Policies, to require entities to disclose “material” accounting policy information rather than ‘significant’ accounting policies.
- Definition of accounting estimates – The AcSB supported retaining the proposed amendment to Section 1506, Accounting Changes, to clarify the definition of accounting estimates and to help distinguish changes in accounting estimates from changes in accounting policies and error corrections.
- Consolidation of subsidiaries with different year-ends – The AcSB supported retaining the proposed amendment to clarify the requirements in Section 1601, Consolidated Financial Statements, for subsidiaries with non-coterminous year-ends.
- Debt modifications – The AcSB supported retaining the proposed amendment to clarify that, when applying the “10 per cent” test in Section 3856, Financial Instruments, only fees exchanged between the borrower and lender are included in determining whether the terms of a new or modified financial liability are substantially different from the original financial liability.
The AcSB decided to remove the proposed amendment on ‘disclosure of non-current liabilities with covenants’ from the Package of Minor Amendments. Based on Advisory Committee feedback, the Board concluded that the topic was beyond the scope of a minor amendment. However, Board members noted that the topic remains important, particularly given user feedback about the need for better information about financial covenants. The Board directed staff to retain the topic for further research and consider beginning work, when capacity permits.
The AcSB will review a pre-ballot draft of the Package of Minor Amendments exposure draft and the related communications plan at its September 2026 meeting. The Board expects to issue an exposure draft in November 2026, with comments due in January 2027.
Due Process
AcSB’s Advisory Committees and Working Groups
Agriculture Advisory Group
The AcSB received an update on the June 15, 2026, Agriculture Advisory Group meeting. At its meeting, the Group provided input on the revised non-authoritative resource that aims to explain the principle in Section 3041regarding how to determine when there is a change to the carrying amount of productive biological assets managed on a collective basis.
Pension Plan Advisory Committee
The AcSB received an update on the June 23, 2026, Pension Plan Advisory Committee meeting. At its meeting, the Committee discussed the Annual Member Survey results and feedback from the Board’s Part IV Work Plan Survey.