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® Standards
Third Agenda Consultation and Disclosure Initiative – Targeted Standards-Level Review
The AcSB received education sessions on the International Accounting Standard Board’s (IASB) Request for Information, “Third Agenda Consultation,” and the Exposure Draft, “Disclosure Requirements in IFRS Standards—A Pilot Approach (Proposed amendments to IFRS 13 and IAS 19).” The Board discussed plans to respond to the Request for Information and the Exposure Draft. The Board requested staff to assess the extent of outreach it will undertake on these projects, including a coordinated approach that includes the forthcoming AcSB Draft Strategic Plan and the demands that will be placed on stakeholders.
Stakeholders are encouraged to monitor the AcSB’s website for opportunities to share feedback on the Request for Information and the Exposure Draft. Response letters to the IASB (with a copy to the AcSB) are due on September 27, 2021, for the Request for Information and October 21, 2021, for the Exposure Draft.
Standards for Not-for-Profit Organizations
Contributions
The AcSB continued to discuss stakeholders’ feedback received on the Consultation Paper, “Contributions – Revenue Recognition and Related Matters.” The Board considered feedback from comment letters and roundtables on the topic of recognition of revenue from contributions. The Not-for-Profit Advisory Committee will discuss this topic at its meeting in June 2021 and the Board will consider this feedback at its meeting in July 2021.
The AcSB will continue to discuss the feedback on the remaining topics of the Consultation Paper over a series of meetings. The Board plans to discuss the topic of special types of contributions at its meeting in July 2021.
Due Process
AcSB’s Strategic Plan
The AcSB discussed a revised Draft Strategic Plan, updated to address comments received from Board members and the Accounting Standards Oversight Council’s Performance Review Committee. The revised Draft Strategic Plan was approved, subject to final edits.
The AcSB plans to issue its Draft Strategic Plan for comment on May 25, 2021.