Accounting Standards for Private Enterprises

Financial Statement Concepts

Summary

The Accounting Standards Board (AcSB) approved a project to review the Financial Statement Concepts in Parts II and III of the CPA Canada Handbook – Accounting. The scope of the project includes the following:

  • elements (definition of an asset, liability, revenue and net assets);
  • recognition;
  • measurement;
  • disclosure; and
  • unit of account.

The Board directed the staff to prioritize work on the definitions of an asset and liability in conjunction with its ongoing domestic projects.

Staff Contact(s)

Katherine Knowlton, CPA, CA

Principal, Accounting Standards Board

Project Status

  • Information gathering

    Research completed prior to March 2019.

  • Approving project

    The AcSB approved the project in March 2019.

  • Consulting stakeholders
  • Deliberating feedback
  • Final pronouncement

Meeting & event summaries


March 6, 2019

AcSB Decision Summary - March 6-7, 2019

The AcSB discussed a financial statement concepts project proposal for Parts II and III of the CPA Canada Handbook – Accounting. The Board approved the project to include:

  • elements (definition of an asset, liability, revenue and net assets);
  • recognition;
  • measurement;
  • presentation and disclosure; and
  • unit of account.
 The Board directed the staff to prioritize work on the definitions of an asset and liability in conjunction with its ongoing domestic projects.

News


March 6, 2019

Meeting Summary

AcSB Decision Summary - March 6-7, 2019

The AcSB discussed a financial statement concepts project proposal for Parts II and III of the CPA Canada Handbook – Accounting. The Board approved the project to include:

  • elements (definition of an asset, liability, revenue and net assets);
  • recognition;
  • measurement;
  • presentation and disclosure; and
  • unit of account.
 The Board directed the staff to prioritize work on the definitions of an asset and liability in conjunction with its ongoing domestic projects.

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal ballot process.