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);
- 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.