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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)

Danielle MacLeod, 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.

    The AcSB is gathering stakeholder feedback from the Combinations Exposure Draft and the Contributions Consultation Paper to determine the future direction of this project.

  • Consulting stakeholders
  • Deliberating feedback
  • Final pronouncement

Meeting & event summaries


April 13, 2022 AcSB Decision Summary – March 23-24, 2022

The AcSB discussed the next steps of its Financial Statement Concepts project. The Board will consider this project when developing the exposure draft proposals for the Contributions project and monitor the timing of commencing a more thorough project in conjunction with other priorities for Parts II and III of the CPA Canada Accounting – Handbook.

October 3, 2019 AcSB Decision Summary – September 17-18, 2019

The AcSB discussed its research project to undertake a targeted review of the financial statement concepts in Parts II and III of the Handbook. The Board’s discussion considered the interaction between the financial statement concepts and its projects on Combinations and Contributions, and next steps on the Financial Statement Concepts project. The Board decided that the Combinations exposure draft and Contributions consultation paper will be used to gather feedback from stakeholders that will assist the Board in determining the future direction of the Financial Statement Concepts project.

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.

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.