IFRS® Standards

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.

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


April 25, 2019 AcSB Decision Summary – April 9, 2019

The AcSB discussed the draft response letter to the International Accounting Standard Board’s (IASB) Exposure Draft “Onerous Contracts – Cost of Fulfilling a Contract .” The Board directed the staff to make amendments based on its comments. The Board’s final response letter will be sent to the IASB by the April 15, 2019, deadline.

April 18, 2019 AASB Decision Summary – April 8, 2019 Conference Call

The AASB discussed draft guidance to assist practitioners performing service and organization controls engagements who are required to report under both Canadian and U.S. standards. The guidance addresses differences between each jurisdiction’s overarching attestation standards.

April 18, 2019 AASB Decision Summary – April 8, 2019 Conference Call

The AASB discussed key issues stakeholders raised related to the Exposure Draft, “Compilation Engagements,” including:

  • engagement acceptance and continuance; and
  • work effort and documentation.

The Board will continue to discuss these issues at a future meeting.

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.