The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to develop a new standard on revenue recognition.
Revenue is a crucial number to users of the financial statements in assessing a company’s performance and prospects. New guidance is needed to ensure consistent treatment for all transactions in all industries and capital markets.
The AcSB participates in the consultations and activities on this project to ensure that Canadian entities’ financial reporting needs are considered by the IASB. The AcSB plans to incorporate the final new standard into Part I of the Handbook in accordance with its strategy of adopting International Financial Reporting Standards for publicly accountable enterprises.