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Accounting Standards for Private Sector Not-for-Profit Organizations

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 Associate Director, Accounting Standards Board

Phone number  +1 416 204 3332
Email address  [email protected]

Project Status

  • Information gathering

    Research completed prior to March 2019.

  • Approving project

    The AcSB approved the project in March 2019.

    The AcSB is gathering 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

Webinar – Domestic Accounting Standards Update (Spring 2024)

Register for this webinar to learn about current accounting standards projects and recent amendments in Parts II, III and IV of the CPA Canada Handbook – Accounting. Join us for the English webinar on May 15, 2024, or the French webinar on May 16, 2024.

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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.

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 voting process.