The AcSB’s Work Plan for the fiscal year ended March 31, 2024, is set out in its 2023-24 Annual Plan. The table below outlines the projects on the Board’s current work plan and the anticipated timing of each project:
ED – Exposure Draft expected to be published
HB – Final standard/amendment expected to be published in Handbook
* – Effective date (on or after January 1 of the year noted)
TBD – Project timeline to be determined
Note 1 – This topic involves considering whether to allow or require amortization of goodwill. It also considers whether to provide entities relief from initial recognition of certain intangible assets in an acquisition. This project is on the AcSB’s reserve list in the 2023-24 Annual Plan, which means that work will commence as resources become available this year.
Note 2 – A post-implementation review (PIR) assesses the effect of a new standard or major amendment and whether there are any significant unexpected changes to financial reporting or operating practices resulting from the application of the standard. A PIR of retractable or mandatorily redeemable shares issued in a tax planning relationship will be undertaken to determine whether the standard is understandable, whether it is being applied as intended, and whether preparers are able to report the information reliably. This is not a standard-setting project, rather research to determine whether the amendments are working as intended. This project is on the AcSB’s reserve list in the 2023-24 Annual Plan, which means that work will commence as resources become available this year.
Note 3 – The AcSB will begin deliberating feedback from the Contributions Exposure Draft in November 2023. As part of this redeliberation, the Board will consider the affect of the feedback received on the next steps and timeline for this project.