This summary of Accounting Standards Board (AcSB) decisions has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussion on projects, which may change after further deliberations by the Board. Decisions to publish Handbook material are final only after a formal ballot process.
Standards for Private Enterprises
Implementation of Accounting Standards for Private Enterprises
The AcSB discussed feedback from stakeholders that the transition guidance in FINANCIAL INSTRUMENTS, paragraph 3856.68(b), is inconsistent with the Basis for Conclusions. The Board decided to correct the guidance in paragraph 3856.68(b) to better reflect its intent as described in paragraphs 55-56 in the Basis for Conclusions.
The AcSB plans to issue the correction no later than the second quarter of 2020.
Standards for Not-for-Profit Organizations
Contributions
The AcSB approved a plan to consult its stakeholders on the upcoming consultation paper, which it expects to issue in May 2020. The Board will undertake extensive outreach with key industry groups and stakeholders throughout the comment period, which will end in September 2020.
Due Process
Strategic Plan
The AcSB continued discussing its next Strategic Plan. The Board talked about potential revisions to its Mission Statement and considered the content of the Draft Strategic Plan’s outline. The Board also continued discussing its strategies and objectives.
The AcSB will review a draft of the plan at its March 2020 meeting and expects to issue its Draft Strategic Plan for comment in the second quarter of 2020.
Due Process Compliance
The AcSB approved a report to the Accounting Oversight Council on its compliance with due process.