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.
The AcSB will respond to change and reprioritize when necessary, ensuring we can address implementation challenges and provide the information users may need in these unique circumstances.
The AcSB values input and feedback from stakeholders and can be reached anytime through our online form.
IFRS® Standards
Goodwill and Impairment
The AcSB received an education session on the International Accounting Standards Board's Discussion Paper, “Business Combinations—Disclosures, Goodwill and Impairment.” The Board also received an update on the remaining outreach planned for the Discussion Paper, including virtual roundtables planned for July and September 2020.
Accounting Standards for Private Enterprises
Annual Improvements and ASPE implementation
The AcSB discussed issues its Private Enterprise Advisory Committee recommended for annual improvements. This included implementation matters related to the financial instruments amendments issued in December 2018. The Board considered the need to provide amendments and stakeholders’ ability to provide feedback on the proposals in the current environment. The Board decided to proceed with the annual improvements cycle for the current year, as it will provide clarity to stakeholders in areas where they have asked for guidance. At its July 7, 2020, meeting, the Board will discuss which issues to address this year.
Accounting Standards Not-for-Profit Organizations
Contributions
The AcSB approved the revised plan for obtaining feedback on the Consultation Paper issued on May 19, 2020. The planned outreach activities include virtual roundtables and targeted consultation that will take place throughout the comment period ending on December 15, 2020. The Board will monitor stakeholders’ ability to participate in the planned outreach activities and adjust the plan if necessary.
Relevance of Financial Reporting
Proposed National Instrument (NI) 52-112 Non-GAAP and Other Financial Measures Disclosure
The AcSB discussed the updated draft response letter to the Canadian Securities Administrator’s Second Notice and Request for Comment – “Proposed NI 52-112 Non-GAAP and Other Financial Measures Disclosure.” The Board provided further comments to the staff. It will submit its response letter no later than the June 29, 2020, deadline.
Due Process
AcSB Advisory Committees
The AcSB received feedback on the discussions at recent meetings of its IFRS® Discussion Group and its Private Enterprise Advisory Committee. Discussions at both advisory committees included the accounting for COVID-19-related issues, such as the accounting for rent concessions and other financial reporting considerations. The Board will discuss the issues the Group and the Advisory Committee raised at its meeting on July 7, 2020. It will explore whether and how to address the issues, such as by monitoring developments, preparing further resources, or standard-setting.