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.
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Standards for Not-for-Profit Organizations
Combinations
Further to its decision on April 15, 2020, to retain the extended comment deadline of May 15, 2020, the AcSB assessed the sufficiency of stakeholder feedback on its Exposure Draft, “Combinations – Initial Measurements and Related Disclosures.” The Board considered the extent of feedback on the Exposure Draft from its Not-for-Profit Advisory Committee, field-testing, roundtables, targeted outreach activities, and comment letters. The Board concluded that sufficient feedback has been received from a wide range of stakeholders, including practitioners, preparers, users, and academics. The Board will begin deliberations on the comments received in July 2020.
Due Process
2020-2021 Annual Plan
The AcSB discussed how the COVID-19 pandemic affects its ability to achieve the objectives laid out in its 2020-2021 Annual Plan. The Board identified its priority projects for the short term, including responding to COVID-19-specific issues, initiating the Part II and Part III cloud computing projects, supporting the IASB’s primary financial statements project, and responding to the Canadian Securities Administrator’s proposed National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure.
The AcSB also discussed its approach to determining its priorities for the remainder of the fiscal year. The Board agreed to seek input from both its Private Enterprise and Not-for-Profit Advisory Committees to ensure that the standards and disclosure requirements in Parts II and III of the Handbook continue to meet the stakeholders’ evolving needs in light of the COVID-19 pandemic. The Board decided to revisit the objectives in its 2020-2021 Annual Plan in July 2020.
Due process compliance
The AcSB approved a report to the Accounting Oversight Council on its compliance with due process. The report includes due process considerations related to the Board’s decisions at its April 15, 2020, meeting in response to the COVID-19 pandemic.