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
Business Combinations Under Common Control
The AcSB received an education session on the International Accounting Standards Board’s (IASB) Discussion Paper, “Business Combinations under Common Control.”
The AcSB discussed and approved a plan to respond to the IASB’s Discussion Paper, which includes undertaking activities such as:
- stakeholder outreach through its community platform; and
- consulting with the Board’s advisory committees.
Stakeholders are encouraged to share their feedback on the Discussion Paper through the community platform and monitor the project page for updates on the project. The comment period deadline to submit a response letter to the IASB is September 1, 2021.
COVID-19-Related Rent Concessions
The AcSB discussed and approved its response letter to the IASB’s Exposure Draft, “COVID-19-Related Rent Concessions beyond June 30, 2021,” subject to final edits. The Board submitted its response letter on February 25, 2021.
The AcSB will discuss whether a scope extension is needed for Section 3065, Leases, at a future meeting after consulting with its Private Enterprise Advisory Committee.
Crypto-Assets
The AcSB received an update on recent domestic and international developments related to the financial reporting of transactions involving crypto-assets. The Board decided to highlight the importance of crypto-asset activities as a topic for consideration during the IASB’s upcoming agenda consultation. The Board will revisit any additional next steps as part of its 2021-2022 Annual Plan discussion in March.
Standards for Not-for-Profit Organizations
Not-for-Profit Organizations (NFPO) Technical Advisory Group
The AcSB received an update on the activities of the global Not-for-Profit Organization (NFPO) Technical Advisory Group (the Group), which comprises representatives from national standard setters and supports the development of global financial reporting guidance for NFPOs in jurisdictions that currently do not have accounting standards for NFPOs. A Consultation Paper, “International Financial Reporting for Non-Profit Organizations,” which was drafted with input from the Group, was recently issued.
The AcSB decided to respond to the Consultation Paper as it supports the Board’s strategy to contribute to global best practices in accounting standard setting. For more information on the Consultation Paper and how to provide feedback, visit the IFR4NPO website.
Due Process
Translation of Part I non-authoritative materials
The AcSB discussed the translation of non-authoritative materials and decided that further information is required before a decision can be made. The Board directed staff to comprehensively outline the various types of non-authoritative materials and it will revisit this matter at a future meeting.