The Accounting Standards Board (AcSB) is exploring ways to improve Section 1000, Financial Statement Concepts, and Section 1001, Financial Statement Concepts for Not-for-Profit Organizations, in Parts II and III of the CPA Canada Handbook – Accounting, respectively.
The AcSB is considering feedback from its Private Enterprise Advisory Committee and Not-for-Profit Advisory Committee on how financial statement concepts are currently used, and the challenges with applying them. As part of its research, the Board will review financial statement concepts to ensure that they continue to be fit for purpose for Canadian entities.