Accounting Standards Board
Decision Summary
February 10, 2005
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 AcSB. Decisions to publish Handbook material are final only after a formal ballot process.
For more detailed information on AcSB projects, please refer to the project summaries under Projects, which will be updated approximately one week following the posting of this decision summary. |
Deferral of Costs/Internally Developed Intangible Assets
The AcSB continued its discussion on internally developed intangible assets not addressed by other Handbook Sections. The scope entails amending Section 1000, Financial Statement Concepts, and Section 3062, Goodwill and Other Intangible Assets, and superseding EIC-27, Revenue and Expenditures During the Pre-operating Period, to bring Canadian practice with respect to the treatment of start-up and similar costs substantially into line with international practice.
Rate-Regulated Operations
The AcSB discussed the comments received in response to the October 2004 Draft Guideline, “Disclosures by Entities Subject to Rate Regulation,” and approved a final Guideline, subject to written ballot. The new disclosure requirements will apply to financial statements for annual periods ending on or after December 31, 2005.
International Activities
The AcSB received reports on recent activities of the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) (see www.iasb.org.uk and www.fasb.org, respectively). In particular, it was noted that staff had responded to a request for information from the Committee of European Securities Regulators in conjunction with their evaluation of the equivalence of IASB and Canadian standards.
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