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Accounting Standards Board
Decision Summary
July 13, 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 within
the month following an AcSB meeting. |
Business Combinations
The AcSB discussed a proposed Exposure Draft on business combinations that is
harmonized with proposals recently issued by the US Financial Accounting Standards Board (FASB) and the
International Accounting Standards Board (IASB). The AcSB expects to issue its Exposure Draft by the end of
July.
CICA Handbook — Accounting
The AcSB considered concerns expressed by constituents that, for those entities
choosing not to adopt early the changes to the CICA Handbook – Accounting for financial instruments and
related consequential amendments, the temporary "archived" version of the Handbook at March 31, 2005, does
not fully satisfy their needs. The AcSB decided that the temporary electronic "archived" version should
be replaced with a version that would not contain the changes relating to financial instruments and related
consequential amendments, but would be kept up to date for other subsequent changes until such time as the
financial instruments changes become mandatory.
Income and Royalty Trusts
The AcSB considered input from its Accounting Standards Oversight Council (AcSOC) and User Advisory
Council, and reviewed staff research regarding current financial reporting practices of income and royalty
trusts. The AcSB staff will undertake various communications initiatives with regulators, reporting
entities and other stakeholders involved with this sector.
Issues Arising from Nortel
The AcSB considered a report on discussions conducted and a presentation made at the June AcSOC meeting.
No decisions were made.
International Activities
The AcSB considered reports on recent meetings of the IASB and FASB (see www.iasb.org.uk and www.fasb.org,
respectively). In particular, the AcSB noted that:
- the IASB and FASB have issued Exposure Drafts on business combinations
resulting from their joint project, for comment by October 28, 2005; and
- the SEC issued a report on off-balance sheet arrangements, special purpose entities
and related issues pursuant to Section 401(c) of the Sarbanes-Oxley Act of 2002.
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