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Status: Implementation guidance final. Brochure (PDF) for private enterprises available.
Background
Related Information
Contact Information
Background
- On January 27, 2005, the AcSB published (in
typescript form) three new Handbook Sections:
- Section 1530, Comprehensive Income;
- Section 3855, Financial Instruments — Recognition and Measurement;
and
- Section 3865, Hedges.
It also issued significant additional Handbook amendments consequential to these Sections on April 1,
2005.
The AcSB established a Financial Instruments Working Group (FIWG) to develop materials
to assist entities in understanding the new standards and in dealing with issues that may arise on their
implementation. This guidance is available in electronic form only.
The objective of the AcSB’s Financial Instruments Project was to introduce standards on recognition and
measurement of financial instruments that are generally harmonized with US standards. The Background
Information and Basis for Conclusions for the standards summarizes differences with US GAAP and International
Financial Reporting Standards (IFRSs), most of which result from additional permitted alternatives under
Canadian GAAP. Both US GAAP and IFRSs provide additional guidance that might be helpful in applying these new
standards in circumstances where Canadian GAAP is the same as that underlying the guidance.
Related Information
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The following material is also available:
- Brochure for private enterprises (PDF), October 2007,
“Financial Instruments — Mountain or Molehill”
- Brochure (PDF) , June 2005, “Financial Instruments — Navigating
New Waters”
- Web-based
presentation, November 2005, “Financial Instruments — Recognition and Measurement”
- Web-based
presentation, November 2005, “Comprehensive Income and Equity”
- Web-based
presentation, May 2005, “Financial Instruments — Hedges”
- Letter introducing the new standards (PDF) , January 2005
- Media release and background information,
January 2005
- Frequently asked questions (updated
December 2006)
Contact Information
Questions or comments on this project should be directed to:
Kate Ward, CA
Principal, Accounting Standards
Telephone: +1(416) 204-3437
Fax: + 1(416) 204-3412
Canadian Accounting Standards Board
277 Wellington Street West
Toronto ON M5V 3H2 Canada
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