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Accounting Standards Board
Decision Summary
February 23, 2007
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. |
Investment Companies
The AcSB approved revisions to AcG-15, Consolidation of Variable Interest
Entities and AcG-18, Investment Companies, subject to written ballot.
The new requirements, which are substantially the same as proposed in the Draft Guideline, are effective for
fiscal periods ending on or after September 30, 2007. Earlier adoption is encouraged.
The AcSB noted that, consistent with US GAAP and dependent on the particular facts and circumstances,
investment companies may be required to consolidate some investment company subsidiaries and to record
investments in other investment company subsidiaries at fair value. The guidance in AcG-18 should be applied
by management in making that determination.
The AcSB also decided to make available on its website a typescript of the amended Guidelines until such
time as the CICA Handbook – Accounting is updated.
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