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Accounting
Standards Board
Decision Summary
August
26, 2008
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, including the decisions summarized below, please refer to the
project summaries under Projects,
which will be updated within the month following an AcSB meeting. |
International Activities
The AcSB received reports on recent meetings of the International Accounting Standards Board (IASB) and US
Financial Accounting Standards Board (FASB) (see www.iasb.org.uk and www.fasb.org, respectively).
- The AcSB noted:
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- that on August 27, 2008, the US Securities and Exchange Commission is expected to approve the release of
a proposed road map towards US adoption of IFRSs;
- that the IASB has issued amendments to IAS 39, Financial Instruments:
Recognition and Measurement, clarifying how the existing principles underlying hedge accounting should
be applied when there is one-sided risk in a hedged item and inflation in a financial hedged item;
- the release by the IASB of an Exposure Draft of proposed amendments to IAS 33, Earnings per Share;
- the release by the IASB of an Exposure Draft of proposed amendments to eight IFRSs as part of its “Annual
Improvements” project; and
- that the FASB has suspended deliberations indefinitely on its “Income Taxes” project and is no longer
planning to issue an amendment to SFAS 109, Accounting for Income Taxes.
Instead, it may revisit the project after the IASB has further developed proposed amendments to IAS 12, Income Taxes. The IASB expects to publish an Exposure Draft on this topic before
the end of the year.
Financial Reporting by Private Enterprises
The AcSB’s Private Enterprises Advisory Committee has identified a number of issues with the AcSB’s
Financial Instruments suite of standards that would cause a private enterprise to incur costs that are
disproportionate to the benefits to either the enterprise or the users of its financial statements. The AcSB
discussed these issues in the context of exploring a revised approach to the suite of standards. At its next
meeting on September 23-24, 2008, the AcSB expects to consider a possible framework for a new standard on
financial instruments for private enterprises. Based on that discussion, the AcSB expects that it will be
able to determine, at that time, whether or not to withdraw the requirement for non-publicly accountable
enterprises to adopt Sections 1530, Comprehensive Income, 3855, Financial Instruments — Recognition and Measurement, and 3865, Hedges.
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