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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:
- The AcSB and the Accounting Standards Oversight Council have submitted a comment letter to the IASC Foundation on its Discussion Document “Review of the Constitution – Identifying Issues for Part 2 of the Review.”
- AcSB staff has submitted a comment letter to the IASB on its Exposure Draft, “Preliminary Views on Financial Statement Presentation.”
- The IASB has issued two Exposure Drafts, “Income Tax” and “Derecognition (proposed amendments to IAS 39 and IFRS 7).”
The AcSB agreed to issue exposure drafts proposing to adopt forthcoming IASB standards on derecognition (see above) and fair value measurements (proposals expected to be issued shortly) into Canadian GAAP. The final standards will replace or supplement the IFRSs to be incorporated into the Handbook later this year as part of the AcSB’s IFRS strategy. The AcSB agreed that the exposure draft proposals should not affect existing (i.e., pre-changeover) Canadian GAAP. The AcSB discussed plans for responding to the derecognition and fair value measurements proposals, as well as the recently issued IASB Discussion Paper on “Leases — Preliminary Views.” The AcSB intends to consult with different groups of experts, with some of its advisory committees and with interested constituents by holding roundtable discussions. The AcSB encourages stakeholders to respond directly to these documents, which are, or will be, available for comment at www.iasb.org. Economic Environment The AcSB continued to discuss its response to the FASB’s decisions to amend its guidance on fair value measurements and impairments of debt securities. The AcSB noted the issuance of the final FASB Staff Positions (FSPs) and recent views expressed by other standards setters, regulators and others regarding the FSPs. The AcSB reaffirmed that it would not make any decisions about what, if any, action it might take in Canada until after the IASB has discussed the responses to its request for views on the FSPs on April 23-24, 2009, and the AcSB staff has completed further consultations. The AcSB has scheduled an additional meeting on April 29, 2009, at which time it expects to be in a position to make a decision. Emerging Issues Committee (EIC) Agenda Issues The AcSB approved the addition of an issue to the EIC agenda to consider modifying EIC-107, “Application of Section 3465 to Mutual Fund Trusts, Real Estate Investment Trusts, Royalty Trusts and Income Trusts,” regarding the consensus on the second issue in this Abstract. |