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 an update on discussions at the recent IASB-FASB joint meeting and at the AICPA-IASC Foundation Conference on October 29-30, 2009. The AcSB noted that the IASB and FASB have agreed to meet jointly more frequently in the interests of enhancing the possibility of convergence on several current projects. The AcSB also noted that it now seems likely no major change to IFRSs will be mandatory before January 1, 2012, thus establishing a relatively stable platform of IFRSs for the Canadian changeover. However, stakeholders should expect further changes to IFRSs subsequent to the initial adoption of IFRSs. Employee Future Benefits The AcSB noted that the IASB has decided not to proceed with the proposals in its fast-track Exposure Draft, "Discount Rate for Employee Benefits (Proposed Amendments to IAS 19)” and, accordingly, the AcSB would undertake no further work on this topic. |