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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. |
Private Enterprises Strategy
- The AcSB discussed the specific transitional requirements that an enterprise should follow on initially adopting the proposed Canadian GAAP standards for private enterprises. New Section 1500, First-time Adoption, will propose:
- that an entity’s first financial statements, prepared in accordance with the new set of standards will include an opening balance sheet and comparative information for the corresponding comparative period; and
- provisions to facilitate the adoption of those standards where full retrospective application would not meet a cost-benefit test.
In addition, the AcSB continued its discussion of the proposed new financial instruments Section. The AcSB plans to complete its discussions of the entire set of proposed Canadian GAAP standards for private enterprises at its March 25-26, 2009 meeting. The AcSB now expects the Exposure Draft to be issued in April 2009.
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