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 Consolidation – Investment Company Exemption
The IASB reached a tentative decision, in February 2010, that an investment company should be exempted from the requirement to consolidate investments in entities it controls. The IASB decided that entities should account for investments in controlled investees at fair value. Further to the AcSB’s discussion of this issue in its March 24-25, 2010 meeting, it received an update on discussions with IASB staff about Canadians’ concerns regarding whether the exemption would be finalized in time for Canada’s transition to IFRSs. The AcSB noted that the IASB will be discussing the investment company proposal at its April 20-21, 2010 meeting and asked the AcSB staff to report back at the May 5-6, 2010 AcSB meeting on the progress made. - Fair Value Measurement
The AcSB discussed the IASB’s forthcoming limited scope exposure draft on measurement uncertainty analysis disclosures and its request for views on the FASB’s proposed amendments to Topic 820 Fair Value Measurement and Disclosures. These documents are being issued to support the two Boards’ goal of making IFRSs and US GAAP fair value measurement requirements the same. The AcSB decided that: - it should issue an exposure draft reflecting the proposals in the IASB’s limited scope exposure draft following its release by the IASB; and
- its staff should promote awareness of the IASB’s request for views following its release, and encourage Canadians to respond, as the IASB and the FASB will deliberate comments received jointly.
Financial Instruments – Replacement of IAS 39
The AcSB agreed to issue exposure drafts on measurement of financial liabilities and hedge accounting when issued by the IASB. These documents are expected to be issued during the second quarter of 2010. User Advisory Council The AcSB appointed Blair Carey, CFA, as Chair of its User Advisory Council, effective April 1, 2010. He succeeds the retiring Chair, Robert Morgan, CFA, CGA, after serving as Vice-Chair since 2004. |
