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| This summary of Accounting Standards Board (AcSB) projects has been prepared for
information purposes only. Decisions reported are tentative and reflect only the current status of
discussions on this project, which may change after further deliberations by the AcSB. Decisions to publish
Handbook material are final only after a formal ballot process. |
Status: AcSB Exposure
Draft (PDF) issued with comment deadline of December 5, 2008.
The International Accounting Standards Board (IASB) issued an Exposure Draft in August 2008, and final
standards from the IASB and AcSB are expected in 2009.
Background
Activities to Date
Next Steps
Related Information
Contact Information
Background
In 2006, the AcSB decided, consistent with its strategy of adopting International Financial Reporting
Standards (IFRSs) for publicly accountable enterprises, to issue a standard on earnings per share (EPS) that
is fully converged with IAS 33, Earnings per Share, including proposed
amendments then under development by the IASB.
In order to help companies focus their efforts on adopting IFRS, the AcSB generally does not intend to
require adoption of new standards in Canada prior to full adoption of IFRS in 2011. However, adoption of the
proposed new standard on EPS would not require any changes to accounting processes or systems and would
result in convergence with both IFRS and US GAAP. Therefore, the AcSB intends that the proposed new standard
on EPS would become effective in Canada at the same time as required by the IASB, which is expected to be
prior to the complete changeover to IFRSs.
The AcSB proposes to withdraw Section 3500, Earnings per Share, and
replace it with a new standard that conforms to the IASB’s IAS 33, as amended by proposals issued by the IASB
in August 2008.
Activities to Date
In August 2008, the IASB and the FASB each issued Exposure Drafts asking for public comments by December
5, 2008.
The AcSB’s exposure draft proposes to replace Section 3500 with the IASB's final standard.
Next Steps
Staff expects the AcSB exposure draft to be issued in the third quarter of 2008, and a final standard in
the second half of 2009.
Related Information
Information on the IASB’s project to amend IAS 33, including exposure draft.
Information on the
FASB’s project to amend FAS 128, including exposure draft.
Contact Information
Questions or comments on this project should be directed to:
Harry Klompas, CA
Principal, Accounting Standards
Telephone: +1 (416) 204-3436
Fax: +1 (416) 204-3412
Canadian Accounting Standards Board
277 Wellington Street West
Toronto ON M5V 3H2 Canada
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