| 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 issued an Exposure Draft “Conceptual Framework for Financial Reporting: The Reporting Entity” that corresponds to the IASB Exposure Draft on this topic, with a comment deadline of July 16, 2010.
Background
AcSB's Involvement
Concepts under Development
Related Information
Contact Information Background The objective of this joint project of the International Accounting Standards Board and the Financial Accounting Standards Board (the Boards) is to develop a common conceptual framework that is both complete and internally consistent. AcSB's Involvement - Developing an improved and converged global financial reporting framework is a high priority to the AcSB and critical to developing and harmonizing accounting standards internationally. As part of its commitment to developing accounting standards internationally:
- AcSB and its committees discuss and provide comments on documents issued for comment.
- Chair and Senior staff participate in a group with other national standard setters to review the Conceptual Framework deliberations and documents issued for comment and to provide the Boards feedback from a not-for-profit perspective. The Boards are currently developing the improved framework for entities operating for profit and in a later phase, plan to consider the applicability of the proposed framework from a not-for-profit perspective.
- AcSB staff members have been actively involved in this project as part of an international team.
Concepts under Development Qualitative Characteristics and Constraints
In May 2008, the IASB and the AcSB issued Exposure Drafts of the Objective and Qualitative Characteristics and Constraints chapters of the Conceptual Framework. In May 2009, the AcSB decided to incorporate the IASB’s final version of these chapters into Part I of the CICA Handbook – Accounting once issued by the IASB. The chapters will be applicable to publicly accountable enterprises and other entities that apply IFRSs, and will be effective at the same time as in IFRSs. The Reporting Entity
In April 2010, the AcSB issued an Exposure Draft that corresponds to the proposals in the IASB Exposure Draft “Conceptual Framework for Financial Reporting: The Reporting Entity.” These proposals are to develop a reporting entity concept based on existing practice. The IASB expects to issue this concept in final form in the fourth quarter of 2010. The AcSB will incorporate the new concept into Part I of the Handbook shortly after it is issued by the IASB. Related Information - AcSB Exposure Draft: “Conceptual Framework for Financial Reporting: The Reporting Entity”
- IASB Exposure Draft: “Conceptual Framework for Financial Reporting: The Reporting Entity”
- Responses to the AcSB's Exposure Draft "Conceptual Framework— Objective, Qualitative Characteristics and Constraints" are available here
- AcSB Exposure Draft: “Conceptual Framework— Objective, Qualitative Characteristics and Constraints”
- IASB Exposure Draft: “An improved Conceptual Framework for Financial Reporting: Chapter 1: The Objective of Financial Reporting” and “Chapter 2: Qualitative Characteristics and Constraints of Decision-useful Financial Reporting Information” and a summary of the proposals
- IASB Discussion Paper: “Preliminary Views on an improved Conceptual Framework for Financial Reporting: The Reporting Entity” and a summary of the proposals
- Report on the application to not-for-profit entities in the private and public sector of the IASB/FASB "Exposure Draft of An improved Conceptual Framework for Financial Reporting: Chapter 1: The Objective of Financial Reporting, and Chapter 2: Qualitative Characteristics and Constraints of Decision-useful Financial Reporting Information" and Discussion Paper “Preliminary Views on an Improved Conceptual Framework for Financial Reporting: The Reporting Entity”
- Report on the applicability to not-for-profit entities in the private and public sector of the IASB/FASB "Preliminary Views on an Improved Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics of Decision-Useful Financial Reporting Information"
- IASB and FASB Project page on Conceptual Framework
- IASB Project page on Conceptual Framework
Contact Information Questions or comments on this project should be directed to: Rebecca Villmann, CA
Principal, Accounting Standards
Telephone: +1 (416) 204-3464
Fax: +1 (416) 204-3412
Canadian Accounting Standards Board
277 Wellington Street West
Toronto ON M5V 3H2 Canada |