The Accounting Standards Board (ACsB) has made some recent pronouncements that may be of interest to Alberta CPAs:
Revised AcSB Standard-setting Due Process Manual
The Accounting Standards Board (AcSB) has revised their Due Process Manual. The new manual provides a clear explanation of their IFRS® Standards endorsement and domestic standard-setting activities. The new manual uses plain language, simplified content, and visuals, to ensure the rigorous set of procedures they undertake to set standards is easy to understand.
The AcSB due process is based on the following principles:
- Transparency: conducting our standard-setting process in a transparent manner.
- Consultation: considering the perspectives of those affected by Canadian financial reporting standards.
- Accountability: analyzing the potential effects of its proposals on affected parties and explaining the rationale for our decisions when developing or changing a standard in material published with exposure drafts and final standards. We are also directly accountable to the Accounting Standards Oversight Council.
AcSB Decision Summary – April 9, 2018
The Board discussed matters related to its Agriculture project, approved its 2017-2018 Performance Report, and received input on a recent User Advisory Council meeting.
AcSB Exposure Draft – Accounting Policy Changes (Proposed amendments to IAS 8)
The AcSB has issued its Exposure Draft that corresponds to the IASB’s Exposure Draft related to IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors. The proposed amendments lowerthe impracticability threshold for retrospective application of such changes, to one based on entity specific cost-benefit considerations.
The IASB’s Exposure Draft includes a Basis for Conclusions that is not part of this Exposure Draft. The Stakeholders are encouraged to submit their comments by July 27, 2018.
About the AcSB
The AcSB is an independent body with the authority to establish accounting standards for use by all Canadian entities outside the public sector. The AcSB serves the public interest by establishing standards for financial reporting by all Canadian private sector entities and by contributing to the development of internationally accepted financial reporting standards.
The activities of the AcSB are overseen by the Accounting Standards Oversight Council (AcSOC). AcSOC appoints the members of the AcSB and provides input to the AcSB, primarily in terms of its strategic direction and priorities. AcSOC also assesses and reports to the public on the performance of the AcSB, including compliance with due process.