Exposure Draft – Redeemable Preferred Shares Issued in a Tax Planning Arrangement

October 1, 2014. The AcSB has issued an Exposure Draft that proposes to delete Financial Instruments, paragraph 3856.23, and includes a Basis for Conclusions. Stakeholders are encouraged to submit their comments, on the form provided, by January 15, 2015. http://www.frascanada.ca/standards-for-private-enterprises/index.aspx

How the proposed changes to the accounting for leases may affect your business.

Your statement of financial position may be significantly affected: • For lessees, leases will be recognized and reported on the balance sheet (i.e., off-balance-sheet accounting will be eliminated, with the exception of leases with a maximum lease term of 12 months), resulting in the recognition of new assets and liabilities.3 • Off-balance-sheet financing numbers can…

CICA Handbook update

Annual improvements to accounting standards for private enterprises      The following standards have been amended as a result of 2013 annual improvements: •     INCOME STATEMENT, paragraph 1520.03(g), has been added to clarify that non-controlling interests are not a deduction in calculating net income. •     CASH FLOW STATEMENT, paragraph 1540.22(a), has been amended to remove…

Private Enterprise Advisory Committee Meeting Notes

April 3, 2013 (These notes are a summary of the discussions in the Committee meeting. They have been prepared by AcSB staff and have not been approved by the Committee or the Accounting Standards Board.) Investments The Committee discussed how, in practice, entities have been applying the basis of accounting guidance in Section 3051,Investments. Paragraph…

Private Enterprise Advisory Committee Meeting Notes December 11, 2012

(These notes are a summary of the discussions in the Committee meeting. They have been prepared by AcSB staff and have not been approved by the Committee or the Accounting Standards Board.) Consolidations The Committee continued its discussions on developing new guidance to replace Accounting Guideline AcG-15, Consolidation of Variable Interest Entities. The Committee discussed the…

What's New at the Accounting Standards Board

What’s New Accounting Standards Board   Exposure Draft – Annual Improvements to IFRSs 2011 – 2013 Cycle The AcSB has issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Canadian stakeholders are encouraged to submit their comments, on the form provided, by February 18, 2013.. Exposure Draft – Equity Method:…

2012 Improvements to Accounting Standards for Private Enterprises

November 14, 2012. This document sets out how the AcSB reached its conclusions. As well, it sets out significant matters arising from comments received in response to its Exposure Draft and indicates how the Board dealt with the issues raised. http://www.frascanada.ca/standards-for-private-enterprises/resources/basis-for-conclusions/item69758.pdf