Standards Digest ACCOUNTING AND AUDITING STANDARD-SETTING IN CANADA DOCUMENTS FOR COMMENT
Initial Research
Discussion Paper
Adding a Standards- Level
Project to the
Workplan
Develop Standard: Exposure Draft
Final Standard
Post-
Implementation Review
Get your voice heard!
Respond to these open documents for comment today
HOT TOPIC Agriculture
THE ACCOUNTING STANDARDS BOARD (ACSB) Discussion Paper on Agriculture is now out for comment. A discussion paper comes before an exposure draſt and will help the AcSB decide whether to continue the agriculture project to develop authoritative guidance, either by developing a new standard or amending existing standards. If they decide to move on it, they will consider the input received and develop an exposure draſt of proposed changes to accounting standards for private enterprises. The discussion paper considers when to record and how to measure a living animal
or plant, as well as the harvested product from these assets. The AcSB’s preliminary view is to measure: • unharvested crops, bearer animals and bearer plants at cost; and • animals held for sale and the harvested product from living animals and plants at current value when certain conditions are met. Help shape the future accounting for biological assets and agricultural produce in
Accounting Standards for Private Enterprises. Provide written comments on this paper to the AcSB by May 19, 2016, and stay tuned for details on the AcSB’s upcoming agriculture roundtable discussions in May and June. Get all the info you need on this project via
www.frascanada.ca/agriculture.
Q&A PSAB and its future
TIM BEAUCHAMP retired as the director of the Public Sector Accounting Board (PSAB) staff last month after being with the team since 1989. So we asked him:
Q: How far has PSAB come since you started, Tim? A: There used to be a lot of inconsistency in public sector financial reporting. For example, not all liabilities were recorded and not all assets were recorded. Reporting was fragmented as there were no basic consolidation principles in place. What’s
happened over the last 27 years is that we’ve been able to bring the public sector together and move toward completeness and comparability of financial statements. In terms of complete- ness, governments are
now recording liabilities such as pension plans and their tangible capital assets, which weren’t visible on their financial statements before. Governments are also now preparing consolidated financial statements, which are a better representation of everything that they are responsible for.
When it comes to comparability, we now
have a good degree of that among governments — not only the federal, provincial and territorial levels, but also municipalities and a good number of government organizations. Overall, PSAB was able to reach
agreement on a common reporting framework that is leading to better information for decision-making and demonstrating accountability by the public sector. This also improves understandability. To say the least, there has been a lot accomplished and I think that’s a reflection of the public sector itself understanding the need for improvements in financial reporting and its willingness to make that happen. Let’s just say — it’s been quite a journey.
MARCH 2016 | CPA MAGAZINE | 13
● Accounting Standards for Private Enterprises Discussion Paper, Agriculture: Comments due May 19
● Standards for Not-for-Profit Organizations
Exposure Draſt, Withdrawal of Disclosure of Related Party Transactions by Not-for-Profit Organizations, Section PS 4260: Comments due April 29
Access these documents and keep up to date with projects, effective dates of new standards and how to get involved in the standard-setting process by visiting
www.frascanada.ca
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