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Consolidations, Joint Arrangements and Investments: Project News for Private Enterprises


The Accounting Standards Board (AcSB) issued two new standards for private enterprises in September 2014. The new and amended Sections are effective for fiscal years beginning on or after January 1, 2016 with earlier application permitted.

Consolidations
  • The AcSB replaced Section 1590, Subsidiaries, with new Section 1591. The main changes include withdrawing Accounting Guideline AcG-15, Consolidation of Variable Interest Entities and including guidance in Section 1591 that requires the use of judgment to determine when control is obtained through means other than equity interests. The key concepts are based on IFRS 10 Consolidated Financial Statements.
Joint Arrangements and Investments
  • The AcSB replaced, Section 3055, Interests in Joint Ventures, with new Section 3056 and amended, Section 3051, Investments. The main change includes reducing the accounting policy options for joint arrangements so that the accounting more accurately represents the nature of the investment. The key concepts are consistent with IFRS 11 Joint Arrangements.
Participate in the AcSB webinar to:
  • hear about why these projects were undertaken and their objectives; and
  • understand what has changed for private enterprises.

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On Demand Date: March 31, 2015
Webinar Date: March 30, 2015
Duration: 60 Minutes



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