TORONTO, April 7 /CNW/ - No decision has been made whether to change fair
value rules in Canada. The Accounting Standards Board (AcSB) will hold a
special meeting later this month to consider whether to propose changes in the
use of fair values and impairment of debt securities.
The Financial Accounting Standards Board (FASB) in the US decided earlier
this month to change its rules. The details of the new US rules have not yet
been released. The AcSB is also consulting the International Accounting
Standards Board (IASB) which will discuss responses to its request for views
from its constituency on the use of fair value on April 23-24.
The AcSB will make a decision on whether to propose any revisions to
financial reporting standards in Canada on the use of fair values and
impairment of debt securities when all of the necessary information is
available to make an informed and responsible choice.
"Once we have the final wording from FASB on their revisions and
information that will come out of the IABS's meetings, we will have the
information we need," said Paul Cherry, Chair of the Accounting Standards
Board. "If the Board decides to change the standards, we will be ready to
issue an Exposure Draft quickly and allow all of our stakeholders to provide
feedback on the proposals and ensure that due process is respected."
The Accounting Standards Board establishes financial accounting and
reporting standards for use by Canadian companies and not-for-profit
organizations. It participates in the development of internationally accepted
accounting standards. The Board sets its financial accounting and reporting
standards after an extensive process of consultation with organizations and
individuals that are interested in or affected by the standards. The standards
contribute to enhanced decision making by continually improving the quality of
financial and other information about organizational performance reported by
Canadian entities. www.ascbcanada.org
For further information:
For further information: or to arrange an interview, contact Lisa
Pretty, Communications Manager, Standards, (416) 204-3482,