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Financial Instruments was effective for annual financial statements related to fiscal years beginning on or after January 1, 2011. In October 2014, the Accounting Standards Board (AcSB), in accordance with its Due Process Handbook, issued a Request for Comment on the post-implementation review for ASPE 3856 to assess the effects of the Section on financial statement users, preparers and practitioners. The objective of the post-implementation review was to identify unexpected costs or implementation issues encountered when applying ASPE 3856.Based on the feedback received from stakeholders, the AcSB decided to undertake a project to make narrow scope amendments to ASPE 3856.
In October 2017, the AcSB issued an Exposure Draft (ED) titled
Accounting for Related PartyFinancial Instruments and Significant Risk Disclosures (Proposed Amendments to Financial Instruments, Section 3856). The ED reflects the Private Enterprise Advisory Committee’s (PEAC) and Not-for-Profit Advisory Committee’s (NPAC) recommendations to clarify the recognition and measurement of related party financial instruments including related party compound financial instruments and improve the usefulness of the financial instruments risk disclosure requirements. The main features of the ED are:
Comments on the ED were due by January 29, 2018. The AcSB expects to issue the final amendments in the fourth quarter of 2018, if no significant changes to the proposals are required. The proposed effective date of the amendments is for fiscal years beginning on or after January 1, 2020, with earlier application permitted.
For more information on the financial reporting library, contact a local
MNP Assurance Professional, or
Jody MacKenzie, Director, Assurance Professional Standards.
This communication contains a general overview of the topic and is current as of January 31, 2018. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional, who can address any variance that may be required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2018. All rights reserved.
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