Decision Summaries

EIC Activities Terminated

April 1, 2010. With the adoption of International Financial Reporting Standards and accounting standards for private enterprises scheduled for 2011, the Accounting Standards Board (AcSB) has decided that there is no ongoing role for the Emerging Issues Committee. Accordingly, the AcSB decided to wind up the Committee effective March 31, 2010.

The IFRS Discussion Group and the Private Enterprises Advisory Committee in addition to the Not-for-Profit Advisory Committee have been established to advise the AcSB on issues on the relevant standards in the CICA Handbook – Accounting.

The AcSB established the EIC in 1988 to serve the interests of the public by providing a forum for the timely review of emerging accounting issues that were likely to receive divergent or unsatisfactory treatment in practice in the absence of some guidance. The EIC issued “Abstracts of Issues Discussed,” which were consensus views of the EIC members.