No decision has been made whether to change fair value accounting rules in Canada, the Accounting Standards Board said Tuesday.

The 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 United States decided earlier this month to change its rules. The details of the new U.S. 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 says it 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,” says Paul Cherry, AcSB chairman.

“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 AcSB establishes financial accounting and reporting standards for use by Canadian companies and not-for-profit organizations.

IE