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FINANCIAL INSTRUMENTS IMPLEMENATION GUIDE – INVITATION TO COMMENT |
| Source: | CICA | | Country: | Canada | | Date: | 22/06/2007 | | Contributor: | Frank D'Andrea | | Web: | www.cica.ca |
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The Financial Instruments Working Group (FIWG) is a group of volunteers requested by the Accounting Standards Board (AcSB) to develop implementation guidance for applying the CICA Handbook ? Accounting standards on financial instruments. These new standards are lengthy and can be complex. However, the effect of the standards on many entities may be minimal. The FIWG has focused its initial efforts on producing guidance to help you develop a process for determining the extent to which the standards will affect you and for systematically implementing the standards.
This Implementation Guidance has not been reviewed by the AcSB and is not a primary source of generally accepted accounting principles, as described in GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, Section 1100. However, it is a useful other source that an entity might consult to assist in selecting accounting policies. These documents are intended to clarify certain aspects of the standards. However, nothing in these documents is to be taken as overriding the requirements of any primary sources of GAAP.
This guidance is structured as a series of documents with optional links. Both narrative and graphic representations of the material are included. The FIWG strongly encourages you to read the Handbook references provided. Terms used in the standards are highlighted in the guidance documents and presented with their definitions in alphabetical order in the glossary for your convenience.
The Financial Instruments Working Group has released the fourth in a series of draft Implementation Guidance documents designed to assist entities with the implementation and application of the financial instruments standards. Comments are requested by July 31, 2007.
Go to the following link to access the draft Implementation guidance.
”> http://www.acsbcanada.org/index.cfm?ci_id=30497&la_id=1
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