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Canadian Sustainability Disclosure Standards Public Consultation

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Canada’s first proposed Canadian Sustainability Disclosure Standards (CSDS) are out for public comment until June 10, 2024. Exposure Drafts on CSDS 1 and CSDS 2 align with the 2023-released IFRS S1 and S2 global baselines, with modifications introduced to align with Canadian-specific needs.

Audits of Less Complex Entities standard not coming to Canada

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In September 2023, IAASB approved the ISA for LCE, a new audit standard for less complex entities. Despite extensive consultation and consideration, Canada opted not to adopt it, citing that it doesn't fully meet local needs or serve the public interest.

Contributions Exposure Draft Feedback Statement

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In March 2023, an AcSB Exposure Draft proposed a new method for recognizing restricted contributions in not-for-profits. With mixed feedback, the AcSB is redirecting the Contributions project based on extensive consultations.

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June 4, 2024

International Activity, Document for Comment, News

IASB Exposure Draft – Contracts for Renewable Electricity

The IASB has published its Exposure Draft, “Contracts for Renewable Electricity,” which proposes amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. Respond directly to the IASB with your feedback by August 7, 2024. Also, stay tuned for the AcSB's wraparound exposure draft. If you want the AcSB to consider your feedback before finalizing our comment letter, please respond by July 31, 2024.

June 1, 2024

Resource, Article

2023 Changes to Part I – AcSB Due Process – Endorsement Activities

How do new or amended IFRS® Accounting Standards make their way into the CPA Canada Handbook – Accounting? Find out via this overview of the due process activities we completed in support of changes made to Part I of the Handbook in 2023. 

May 31, 2024

Resource, Guidance

What You Need to Know about Effects of Climate-related Risks and Opportunities on ASPE Financial Statements: Awareness Document

Climate change is impacting businesses worldwide, bringing challenges to both operations and financial reporting. The AcSB is releasing a series of awareness documents, developed to help organizations in navigating climate-related matters using ASPE standards, for improved financial reporting.

May 27, 2024

News, Article

Canada’s Decision to Not Adopt the International Standard for Audits of Less Complex Entities

The AASB has provided information on its decision to not adopt the International Standard for Audits of Less Complex Entities. Read further to learn the reasons behind this decision and what the AASB is doing now.

May 22, 2024

Meeting Summary

AcSB Decision Summary – May 22, 2024

The AcSB discussed Application Questions, Contributions, Detailed Review of Accounting Standards for Private Enterprises, Carbon Credits Research, and more. Read the Decision Summary for full details.

May 22, 2024

International Activity, News, Webinar

Joint IASB-CAAA-AcSB virtual workshop for academics: an overview of IFRS 18 Presentation and Disclosure in Financial Statements

On June 17, 2024, the International Accounting Standards Board, the Canadian Academic Accounting Association, and the AcSB will hold a virtual workshop targeted to academics providing an overview of IFRS 18 Presentation and Disclosure in Financial Statements. Register now to learn more!

May 14, 2024

Meeting Summary, Webpage

IFRS® Accounting Standards Discussion Group Recording – May 14, 2024

Watch the video recording of our Group’s May meeting. Agenda topics included IAS 12: Accounting for Deferred Tax Assets under OECD Pillar Two GloBE Rules, IAS 36: Assessment of Cash Generating Units (CGUs) in a Production Facility with Multiple Production Lines When One of the Products Has a Declining Market Demand, and more. Don’t miss out on the latest IFRS news! Watch our meeting for a limited time, on demand.

May 14, 2024

Meeting Summary, Webpage

AASB Decision Summary – May 14, 2024

The AASB reviewed feedback on the Exposure Draft of CAS 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, and its response to the IAASB’s proposed ISA 240. The AASB also discussed the Compilations of Future-oriented Financial Information and Pro Forma project. Read the decision summary for more.

May 14, 2024

News, Resource

Contributions – Revenue Recognition and Related Matters Exposure Draft Feedback Statement

Read the feedback statement for AcSB's 2023 Exposure Draft, “Contributions – Revenue Recognition and Related Matters” to learn how your feedback has shaped the future direction of the Contributions project.

May 9, 2024

Meeting Summary

Private Enterprise Advisory Committee Notes – May 9, 2024

The Committee held a meeting on May 9, 2024, and discussed relief from recognition of intangible assets and amortization of goodwill, insurance contracts with cash surrender, and more. Read the meeting notes for full details!