News Listings

The IFRS Foundation Trustees have published a Consultation Paper to assess demand for global sustainability standards and, if the demand for a global approach is strong, assess the extent to which the Foundation might contribute to the development of such standards. Read the full Paper to find out more and submit your comments by December 31, 2020.

The Board discussed issues related to the IAASB’s project on Audits of Less Complex Entities and reviewed its response to the IAASB Auditor Reporting Post Implementation Review Survey. It also discussed the development of its 2021-2022 Annual Plan. Read the full Decision Summary for details.

The Board submitted its comment letter responding to the IAASB’s Exposure Draft of ISA 600 (Revised), Special Considerations - Audits of Group Financial Statements (Including the work of Component Auditors). Read the AASB’s full response.

The AASB submitted its response letter to the IASB Exposure Draft, General Presentation and Disclosures on September 30, 2020. The AASB considered comments provided by external stakeholders who were consulted in combination with the AcSB. We also raised comments on the audit implications of bringing management performance measures into the financial statements and introducing a definition for unusual income and expenses.

The expectation gap between the public’s perception of the role of the auditor, the auditor’s current responsibilities, and how they may evolve are receiving heightened attention. Register for our new online community platform, Connect.FRASCanada.ca, to quickly and easily provide your input on this growing issue – as well as hear from others on these important topics.

Our new due process manual provides a clear explanation of our standard-setting due process activities and includes details of how you can participate in the process. We use plain language, and simplified content, to ensure the rigorous set of procedures we undertake to set standards is easy for you to understand. Visit the Due Process page to learn more.

Connect.FRASCanada.ca is our new online community platform. It’s an easy-to-use way to give your feedback on new or amended standards, take part in post-implementation reviews, or submit issues for discussion at a committee meeting.

You asked. We listened. Many of the enhancements to the auditor reporting standards were made in response to input from financial statements users. Now that the standards are in effect, we want users to tell us their views. Participate in our new online community platform, Connect.FRASCanada.ca, to easily give your feedback via quick polls, short surveys and even an open idea forum.

The Board reviewed stakeholder feedback received on the AASB Exposure Draft – Audits of Group Financial Statements (Including the Work of Component Auditors) as well as a draft response letter to the IAASB Exposure Draft. It discussed issues related to the IAASB’s project on Quality Management at the Firm and Engagement Level and Extended External Reporting. The Board also reviewed a second draft of its 2022-2025 Draft Strategic Plan, which reflects the implications of the COVID-19 pandemic on the AASB’s strategic directions. Read the full Decision Summary for details.

The Board reviewed a draft response letter to IASB Exposure Draft, General Presentation and Disclosures. It also discussed the impact of COVID-19 on its Draft Strategic Plan and how to reflect this in the Plan. Read the full Decision Summary for details.