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AcSB Annual Report 2022-2023

AcSB Annual Report 2022-2023 banner

Chair Message

Armand Capisciolto

As we reflect on the past year, it has become apparent that the only constant is change. We have seen it all around us: changes in the reporting landscape, in the needs of our stakeholders, and in how we operate.

With change comes the need to explore new approaches. We recognize that in Canada, the landscape of reporting entities is diverse. As part of our core strategy to deliver relevant and high-quality accounting standards in our 2022-2027 Strategic Plan, we are committed to exploring scaling the standards for non-listed entities to better meet stakeholders’ different reporting needs. We look forward to exciting discussions with our stakeholders on the potential approaches identified in our recently published Consultation Paper.

Amidst change, we continued to reassess our priorities to ensure they remain relevant to our stakeholders. In doing so, we kept our focus on moving important projects and discussions forward. We stayed active in influencing international discussions on topics of importance to Canadians, including our research on crypto assets. Domestically, we issued final pronouncements for our projects on Cloud Computing Arrangements and Pension Plans. We also made great progress on our Contributions project and are keen to hear our stakeholders’ views on the Exposure Draft proposals. We recognize the proposals would result in a significant change for the not-for-profit sector, but we believe that together with input from the sector, we can improve financial reporting by not-for-profit organizations.

The demand for information about a company’s sustainability-related risks and opportunities continues to grow. As a standard setter, we recognize the importance of connectivity between financial and sustainability standards to ensure information reported is consistent. We are committed to seeking Canadians’ views and ensuring their perspectives are considered in the standard-setting process to keep this connectivity theme at the forefront during this period of change.

Fiscal 2022-2023 was also a year of change for us from an operational standpoint. We resumed some in-person meetings to further strengthen connections with our stakeholders and national standard-setting peers, while still leveraging the benefits of operating virtually when it made sense to do so. Our Board also experienced an early leadership change as my predecessor, Linda Mezon-Hutter, is now currently serving as the Vice-Chair of the International Accounting Standards Board – a tremendous achievement for Canada.

I would like to thank Linda for her leadership and commitment to establishing high-quality standards in Canada and globally – and personally for her guidance as I take on the role of AcSB Chair. I would also like to express my gratitude to my fellow Board members and AcSB staff for their support during this transition phase. Looking ahead, I am confident that we can carry out our vision in the coming years to enhance the relevance of financial information and support the improvement of non-financial information reported to stakeholders.

Armand Capisciolto, FCPA, FCA, CPA(MI)
Chair, AcSB

Advancing through Change

Progressing on our commitment

Progressing on our commitment iconIn our 2022-2027 Strategic Plan, we committed to exploring scaling the existing accounting frameworks to better meet the needs of non-listed Canadian entities and their financial statement users. Our research this year has helped us better understand the need for a scaled approach, while balancing the fact that additional tiers may be cumbersome for preparers and others. In our “Consultation Paper I – Exploring Scalability in Canada,” we identified scalability solutions and are seeking stakeholders’ feedback on which ones they would support to further advance our work in this area. As we move into the next year, we will be considering the feedback and evaluating the Preface of our Handbook, a project that is closely linked with our Scaling the Standards project.

Advancing key domestic projects

Domestic projects iconWe achieved significant milestones this year with many of our domestic projects. Notably, we are now consulting stakeholders on our high priority Contributions project. We completed several other projects, including Cloud Computing Arrangements and Pension Plans, and issued final pronouncements at the end of 2022. We also started work in new areas, including exploring the accounting for insurance contracts with cash surrender value and the reporting of controlled and related entities by NFPOs. The valuable input provided by the Board’s advisory committees was instrumental in moving our domestic projects forward.

Making global contributions

Making global contributions iconWe continue to focus on ensuring that Canadian views on issues important to our stakeholders are heard and considered at the international level. This year, we exercised our international influence by actively participating in the International Accounting Standards Board’s (IASB) standard-setting process and exchanging views on topics of mutual interest with other national standard setters, including those in Australia, Germany, Japan, the United Kingdom, and the United States. The International Sustainability Standards Board will soon be delivering a global baseline of sustainability disclosure standards for capital markets. We are taking a collaborative approach with other standard setters, including the Canadian Sustainability Standards Board, to ensure that connectivity between sustainability and financial reporting is considered in lockstep as new standards are issued.

By the Numbers

Read about the AcSB’s communications and outreach activities this year, including key statistics.

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Progressing on the Strategies for Each Reporting Entity Category

Publicly accountable enterprises

Publicly Accountable Enterprises iconThis year, the IASB deliberated stakeholders’ feedback on many of its projects. We focused our efforts on gathering additional information that the IASB needed to advance discussions on key projects like Primary Financial Statements, Rate-regulated Activities, Extractives Activities, and various others related to financial instruments. The IASB also established its priorities for 2022-2026. Although a project on crypto assets was not identified as a priority, we continue to work closely with other national standard setters on this topic. We are conducting research to better understand and consider the accounting for crypto-asset activities with the objective of providing decision-useful information to financial statement users.

Private enterprises

Private Enterprises iconWe made progress on many of our domestic projects, including completing the Cloud Computing Arrangements project. We issued an Exposure Draft for Related Party Combinations and completed the consultation phase this year. We also responded quickly to stakeholders’ concerns by deferring the revenue amendments related to upfront non-refundable fees or payments, allowing time to identify a comprehensive solution for private enterprises and NFPOs. Through our research, we advanced our understanding of the accounting for insurance contracts with cash surrender value so that we can develop proposals and consult stakeholders in 2023-2024. Our Private Enterprise Advisory Committee continues to play a vital role in the advancement of our projects.

Not-for-profit organizations

Not-for-profit Organizations iconWe advanced our Contributions project to the next standard-setting phase and issued an Exposure Draft in March 2023. Our Not-for-Profit Advisory Committee contributed significantly towards the development of the proposals in our Exposure Draft. In the coming months, we will be providing educational material to highlight key aspects of the proposals. We are keen to hear stakeholders’ views, and therefore, outreach events are being held across Canada to ensure there are many opportunities for the NFPO sector to provide feedback. We also resumed our discussions on reporting of controlled and related entities, a project that was deferred in the past due to higher priority work.

Pension plans

Pension Plans iconWe made improvements to Section 4600, Pension Plans this year by issuing amendments to clarify areas of ambiguity and provide new guidance to reduce diversity in practice. With the assistance from our Pension Plan Working Group, we started our research on other issues in Section 4600 relating to investment disclosures and presentation of investment fees. In 2023-2024, we will be developing proposals and look forward to consulting stakeholders on their views.

Looking Ahead

Change is here to stay, but the foundation laid out in our 2022-2027 Strategic Plan will help us navigate through a new era of reporting. Our stakeholder relationships are an important part of our effectiveness, and we will continue to foster them through the coming year.

In addition, the Independent Review Committee on Standard Setting in Canada issued its final report and we will be considering its recommendations to ensure Canadian standard setting continues to be independent and internationally recognized. We are specifically focused on the recommendations related to connecting with stakeholders, timeliness, and transparency.

Keep up to date on all our projects and activities throughout the year as we make progress on our Annual Plan.


Front row L-R: Howard Leung, Armand Capisciolto (Chair), Carol Rowe, Steve Fortin
Back row L-R: Guy Jones, Marc Joyal, Michel Charbonneau, Nancy Anderson, Chris Kovalchuk, Lawrence Smith
Absent: Charles Henaire


Front row L-R: Matthew Bishop, Davina Tam, Lauren Pennycook, Danielle MacLeod, Andrew White, Jean-Francois Trepanier (Vice-President)
Back row L-R: Mohamed Hassanali, Katherine Knowlton, Mark Squire, Jayshal Daya, Jamie Goodman, Amanda Winter, Grace Flis, Shalini Gupta, Jesse McLinton
Absent: Katharine Christopoulos (Director), Marta Kolodziejski, Susan Ryckman