This summary of Accounting Standards Board (AcSB) decisions has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussion on projects, which may change after further deliberations by the Board. Decisions to publish Handbook material are final only after a formal ballot process.
The AcSB will respond to change and reprioritize when necessary, ensuring we can address implementation challenges and provide the information users may need in these unique circumstances.
The AcSB values input and feedback from stakeholders and can be reached anytime through our online form.
Standards for Not-for-Profit Organizations
The AcSB began discussing feedback received from stakeholders, including its Not-for-Profit Advisory Committee, on recent amendments to Section 3400, Revenue related to accounting for upfront non-refundable fees or payments. The Board plans to continue this discussion at its May 2022 meeting.
Relevance of Financial Reporting
The AcSB discussed its plan to respond to the International Sustainability Standards Board’s Exposure Drafts, “IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information” and “IFRS S2 Climate-related Disclosures.” The Board decided to focus on aspects of the proposals that intersect with its work as the accounting standard setter, with a focus on the connectivity between traditional financial reporting and sustainability information. The Board approved a limited outreach plan and a communication plan focusing on encouraging stakeholder responses. The Board will discuss its draft response at its June 2022 meeting.
The AcSB received an update on the recent domestic and international developments in crypto-asset activities. The Board discussed possible next steps to advance the financial reporting research on this topic. The Board decided to revisit any next steps on this topic at a future meeting.
User Advisory Committee
At its meeting on April 7, 2022, the User Advisory Committee discussed sustainability reporting and intangibles.
AcSB Member and Volunteer Surveys
The AcSB discussed the results of a self-assessment of its members and surveys of other volunteers on the performance of the Board and its related committees in 2021-2022. The Board was satisfied with the results and the high response rate. The Board discussed considerations for a return to some in-person meetings and ways to increase efficiency in a virtual setting.
AcSB’s Performance Report
The AcSB approved its performance report for the operating year ended on March 31, 2022, after considering input from the Accounting Standards Oversight Council (AcSOC)’s Performance Review Committee. AcSOC will receive this report in June 2022 to assess the Board’s performance for the 2021-2022 operating year.
The AcSB also discussed and approved its 2021-2022 Annual Report.