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AcSB Decision Summary – December 2, 2020

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.

IFRS® Standards

Goodwill and Impairment

The AcSB discussed its draft response letter to the International Accounting Standards Board’s (IASB) Discussion Paper, “Business Combinations—Disclosures, Goodwill and Impairment,” providing staff with comments to incorporate into the final letter.

The AcSB encourages stakeholders to share their views on the Discussion Paper by submitting their response letters to the IASB (and a copy to the AcSB) by December 31, 2020.

Relevance of Financial Reporting 

Sustainability Reporting

The AcSB discussed key points to include in its response letter to the IFRS Foundation Trustee’s Consultation Paper on Sustainability Reporting, directing staff to proceed with a draft for approval at the Board’s December 16, 2020, meeting.

The AcSB encourages interested stakeholders to submit their response to the IFRS Foundation by December 31, 2020.

Due Process

Board Advisory Committees

The AcSB received feedback on the November 2020 meeting of its Private Enterprise Advisory Committee, which included discussions on cloud computing and the Board’s 2021-2022 Annual Plan.

The AcSB received feedback on the November 2020 meeting of its User Advisory Committee, which included discussions on goodwill and impairment, COVID-19 disclosures, user engagement, and sustainability reporting.