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AcSB Meeting – January 12, 2021

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

Post Implementation Review IFRS 10, 11 and 12

The AcSB received an education session on the International Accounting Standard Board’s (IASB) Request for Information, Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, and IFRS 12 Disclosure of Interests in Other Entities. The Board also approved a plan to respond to the IASB’s Request for Information and discussed the outreach and communications activities it will undertake related to this project.

Stakeholders can monitor the AcSB website for opportunities to share feedback with the Board on the Request for Information. Response letters to the IASB (with a copy to the AcSB) must be submitted by May 10, 2021.

Standards for Pension Plans 

The AcSB received an update on the formation of its Pension Plan Working Group (PPWG) and approved its Terms of Reference, subject to drafting changes. In January 2021, the Working Group will begin meeting. In June 2021, AcSB will likely begin receiving updates on key issues the Group identified. This will allow the Board to consider the urgency of improvements that may be needed.

Due Process

Performance Report

The AcSB discussed its draft interim performance report for the period ending December 31, 2020. This was in preparation for a February meeting with the Accounting Standards Oversight Council’s (AcSOC) Performance Review Committee. The Board expects to approve the final performance report in April 2021, after considering and the Committee’s input, and updating the report for the Board’s activities up to March 31, 2021.

AcSB 2021-2022 Annual Plan

The AcSB continued discussing a draft of its annual plan for the year beginning on April 1, 2021. The discussion included reassessing the Board’s key risks. As the global pandemic continues, the Board maintains its focus on projects that respond to stakeholder needs. The Board is also using its influence to help the IASB understand our stakeholders’ capacity to respond to consultation documents as the IASB decides on its priority projects.

The AcSB will present its draft annual plan to AcSOC and the Performance Review Committee in February. The Board will approve its annual plan in March 2021, after considering the Council’s and the Committee’s input.

Board Advisory Committee

The AcSB received feedback on the December 17, 2020, meeting of its IFRS® Discussion Group, which included discussions on IAS 1: Classification of debt with covenant as current and non-current, disclosures of COVID-19 impacts, IFRS 9:  Classification of limited recourse capital notes by the holders, and IAS 36: Impairment test of right-to-use assets. The Group recommended the Board take no further action on these topics.

Due Process Compliance

The AcSB approved a report to the AcSOC on its due process compliance.