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 interested and affected parties and can be reached anytime through our online form.
IFRS® Accounting Standards
IFRS® Accounting Standards Discussion Group
The AcSB discussed a recommendation from the IFRS Accounting Standards Discussion Group made during its May 2025 meeting regarding the agenda paper on Disclosures about Management-defined Performance Measures (MPMs). The paper examined factors an entity might consider when determining if a reported metric qualifies as an MPM under IFRS 18 Presentation and Disclosure in Financial Statements. The Group reviewed several examples of metrics often publicly disclosed by entities and compared them with the definition of an MPM and the related guidance in IFRS 18. They noted that certain aspects of the MPM disclosure requirements in IFRS 18 might be unclear, including:
- the meaning of Subtotal of Income and Expenses;
- the meaning of an aspect of the financial performance of the entity as a whole; and
- the interaction of MPMs with segment measure disclosures under IFRS 8 Operating Segments.
The Group recommended that the AcSB monitor the application of the MPM requirements and consider discussing these issues with International Accounting Standards Board (IASB) staff and potentially raising them with the IFRS Interpretations Committee.
The AcSB discussed the Group’s recommendations and decided to raise the issues highlighted by the Group with IASB staff. The Board will try to determine if the IASB considered these issues while developing the IFRS 18 MPM disclosure requirements. The Board will also continue to monitor how entities apply the MPM requirements and may recommend that the Group discuss this topic again to assess whether consistent application emerges as entities deepen their understanding of the requirements. If consistent application does not emerge, the Board might consider taking further action.
Standards for Private Enterprises
Detailed Review of ASPE
The AcSB discussed a final draft of its Consultation Paper, “Detailed Review of Accounting Standards for Private Enterprises.” Subject to minor amendments, the Board approved the Consultation Paper and plans to issue it in September 2025.
The AcSB also discussed and approved an outreach and communications plan for the Consultation Paper.
Standards for Private Enterprises and Not-for-Profit Organizations
Financial Statement Concepts
The AcSB discussed feedback from its Medium and Small Practitioners Advisory Committee, Not-for-Profit Advisory Committee and Private Enterprise Advisory Committee on updated financial statement concepts for Part II of the CPA Canada Handbook – Accounting Standards for Private Enterprise and Part III of CPA Canada Handbook – Accounting Standards for Not-for-Profit Organizations.
The AcSB agreed with feedback from the advisory committees that each of the following topics in the IASB’s Conceptual Framework would be fit for purpose for Canadian private enterprise and not-for-profit organizations, with some amendments to terminology for consistency with Part II and III of the Handbook:
- Recognition criteria
- Measurement
- Presentation and disclosure
The Board agreed with advisory committee feedback that concepts of capital and capital maintenance are not relevant to private enterprise and not-for-profit organizations.
Read more about the background and benefits of the AcSB’s Financial Statement Concepts project: “What You Need to Know about Financial Statement Concepts.”
Agriculture
The AcSB completed its deliberations on feedback from interested and affected parties on the Exposure Draft, "Amendments to Section 3041, Agriculture" and concluded it received sufficient feedback. The Board also considered input from its Agriculture Advisory Group (AAG).
The AcSB tentatively decided to finalize the following proposals in the Exposure Draft, subject to minor edits:
- remove the disclosure requirements applicable to agricultural inventories in Agriculture, paragraphs 3041.88(c)-.88(d) for the net realizable value model and in paragraph 3041.86(d) for the cost model;
- amend paragraph 3041.66 to clarify that the paragraph can be applied to any type of productive biological asset;
- not develop authoritative guidance on how to determine productive capacity; and
- add new paragraphs 3041.67A and 3041.68A to clarify the accounting for changes in the useful life of a productive biological asset from indefinite life to no longer indefinite, and vice versa.
The AcSB also considered interested and affected parties’ comments on other topics that would be helpful for developing authoritative and non-authoritative guidance. At a future meeting, the Board will analyze these topics against its Guidance Framework to decide on next steps.
The AcSB gave permission to start the balloting process for the final amendments. The Board plans to issue the final amendments in the fourth quarter of 2025.
Standards for Pension Plans
Part IV Work Plan Survey
The AcSB provided feedback on the final draft of its Part IV Work Plan Survey on the Board’s future priorities Part IV of the CPA Canada Handbook – Accounting Standards for Pension Plans. The survey will help the Board obtain broader input and inform the Board’s decisions on which project(s) to undertake next. The survey results will also inform the Board’s 2026-27 Annual Plan and next strategic plan.
Subject to comments received, the AcSB approved the survey for publication. The survey will be published in September 2025 with a 60-day comment period.
Due Process
AcSB’s Advisory Committees and Working Groups
Agriculture Advisory Group
The AcSB received an update on the June 17, 2025, Agriculture Advisory Group meeting. At this meeting, the Group discussed interested and affected parties’ feedback on the Exposure Draft, "Amendments to Section 3041, Agriculture."