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.
Standards for Private Enterprises
Relief from Recognition of Intangible Assets and Amortization of Goodwill
The AcSB deliberated feedback from its outreach activities and comment letters on its Exposure Draft, “Relief from Recognition of Acquired Intangible Assets and Amortization of Goodwill.” Following its discussions, the Board tentatively decided the following:
- Disclosure requirements
- Update the proposed disclosure requirements for entities electing relief from recognizing acquired intangible assets (relief) to incorporate into the standard clarifications previously included in the Basis for Conclusions, including explanations of “qualitatively significant” and “readily identifiable”.
- Amend the proposed disclosure requirements so that entities electing the relief continue to provide the required disclosures until the related goodwill has been fully amortized.
- Scope of the relief
- Clarify that the relief is available for all business combinations, including those that result in a bargain purchase gain.
- Clarify that the availability of the relief is not conditional on goodwill arising from the acquisition.
- Goodwill amortization
- Proceed with the proposed default goodwill amortization period of five years.
- Proceed with the proposed maximum goodwill amortization period of 10 years, when an entity does not apply the default period.
- Clarify in the Basis for Conclusions that a qualitative assessment is sufficient to demonstrate a useful life of goodwill other than the default period of five years.
- Add a requirement in Section 3064, Goodwill and Intangible Assets, to reassess the estimate of the useful life of goodwill (when the default amortization period does not apply) on an annual basis, similar to the requirement to assess the useful life of an intangible asset on an annual basis in paragraph 3064.57.
- Accounting policy changes
- Proceed with the proposed simplified approach for accounting policy changes when an entity elects to no longer apply the relief.
- Consequential amendments
- Proceed with the proposed amendments to paragraph 3064.71, and Investments, paragraph 11, to require amortization of amounts similar to goodwill arising from investments accounted for using the equity method when an entity elects to amortize its goodwill.
The AcSB plans to review a draft of the final amendments to Section 1582, Business Combinations, and Section 3064 at its November 2026 meeting. The Board plans to issue the final amendments in the first half of 2027.
Standards for Not-for-Profit Organizations
Reporting Controlled and Related Entities
The AcSB reviewed a revised draft of its consultation paper for the Improvements to Section 4450, Reporting Controlled and Related Entities by Not-for-Profit Organizations project. The Board incorporated feedback from the May 2026 AcSB meeting into the draft.
The AcSB plans to review a final draft at its July 2026 meeting, and expects to release a consultation paper in September 2026.
Due Process
AcSB’s Advisory Committees and Working Groups
Insurance Transition Resource Group
The AcSB received an update on the Insurance Transition Resource Group meetings held on May 21 and June 2, 2026. At its meetings, the Group shared views on key issues and the Canadian insurance industry’s experience reporting under IFRS 17 Insurance Contracts The AcSB will discuss with the International Accounting Standards Board (IASB) staff at the June 2026 meeting, and the outcome will inform the upcoming post-implementation review of the standard.
Risk Mitigation Accounting Working Group
The AcSB received an update on the May 25, 2026, Risk Mitigation Accounting Working Group meeting. At its meeting, the Group reviewed key points for the Board’s response letter and prepared messages for the June 3, 2026, meeting with the IASB. The Group also discussed significant areas identified in the Exposure Draft, “Risk Mitigation Accounting.”
Medium and Small Practitioners Advisory Committee
The AcSB received an update on the May 27, 2026, Medium and Small Practitioners Advisory Committee meeting. At its meeting, the Committee:
Canadian Private Enterprise User Advisory Committee
The AcSB received an update on the June 8, 2026, Canadian Private Enterprise User Advisory Committee meeting. At its meeting, the Committee:
received research on private enterprises from members of the Board’s Academic Advisory Committee.