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AcSB Decision Summary – May 19, 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

Rate-Regulated Activities

The AcSB had its first discussion on the key points to include in its response letter to the International Accounting Standards Board’s (IASB) Exposure Draft, “Regulatory Assets and Regulatory Liabilities.” The Board considered stakeholder feedback obtained to date through its outreach activities on this topic. The Board will discuss an initial draft of its response letter at its June 16-17, 2021, meeting. The AcSB encourages stakeholders to share their views on the Exposure Draft by attending an upcoming virtual roundtable on June 22 (English) and June 23 (French). Stakeholders can also share their views on the Exposure Draft by submitting comment letters to the IASB by July 30, 2021, with a copy to the AcSB. If respondents would like the Board to consider their comments when drafting its letter to the IASB, they should submit their response letters to the AcSB by July 15, 2021.

COVID-19 Disclosure Review

The AcSB discussed an updated analysis of disclosures related to COVID-19 observed in a sample of annual and interim reports of Canadian publicly traded companies. The Board considered the findings from the disclosure review to better understand how it can support relevant financial reporting in the current environment. The Board discussed possible next steps, which included revisiting the sample companies and the possibility of extending the review exercise to include the next set of company reports. The Board will continue to consider these next steps in the context of its broader standard- setting priorities.

Standards for Private Enterprises and Not-for-Profit Organizations

COVID-19-Related Rent Concessions

The AcSB discussed whether Section 3065, Leases should be amended to extend the scope of the optional relief for COVID-19-related rent concessions as a result of the pandemic’s continuing impact. Currently, the relief in Section 3065 is limited to lease payments originally due on or before December 31, 2021. The Board will consult its Private Enterprises Advisory Committee and Not-for-Profit Advisory Committee then discuss the feedback at its June 16-17, 2021 meeting.

Due Process

Due Process Compliance

The AcSB approved a report to the Accounting Oversight Council on its compliance with due process.