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
Discussion with International Accounting Standards Board Representatives
The AcSB held a discussion with International Accounting Standards Board (IASB) members Robert Uhl and Nick Anderson on topics of mutual interest. During their visit to Toronto, IASB members also met with other Canadian interested and affected parties.
Standards for Private Enterprises
Retractable or Mandatorily Redeemable Shares Issued in a Tax Planning Arrangement (ROMRs) Post-Implementation Review Assessment
The AcSB reviewed Board staff’s assessment and outreach findings regarding the ROMRS amendments and decided not to proceed with the issuance of a Request for Information (RFI). The Board concluded that the amendments are generally functioning as intended, with no significant systemic issues identified across the various interested and affected groups.
Some application challenges were noted, particularly around control assessments. The Board also discussed estate re-freeze transactions, which were not contemplated when the amendments were introduced. These matters were considered nuanced and not indicative of structural flaws in the standard.
The AcSB also acknowledged findings that reclassification requirements for ROMRS held as equity are commonly missed in practice. As such, the Board will issue reminders on this topic and emphasize its importance in a project summary and at the next domestic accounting standards update webinar.
No additional guidance will be issued at this time on estate re-freeze transactions or control test application questions, as existing resources and professional judgment are deemed sufficient to support consistent application of the amendments. The AcSB emphasized that its decision not to issue an RFI does not preclude future consideration of application questions or other issues related to the ROMRS amendments. The Board will continue to assess other issues that have been or will be raised in relation to its Guidance Framework at future meetings, including application questions that may warrant further consideration or clarification.
To support transparency and understanding, the AcSB will issue a project summary to provide additional context about how the Board reached its decision and the key considerations that informed its conclusion.
Relevance of Financial Reporting
Discussion with Representatives from the Canadian Securities Administrators
The AcSB held a discussion with the Chief Accountants Committee of the Canadian Securities Administrators on topics of mutual interest. The AcSB looks forward to continuing its discussions with the Chief Accountants in the future given the interconnections between our respective roles.
Due Process
AcSB’s Advisory Committees and Working Groups
Medium and Small Practitioners Advisory Committee
The AcSB received an update on the October 9, 2025, Medium and Small Practitioners Advisory Committee meeting. At this meeting the Committee discussed Financial Statement Concepts and two issues raised through the guidance framework related to the equity method and going concern. The Board also received an education session on the IFRS® for SMEs Accounting Standard revenue control model.
Canadian Private Enterprise User Advisory Committee
The AcSB received an update on the October 15, 2025, Canadian Private Enterprise User Advisory Committee meeting. At their meeting, the Committee discussed an issue raised through the guidance framework related to Cloud Computing Arrangements and the Detailed Review of ASPE.
IFRS® Discussion Group
The AcSB received an update on the September 18, 2025, IFRS® Discussion Group meeting. At their meeting, the Group discussed application issues with the Statement of Cash Flows, IFRS 18 Presentation and Disclosure in Financial Statements: Classification of Foreign Exchange Differences, IFRS 18: Classification of Income and Expenses from “Other Assets,” IFRS 19 Subsidiaries without Public Accountability: Disclosures, and IFRS 9 Financial Instruments: Amendments to the Derecognition of Financial Liabilities.