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
Rate-regulated Activities
The AcSB received an education session on the International Accounting Standards Board’s (IASB) prospective IFRS Accounting Standard Regulatory Assets and Regulatory Liabilities.
The AcSB approved the creation of a transition resource group to support the implementation in Canada of the prospective IFRS Accounting Standard Regulatory Assets and Regulatory Liabilities. The IASB is expected to issue the standard in Q2 2026.
Post-implementation Review of IFRS 16 Leases
The AcSB discussed its draft response letter to the IASB’s Request for Information (RFI), “Post-implementation Review of IFRS 16 Leases.” The IASB’s RFI was issued on June 17, 2025, with comments due on October 15, 2025. In developing its response, the Board considered feedback received from its advisory committees and interested and affected parties, including users, preparers, practitioners, academics, and regulators.
Overall, the AcSB thinks that IFRS 16 is working as intended but that certain requirements have resulted in some benefits that are significantly lower than expected for users, and certain costs that are significantly higher than anticipated for preparers and users. The Board decided to emphasize in its response letter the need for enhanced disclosures to address diverse user information needs. The Board approved its response letter for submission to the IASB, subject to drafting changes.
Standards for Not-for-Profit Organizations
Reporting Controlled and Related Entities
The AcSB continued discussions on its project Improvements to Section 4450, Reporting Controlled and Related Entities by Not-for-Profit Organizations to be explored in a consultation paper, including the approach to accounting for:
- significantly influenced not-for-profit organizations;
- economic interests;
- joint relationships; and,
- relationships with for-profit enterprises.
In addition, the AcSB discussed possible disclosure improvements regarding relationships with controlled and related entities.
The AcSB provided feedback on revised next steps for the project, including the timeline for completing its consultation paper. The Board plans to issue a consultation paper in the second half of 2026.
Standards for Private Enterprises and Not-for-Profit Organizations
Relief from Recognition of Intangible Assets and Amortization of Goodwill
The AcSB discussed a final draft of its exposure draft, “Relief from Recognition of Acquired Intangible Assets and Amortization of Goodwill.” Subject to minor drafting comments, the Board approved the exposure draft and plans to issue it in October 2025.
The AcSB also discussed and approved an outreach and communications plan for the exposure draft.
Agriculture
The AcSB approved the issuance of the amendments to Section 3041, Agriculture, subject to minor drafting changes. The Board plans to issue the amendments in Part II of the Handbook in November 2025.
Standards for Pension Plans
Guidance Framework – Application Question
The AcSB discussed and considered input from its Pension Plan Advisory Committee (PPAC) on an application question raised regarding the derecognition of financial liabilities settled through cheques by pension plans applying Accounting Standards for Pension Plans in Part IV of the Handbook.
Based on the feedback from the Committee, the AcSB assessed whether the criteria in its Guidance Framework was met to determine if additional guidance or standard setting is needed to address the issue. The Board concluded that the issue did not meet the criteria and therefore no further action is needed at this time.
Governance
AcSB’s Annual Plan
The AcSB received an update on activities relating to its 2025-2026 Annual Plan, including identifying any potential project-related risks and mitigating factors. The Board discussed priorities for the remainder of the year, including the importance of remaining flexible in its work plan to respond to emerging financial reporting matters and to address application issues through the Guidance Framework.
The AcSB decided to proceed with its activities as planned and will continue to monitor whether updates are required to its Annual Plan. The Board will begin discussing its 2026-2027 Annual Plan at its November 2025 meeting.
AcSB’s Strategic Plan
The AcSB continued its discussions relating to the development of its next strategic plan. The Board discussed its core strategies, potential revisions to its vision and mission statements, and other aspects of the plan.
The AcSB will review a preliminary draft of its next strategic plan at its November 2025 meeting.
Due Process
AcSB’s Advisory Committees and Working Groups
Private Enterprise Advisory Committee
The AcSB received an update on the July 23, 2025, Private Enterprise Advisory Committee meeting. At this meeting the Committee received an education session on the IFRS® Accounting Standards for small to medium sized private enterprises (SMEs) new revenue standard, discussed retractable or mandatorily redeemable shares, and whether authoritative guidance is required as a result of the revised Canadian Audit Standard (CAS 570) on going concern assessments.
AcSB’s Due Process Manual
The AcSB reviewed proposed revisions to its Standard-setting Due Process Manual (Manual). These revisions are critical to clarifying or improving the execution of the Board’s due process, particularly in areas such as re-exposure and post-implementation review. Subject to minor drafting changes, the Board approved the revised Manual for submission to the Reporting and Assurance Oversight Council’s Governance Committee.
As part of its governance cycle, the AcSB typically reviews its Terms of Reference, Statement of Operating Procedures, and Standard-setting Due Process Manual once every three years, or on an as-needed basis. This triennial review is expected to occur during the next fiscal year, at which time any additional changes to the Manual will be considered.