April 9, 2020
Document for Comment
What are the accounting implications when a IBOR-based benchmark is replaced? The IASB has issued an Exposure Draft relating to Phase 2 of the Interest Rate Benchmark Reform project focused on replacement issues. Canadian stakeholders are encouraged to submit their comments to the IASB by May 25, 2020.
April 8, 2020
On April 3, 2020, IOSCO released a Statement on Application of Accounting Standards during the COVID-19 Outbreak. IOSCO welcomed the IASB’s document on the application of IFRS 9. It further highlighted the need for issuers to apply professional judgment and to provide transparent disclosures to financial statements users.
April 6, 2020
Like you, we are monitoring the COVID-19 pandemic closely and evaluating daily how to respond to, and operate in, this environment. Read this statement from the Chairs of the AASB, AcSB and PSAB to learn how we are continuing our standard-setting operations during this unprecedented time.
Given the unprecedented global challenges related to COVID-19, PSAB has made the decision to postpone its March 2020 Board meeting to a later date. As a result, AcSOC made the decision to extend the terms of members originally set to retire on March 31, 2020. Read the updated appointments page for full details.
In light of the current uncertainty resulting from COVID-19 pandemic, the AcSB commends the International Accounting Standards Board for issuing application guidance on accounting for expected credit losses under IFRS 9 Financial Instruments. The AcSB also welcomes the recent adjustments to capital and liquidity regulatory requirements provided by the Office of the Superintendent of Financial Institutions and its guidance on accounting for ECL, which is consistent with the requirements in IFRS 9.
April 3, 2020
Support the AcSB in influencing the development of IFRS Standards by submitting academic papers for the IASB Research Forum. Topics of interest include performance measures, wider financial reporting, better disclosure, goodwill and impairment, and effects analysis on recently applied new IFRS Standards. The deadline for submitting papers to the Accounting and Business Research editorial office is extended to May 28, 2020.
April 2, 2020
The amendments, which clarify how to classify liabilities as current or non-current, are now in Part I of the CPA Canada Handbook – Accounting, and are effective for annual reporting periods beginning on or after January 1, 2022. Earlier application is permitted.
April 1, 2020
This Annual Plan sets out the Board’s key activities and project milestones in 2020-2021, helping to achieve the objectives in the last year of its five-year strategic plan. Read the plan for full details.
In light of the evolving uncertainties created by the global COVID-19 crisis and its effects in Canada, AcSB has extended the deadline to submit a comment letter from April 14 to May 14, 2020. This is an interim decision and will be discussed in more depth at the April 15, 2020 AcSB meeting.
March 19, 2020
The IASB voted to defer the effective date of IFRS 17 to annual reporting periods beginning on or after January 1, 2023. It also voted to extend the temporary exemption of applying IFRS 9 by two years to keep the effective dates aligned. The AcSB welcomes these decisions as they support achieving a common global adoption date. The AcSB encourages Canadian stakeholders to continue with their implementation efforts to ensure a high-quality implementation of IFRS 17.