News Listings

The Accounting Standards Oversight Council met on February 27, 2024, to discuss the Public Sector Accounting Board’s and the Accounting Standard Board’s activities and related matters. Read the full report for more information.

The AcSB discussed Business Combinations, Cash Flow Reporting, recommendations from the IFRS® Accounting Standards Discussion Group, its Guidance Framework, and more. Read the Decision Summary for full details, including how you can provide feedback on these initiatives.

The AcSB issued its Exposure Draft, “Financial Instruments with Characteristics of Equity,” which corresponds to the IASB’s Exposure Draft on this topic. If you would like your feedback considered prior to our Board finalizing our comment letter, please respond to us by March 1, 2024.

The AcSB discussed Contributions, Subsequent Measurement of Goodwill and Acquired Intangible Assets, Scaling the Standards, the AcSB’s Annual Plan, and more. Read the Decision Summary for full details, including how you can provide feedback on these initiatives.

Representatives of the Accounting Standards Board (AcSB) of Canada and the Accounting Standards Board of Japan (ASBJ) held their fifth bilateral meeting on January 8 and 9, 2024 in Montreal, Canada. The Boards provided updates on their respective activities and discussed agenda items in which both Boards have interest, such as power purchase agreements and climate-related and other uncertainties in the Financial Statements. Read the press release, available in English. 

On December 5, 2023, the AcSB responded to the IASB’s Exposure Draft, “Annual Improvements to IFRS Accounting Standards—Volume 11,” issued in September 2023. The AcSB’s letter expressed that overall, the proposed amendments will help address application challenges and improve the consistency of the application of the respective IFRS Accounting Standards. Read our letter to find out more!

Please note: this letter is posted on an external website; if you need an accessible version, please email us at [email protected].

The AcSB discussed Financial Instruments with Characteristics of Equity, Pension Plans, the AcSB’s Annual Plan, and more. Read the Decision Summary for full details, including how you can provide feedback on these initiatives. 

The Group discussed Revenue Recognition for Carbon Credits, Classification of Liabilities with Covenants when an Entity is Granted a Waiver or Period of Grace, Year-end Financial Reporting Reminders, and more. Read the meeting report for full details!

The IASB has published an Exposure Draft, Financial Instruments with Characteristics of Equity, which proposes amendments to IAS 32 Financial Instruments: Presentation. Respond directly to the IASB with your feedback by March 29, 2024. In addition, stay tuned for opportunities to participate in consultation activities to inform our Board’s response to the IASB.

AcSB staff are participating in a global initiative to develop non-authoritative financial reporting guidance for not-for-profit organizations (NFPOs) in jurisdictions that, unlike Canada, currently do not have NFPO accounting standards. The second in a series of three Exposure Drafts on this project has recently been issued. Interested Canadians are encouraged to respond to the second Exposure Draft by March 31, 2024. Read our article for full details.