News Listings

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

The AcSB is undertaking research to get a better understanding on the types of intangibles that are gaining prevalence in the Canadian market and the information required by financial statement users. Complete the Intangibles survey to provide your feedback on potential areas of focus in this evolving area.

On October 27, 2023, the AcSB responded to the IASB’s Request for Information, “Post-implementation Review of IFRS 15 Revenue from Contracts with Customers” issued in June 2023. The AcSB’s letter expressed that overall, the core principle and supporting the five-step revenue recognition model in IFRS 15 are working as intended for contracts with customers. However, the AcSB highlighted some application issues that may indicate a need for clarification to the requirements. Read our letter to find out more!

Accounting Standards Oversight Council met on November 14, 2023, to discuss the Public Sector Accounting Board’s and the Accounting Standards Board’s activities and related matters. Read the full report for more information.

The AcSB is proposing to indefinitely defer the effective date of amendments relating to upfront non-refundable fees or payments. Our Exposure Draft proposals also introduce a new disclosure requirement for upfront non-refundable fees or payments recognized in revenue when the enterprise recognizes the fee or payment in revenue upon entering into an arrangement. Read the Exposure Draft, and submit your comments by January 31, 2024.

The AcSB wants your feedback on its proposed accounting guideline, AcG-21 Accounting for Life Insurance Contracts with Cash Surrender Value. The proposed Accounting Guideline provides guidance on accounting for insurance contracts with cash surrender value from the policy owner’s point of view. Read our Exposure Draft and submit your comments by January 31, 2024. 

The amendments are now in Part I of the CPA Canada Handbook – Accounting, effective for annual reporting periods beginning on or after January 1, 2025. The amendments require entities to apply a consistent approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide.

The AcSB is embarking on the Future Domestic Work Plan Consultation to gather your input on potential new projects for our 2024-2025 annual plan and beyond. Complete the work plan survey to provide your views on potential future domestic projects for our Board.

The AcSB discussed the Post-implementation Review of IFRS 15, Scaling the Standards, and more. Read the Decision Summary for full details, including how you can provide feedback on these initiatives.

On September 27, 2023, the AcSB responded to the IASB’s Request for Information, “Post-implementation Review of IFRS 9 Financial Instruments—Impairment” issued in May 2023. The AcSB’s letter expressed that overall, the impairment requirements in IFRS 9 are working as intended. However, the AcSB highlighted some application issues that may indicate a need for clarification to the requirements.  Read our letter to find out more!