News Listings

AcSOC is pleased to announce new members and re-appointed members to the Council, PSAB and the AcSB. As well, we wish to thank those retiring for their dedicated service. Read the appointments page for full details.

Share your views on the proposed Accounting Guideline applicable to private enterprises and not-for-profit organizations. The proposals take a pragmatic approach by providing accounting policy choices to address a range of stakeholders’ concerns when accounting for cloud computing arrangements. They also clarify the application of existing Sections. Submit your comments by June 20, 2022. 

Watch our easy-to-understand video on the global and local initiatives happening in sustainability reporting standards – including the Independent Review Committee on Standard Setting in Canada’s initiative and recommendation to establish a Canadian sustainability standards board – and what this means for Canada.  

The Board discussed Non-current Liabilities with Covenants, Related Party Combinations, Cloud Computing Arrangements, Pension Plans, Independent Standard Setting Review, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

As we enter a busy time of year for our stakeholders, we want to highlight the importance of consultations being led by the Independent Review Committee on Standard Setting (IRCSS) in Canada. Read the joint statement from our Board Chairs to find out how you can contribute to the future of standard setting in Canada.

The amendment is now in Part I of the CPA Canada Handbook – Accounting. This amendment adds a transition option relating to comparative information about financial assets presented on initial application of IFRS 17 to improve the usefulness of the information presented. IFRS 17, including this amendment, is effective for annual reporting periods beginning on or after January 1, 2023.

The AcSB wants your feedback on improvements to Section 4600, Pension Plans. The Pension Plans Exposure Draft proposes to clarify areas of ambiguity and introduce new guidance in areas where no guidance currently exists. The amendments would affect pension plans applying the standards in Part IV of the Handbook. Submit your comments by June 15, 2022.

Section 3856, Financial Instruments was amended on February 1, 2022, to provide relief to debt modification accounting and hedge accounting during the benchmark interest rate reform. These amendments are effective for fiscal years ending on or after February 1, 2022. Earlier application is permitted, including in financial statements not yet authorized for issue. Find out more.

On January 31, 2022, the AcSB responded to the IASB’s Exposure Draft issued in July 2021. The AcSB’s letter focuses on the proposed scope of the draft Standard, with suggestions on widening the scope to benefit a broader group of stakeholders. Read our letter to find out more!

On January 27, 2022, the AcSB responded to the IASB’s Request for Information – Post-implementation Review of IFRS 9 Financial Instruments – Classification and Measurement issued in September 2021. The AcSB’s letter expressed that overall the classification and measurement requirements in IFRS 9 are working as intended. However, the AcSB questioned whether the principles of IFRS 9 are sufficiently flexible such that they may be applied to increasingly complex financial instruments and still provide relevant and meaningful information to users of financial statements. Read our letter to find out more!