News Listings

The Board discussed Cloud Computing, Contributions, FASB Agenda Consultation, Framework for Reporting Performance Measures, Insurance, Leases, Pension Plans, Third Agenda Consultation, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

The 2022-2027 Draft Strategic Plan is open for comment, and the deadline is October 15, 2021. The AcSB wants to hear your views on its proposals to address the changing needs of stakeholders.

The AcSB wants your feedback on its proposal to provide an optional expedient for applying modification accounting and an exception to certain hedge accounting requirements in Section 3856 Financial Instruments. 

Applying to both private enterprises and NFPOs using Parts II and III of the CPA Canada Handbook – Accounting, these amendments aim to ease financial reporting burdens related to market-wide interest rate benchmark reform. Submit your comments by October 17, 2021.

On August 25, 2021, the AcSB responded to the IASB’s Discussion Paper, issued in November 2020. The AcSB’s letter generally supports the proposed accounting model for business combinations under common control as it will increase the usefulness, understandability, and comparability of an entity’s financial statements. The letter provides suggestions in certain areas to ease concerns with applying the proposals. Read our letter to find out more!

On July 26, 2021, the AcSB staff responded to the European Financial Reporting Advisory Group (EFRAG) Discussion Paper, “Accounting for Crypto-assets (liabilities): Holder and Issuer Perspective.” The AcSB staff strongly support EFRAG in its efforts to identify and raise awareness of the accounting issues for cryptoasset activities that are likely to be relevant to entities applying IFRS^® Standards. Read our letter to find out more about the AcSB staff’s views and suggestions on additional areas for consideration.

The AcSB issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Canadian stakeholders who would like their feedback considered prior to the AcSB finalizing its comment letter are encouraged to submit comments to the AcSB by September 15, 2021.

On July 29, 2021, the AcSB responded to the IASB’s Exposure Draft, issued in January 2021. The AcSB’s letter supports the proposed accounting model for regulatory assets and regulatory liabilities as it will increase the usefulness, understandability, and comparability of an entity’s financial statements. The letter provides suggestions in certain areas to ease application and enhance the relevance of the information provided. Read our letter to find out more!

The IASB issued an Exposure Draft proposing an amendment to IFRS 17 Insurance Contracts. The amendment is targeted in nature to improve the usefulness of comparative information presented on initial application of IFRS 17 and IFRS 9 Financial Instruments. Canadian stakeholders are encouraged to submit their comments to the IASB by September 27, 2021.

The Board discussed Business Combinations under Common Control, Contributions, FASB Agenda Consultation, Insurance, Interest Benchmark (IBOR) Reform, International Financial Reporting for Not-for-Profit Organizations, Rate Regulated Activities, Sustainability, Third Agenda Consultation, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

The IASB extended the comment period for its Exposure Draft to January 12, 2022. The extended comment period will allow more time for preparers to engage in fieldwork and provide feedback on the practical application of the proposals. The AcSB updated its Exposure Draft that corresponds to the IASB’s Exposure Draft to reflect the extended deadline.