News Listings

Private and public institutions across the country have come together to offer Canada as the global headquarters for the new International Sustainability Standards Board (ISSB). The offer was facilitated by CPA Canada and formally submitted by the Government of Canada to the IFRS Foundation this week, backed by organizations such as pension funds, financial institutions, securities regulators, a leading First Nations organization, accounting firms, insurance companies, and other large Canadian companies, along with the support of the country’s six largest municipalities and a broad cross-sector of Canada’s leading business, academic, and environmental stakeholder organizations. 

What do you think about the IASB’s proposal for a reduced disclosure IFRS Standard that would apply on a voluntary basis to subsidiaries that are SMEs and do not have public accountability? The IASB issued an Exposure Draft relating to its Disclosure Initiative—Subsidiaries without Public Accountability: Disclosures project. Have your say by January 31, 2022.

The Board discussed Business Combinations under Common Control, Management Commentary, Rate Regulated Activities, Sustainability, Cloud Computing, Interest Benchmark (IBOR) Reform, COVID-19-Related Rent Concessions, Pension Plans, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives. 

As Canada moves through the third wave of COVID-19 with the hope that comes with vaccinations and economic re-opening, we in standard setting have also been progressing in new areas and initiatives. From sustainability standards to strategic planning, read this statement from our Board Chairs about what we’ve been up to and what’s to come this year.

The AcSB wants your feedback on its proposal to extend the relief period for both lessees and lessors on accounting for rent concessions received or granted as a result of the COVID-19 pandemic. The Leases Exposure Draft proposes to extend the optional relief by one-year for lease payments originally due on or before December 31, 2022. This amendment applies to private enterprises and NFPOs using Parts II and III of the CPA Canada Handbook – Accounting. Submit your comments by July 30, 2021.

At its May 20, 2021 meeting, the Group discussed many financial reporting hot topics such as the IFRS® Interpretations Committee’s tentative agenda decision on the configuration and customization costs in a cloud computing arrangement, an issuer’s accounting for subscription receipts, and accounting for standby costs and penalties incurred under a force majeure clause. Read the meeting report for details.

How do new or amended IFRS® Standards make their way into the CPA Canada Handbook – Accounting? Find out via this overview of the due process activities we carried out in support of changes made to Part I of the Handbook in 2020.

The Board discussed Rate Regulated Activities, COVID-19 Disclosures, COVID-19-Related Rent Concessions, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

The AcSB’s Draft Strategic Plan focuses on enhancing the relevance of financial and non-financial information reported. Help guide the AcSB in determining its objectives for the next five years! Submit a comment letter or take part in our online activities via Connect.FRASCanada.ca by October 15, 2021. Stay tuned to our project page for news on our upcoming events and take advantage of further opportunities to discuss our proposals.

The COVID-19 pandemic continues to cause considerable deterioration in economic conditions for many organizations. With significant organizations profiled in news stories for insolvencies, bankruptcies, and other financial difficulties, it’s more important than ever to keep going concern top of mind. Use our going concern resources to help navigate potential challenges associated with going concern assessments.