News Listings

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.

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.