News Listings

Representatives of the AcSB and the Accounting Standards Board of Japan (ASBJ) met virtually on February 2, 2021. This meeting was the second bilateral meeting between the AcSB and the ASBJ. Both Boards introduced their respective responses to the COVID-19 pandemic and discussed agenda items in which they have common interest, including primary financial statements, goodwill and impairment, and rate regulated activities.

The IASB has issued an Exposure Draft proposing a new IFRS Standard to give investors a more complete picture of the financial performance of entities subject to rate regulation. Canadian stakeholders are encouraged to submit their comments to the IASB by June 30, 2021.

The Board discussed its Strategic Plan, Annual Improvements, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

At its December 17, 2020 meeting, the Group discussed many financial reporting hot topics such as the IFRS® Interpretations Committee’s tentative agenda decision on the classification of debts as current or non-current, disclosure of the impact of COVID-19, and impairment testing of right-of-use assets. Read the meeting report for details.

Did you conclude that your company did not have material uncertainties associated with its ability to continue as a going concern? Would small changes to the assumptions you used change that assessment? Read this joint resource issued by the AcSB and AASB on accounting and auditing considerations relating to close call going concern assessments.

The Board discussed its Annual Plan, Performance Report, Post Implementation Review (IFRS 10, 11 and 12), and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

This article provides highlights from comment letters written by Boards and Councils responding to the IFRS Foundation Trustees Consultation Paper on Sustainability Reporting.

On December 16, 2020, the AcSB responded to the IASB’s Discussion Paper, issued in March 2020. The IASB’s proposals take significant steps forward towards improving the accounting for goodwill and enhancing the relevance of information about acquisitions. The AcSB’s letter encourages the IASB to consider areas where additional guidance is needed to address possible application challenges that may arise. Read our letter to find out more!

Linda Mezon, AcSB Chair, and Ken Charbonneau, AASB Chair, and other leaders from Canadian practice share their insights, on how they are getting involved to support business and protect the public interest in a blockchain enabled world. These leaders share the challenges and opportunities they see, and the role accountants can play, including how educators and researchers can help.  Read their insights in the CAAA’s journal Accounting Perspectives’ special issue on Blockchain and Cryptoassets, Vol.19, Issue 4. 

Have you assessed whether your company will continue as a going concern in 2021? Read this updated Going Concern and Liquidity Risk resource to better understand the impact of going concern and liquidity risk on your financial statements. More guidance to come on this topic from the auditing perspective in January 2021.