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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.

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

On December 9, 2020, the IASB issued a Request for Information as part of the post-implementation review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, and IFRS 12 Disclosure of Interests in Other Entities. Post-implementation reviews are part of the IASB’s due process and help the IASB assess the effects of requirements on users of financial statements, preparers and auditors. Canadian stakeholders are encouraged to submit their comments to the IASB by May 10, 2021. 

The AcSB has extended the deadline to submit a comment letter from December 15, 2020 to December 31, 2020 for the Consultation Paper, Contributions – Revenue Recognition and Related Matters.

How do you account for business combinations under common control? The IASB recently issued its Discussion Paper - Business Combinations under Common Control. It includes proposals that aim to reduce the diversity in practice and improve the transparency and comparability of the reporting on such combinations. Have your say by responding to the IASB directly by September 1, 2021 You can also share your feedback with the AcSB by connecting with the AcSB staff on this project. We will consider your comments prior to finalizing our comment letter.