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The Board discussed topics such as Combinations, Goodwill and Impairment – plus much more. Read the Decision Summary for full details.

Handbook Update – Section 3065, Leases

Section 3065, Leases was amended on November 2, 2020 to provide optional relief for both lessees and lessors on accounting for rent concessions received or granted as a result of the COVID-19 pandemic. These amendments are effective for fiscal years ending on or after December 31, 2020. Earlier application is permitted, including in financial statements not yet authorized for issue, so that the practical expedient is available for COVID-19-related rent concessions granted or received in 2020. Read more for further details on these amendments.

The amendments are now in Part I of the CPA Canada Handbook – Accounting. The amendments include deferring the effective date of IFRS 17 Insurance Contracts to January 1, 2023 and extending the temporary exemption of applying IFRS 9 Financial Instruments by two years to keep the effective dates aligned.

Hear about COVID-19-related financial reporting considerations under Parts II and III of the CPA Canada Handbook - Accounting and get an update on upcoming standard-setting proposals from the AcSB. Register today to attend a webinar on November 10, 2020 (English) or November 16, 2020 (French). 

Hear about the potential COVID-19 financial reporting considerations under IFRS® Standards and receive a brief update on upcoming international standard-setting documents for comment. Register today to attend this webinar on November 17, 2020 in English or French.

The Board discussed topics such as Combinations, Leases, Insurance Contracts – plus much more. Read the Decision Summary for full details.

On September 30, 2020, the AcSB responded to the IASB’s Exposure Draft, issued in December 2019. The IASB’s proposals take significant steps forward toward enhancing the relevance of financial statements. The AcSB’s letter encourages the IASB to consider the balance between users’ needs for better information about financial performance, and the effort and level of professional judgment required of preparers to generate that information.

Are you someone with an in-depth knowledge of financial reporting for pension or other types of post-retirement plans? Do you use financial information about pension plans for decision-making or providing advice? If so, the AcSB needs you in its Pension Plan Working Group! Learn more about this opportunity to inform accounting standard-setting and apply by November 20, 2020.   

The amendment, which defers the effective date of Classification of Liabilities as Current or Non-current (Amendments to IAS 1) by one year, is now in Part I of the CPA Canada Handbook. The amendments to IAS 1 are effective for annual reporting periods beginning on or after January 1, 2023. Earlier application is permitted.

Connect.FRASCanada.ca is our new online community platform. It’s an easy-to-use way to give your feedback on new or amended standards, take part in post-implementation reviews, or submit issues for discussion at a committee meeting.