News Listings

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.

The Group discussed topics such as the impact that COVID-19 may have on an entity’s income statement presentation and application issues associated with the amendments on IAS 1 to classify a term loan as current or non-current. Read the full Meeting Report for helpful tips on these and other topics.

The Board discussed topics such as Primary Financial Statements, Combinations, Cloud Computing – plus much more. Read the Decision Summary for full details.

The IASB has completed its project on IBOR reform by issuing a package of amendments to IFRS Standards in August 2020. These amendments are effective on January 1, 2021, with early adoption permitted. The AcSB will ballot the final amendments and complete its endorsement process in September 2020.

The IASB’s package of narrow-scope amendments to IFRS Standards are now in Part I of the CPA Canada Handbook – Accounting, effective for annual reporting periods beginning on or after January 1, 2022. The package includes the IASB’s Annual Improvements and narrow-scope amendments to three standards – IAS 16 Property, Plant and Equipment, IFRS 3 Business Combinations, and IAS 37 Provisions, Contingent Liabilities and Contingent Assets.

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

The COVID-19 pandemic is affecting the ability of organizations to collect and pay rent and other lease obligations. This means companies should use professional judgement and consider the potential implications that COVID-19 could have relating to the accounting for leases under IFRS 16 Leases.