News Listings

On July 15, 2020 the IASB issued an amendment to defer the effective date of Classification of Liabilities as Current or Non-current (Amendments to IAS 1) by one year. The AcSB will complete its endorsement process to incorporate the amendment into Part I of the CPA Canada Handbook – Accounting.

The Board discussed Combinations and Employee Future Benefits. Read the Decision Summary for full details.

The Board discussed topics such as Employee Future Benefits, ASPE implementation issues, Annual Improvements – plus much more. Read the Decision Summary for full details.

On June 29, 2020, we submitted our response letter to the CSA, commending them for taking into consideration the comments received on the first version of the Proposed National Instrument to improve the application of these proposals. We continue to support the CSA’s objective of ensuring investors receive appropriate disclosure without unduly increasing regulatory burden on issuers.

Just in time for Q2 Interim Reporting! Check out this meeting report summarizing the Group’s discussion on issues such as the accounting for COVID-19 related rent concessions, financial reporting considerations of COVID-19, classification of liabilities as current or non-current, and accounting for leases in a business combination.  

The IASB issued the amendments to IFRS 17 Insurance Contracts, with the effective date of the standard deferred to January 1, 2023, and the temporary exemption of applying IFRS 9 extended by two years to keep the effective dates aligned. The AcSB will ballot the final amendments and complete its endorsement process in Q4 2020.

The Board discussed topics such as the IASB’s Goodwill and Impairment Discussion Paper, ASPE implementation issues, its response letter to the CSA’s Proposed National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure – plus much more. Read the Decision Summary for full details.

Need help with COVID-19 related financial reporting issues? Check out this meeting report summarizing the Group’s discussion on issues such as the accounting for COVID-19 related rent concessions and financial reporting considerations of COVID-19.  Check back this June for the complete summary of everything discussed at the May 27, 2020 meeting. 

This amendment permits lessees not to assess whether particular Covid-19-related rent concessions are lease modifications and, instead, account for those rent concessions as if they were not lease modifications. Effective for annual reporting periods beginning on or after June 1, 2020, this is now in Part I of the CPA Canada Handbook – Accounting. Earlier application is permitted, including in financial statements not yet authorized for issue at May 28, 2020. The Amendments to the Basis for Conclusions that accompany, but are not part of, IFRS 16 Leases are also now in Part I of the CPA Canada Handbook – Accounting.

On May 25, 2020, the AcSB responded to the IASB Exposure Draft, Interest Rate Benchmark Reform—Phase 2 (Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16). In its response letter, the AcSB supported the relief provided by the IASB and encouraged the IASB to provide more context and guidance on how the term “economically equivalent” will be applied in practice. Read our letter for more context of the matters we raised to the IASB for further consideration.