News Listings

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.

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.