News Listings

The AcSB is committed to improving accounting standards for NFPOs, recently releasing its Consultation Paper, Contributions – Revenue Recognition and Related Matters. This Paper aims to gather feedback from NFPO stakeholders on the challenges of applying the existing contributions guidance. Read this In Brief for more about the Paper and how to provide the AcSB feedback on this important topic.

The Board discussed topics such as its Exposure Draft, “Combinations – Initial Measurements and Related Disclosures”, its planned 2020-2021 activities in light of the COVID-19 pandemic – plus much more. Read the Decision Summary for full details.

As the COVID-19 pandemic and its effects in Canada continue to evolve, the standard-setting boards have focused discussions on ensuring stakeholder needs are addressed. Read this statement from the Chairs of the AASB, AcSB and PSAB to get an update on decisions we’ve made on resource development, effective date deferrals, and comment deadline extensions.

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. The AcSB will incorporate the amendment, as well as the amendments to the Basis for Conclusions, into the CPA Canada Handbook upon completion of its due process activities.

How do new or amended IFRS® Standards make their way into the CPA Canada Handbook – Accounting? Find out via this overview of the due process activities we carried out in support of changes made to Part I of the Handbook last year.

The IASB recently issued several small amendments to IFRS Standards, effective January 1, 2022. The package includes its 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 AcSB will review the final amendments and complete its endorsement process in Q3 2020.

The Board discussed topics such as IFRS® Standards on Interest Rate Benchmark Reform and Leases, stakeholder feedback on its Exposure Draft, “Employee Future Benefits – Use of a Funding Valuation”, and an appropriate comment deadline for its recently released Consultation Paper “Contributions – Revenue Recognition and Related Matters” – plus much more. Read the Decision Summary for full details.

Do you have questions about the effect of COVID-19 on the impairment of goodwill and intangible assets with an indefinite life? Read this resource to support you when preparing your financial statements in accordance with ASPE.

The COVID-19 pandemic has contributed to both an entities’ operating and forecasted losses. Read this easy-to-understand resource to help you consider if these changes indicate that long-lived assets are impaired in accordance with ASPE.

The AcSB has issued a Consultation Paper to seek input on accounting for contributions and related topics by NFPOs. The existing contributions standards were established in 1996. While the standards have remained largely unchanged since that time, research suggests the landscape for many NFPOs has evolved. This Consultation Paper was issued with an extended comment period to provide stakeholders more time to respond in light of COVID-19. The Board will continue to monitor the environment as it evolves. Stakeholders are encouraged to respond by December 15, 2020.