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April 3, 2020

News

2020 IASB Research Forum – Call for academic research papers – Extended

Support the AcSB in influencing the development of IFRS Standards by submitting academic papers for the IASB Research Forum. Topics of interest include performance measures, wider financial reporting, better disclosure, goodwill and impairment, and effects analysis on recently applied new IFRS Standards. The deadline for submitting papers to the Accounting and Business Research editorial office is extended to May 28, 2020.

April 2, 2020

News

IAASB Consultation Paper – Extended External Reporting (EER) Assurance

The International Auditing and Assurance Standards Board (IAASB) issued its Consultation Paper, Extended External Reporting (EER) Assurance, which proposes non-authoritative guidance to support this evolving area of reporting. Comments are due to the IAASB on July 13, 2020.

April 2, 2020

News

AcSB endorses Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)

The amendments, which clarify how to classify liabilities as current or non-current, are now in Part I of the CPA Canada Handbook – Accounting, and are effective for annual reporting periods beginning on or after January 1, 2022. Earlier application is permitted.

April 1, 2020

News

AcSB 2020–2021 Annual Plan

This Annual Plan sets out the Board’s key activities and project milestones in 2020-2021, helping to achieve the objectives in the last year of its five-year strategic plan. Read the plan for full details.

April 1, 2020

News

Comment Deadline Extended – AcSB Exposure Draft, – Combinations – Initial Measurement and Related Disclosures

In light of the evolving uncertainties created by the global COVID-19 crisis and its effects in Canada, AcSB has extended the deadline to submit a comment letter from April 14 to May 14, 2020. This is an interim decision and will be discussed in more depth at the April 15, 2020 AcSB meeting.

April 1, 2020

News

Auditing and Assurance Standards Board – Annual Plan

This Annual Plan sets out the Board’s key activities and project milestones in 2020-2021, helping to achieve the objectives in the last year of its five-year strategic plan. Read the plan for full details.

March 31, 2020

Basis for Conclusions

Basis for Conclusions, Financial Instruments – Narrow Scope Amendments

This document describes the Board’s amendments to FINANCIAL INSTRUMENTS, Section PS 3450. This includes changes to the accounting treatment of bond repurchase transactions, clarification of transitional provisions, and other minor improvements. Read our final Basis for Conclusions for full details.

March 30, 2020

News

PSAB Meeting Agenda – Date to be determined

Given the unprecedented global challenges related to COVID-19, PSAB has made the decision to postpone its March 2020 Board meeting to a later date. PSAB is in the process of rescheduling its meeting. Information on the rescheduled meeting will be shared when it’s available.

March 19, 2020

News

IASB votes to defer the effective date of IFRS 17 by two years

The IASB voted to defer the effective date of IFRS 17 to annual reporting periods beginning on or after January 1, 2023. It also voted to extend the temporary exemption of applying IFRS 9 by two years to keep the effective dates aligned. The AcSB welcomes these decisions as they support achieving a common global adoption date. The AcSB encourages Canadian stakeholders to continue with their implementation efforts to ensure a high-quality implementation of IFRS 17.

March 10, 2020

News

Handbook Update – Section 4250, Future Oriented Financial Information to be retained 

Part of the non-authoritative guidance that was removed from Part V on March 1, 2020 was Section 4250, Future Oriented Financial Information. This guidance continues to be relevant to private enterprise financial statement preparers and practitioners, so it will be retained in the Handbook. Read more about this update.