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Standard-setting Update – Readying for the Future

July 6, 2021 News

As Canada moves through the third wave of COVID-19 with the hope that comes with vaccinations and economic re-opening, we in standard setting have also been progressing in new areas and initiatives. 

We are monitoring progress and engaging in discussions on sustainability reporting standards. Since we submitted responses to the IFRS Foundation Trustees’ Consultation Paper on Sustainability Reporting, we are continuing to monitor and discuss sustainability reporting standards for Canada. Now out for public comment is the Exposure Draft on the proposed amendments to the IFRS Foundation’s constitution to accommodate an international sustainability standards board.  We encourage all our stakeholders to take part in this ongoing conversation and reply to the IFRS Foundation on this Exposure Draft by July 29, 2021. 

Our Oversight Councils initiated a review of standard setting in Canada. This May, the Accounting Standards Oversight Council and the Auditing and Assurance Standards Oversight Council announced the Independent Review Committee on Standard Setting in Canada. This Committee will review the governance and oversight of accounting, auditing, and assurance standard setting in Canada, including what might be needed for the future – such as sustainability standards. We are supportive of this initiative and stand ready to support the Committee as they work over the next year to develop a final report.

We are in a strategic planning period. Both the AcSB and PSAB have Draft Strategic Plans open for comment until October 2021. We are consulting with stakeholders – from online events, quick polls and open forums, and comment letters – to ensure that our proposed strategic directions are appropriate and relevant. The AASB recently concluded similar consultations with stakeholders and has issued its new Strategic Plan, alongside its 2021-2022 Annual Plan. A critical objective of each Board’s strategies: ensuring the continued relevance of the standards we set. 
In addition to these developments, we are welcoming a new AASB Chair to Canadian standard setting: Bob Bosshard, CPA, CA, ICD.D. Bob will be joining the AASB as Chair on July 1, 2021, with an immediate priority being to start implementing the AASB’s new Strategic Plan.

As with our previous updates, we encourage you to bookmark our COVID-19 resources webpage to ensure you have access to helpful communications and information sources – including some recent releases on such topics as going concern and the financial self-sufficiency of Government Business Enterprises

Stay safe.

Ken Charbonneau
Ken Charbonneau, FCPA, FCA, ICD.D
Chair, AASB
Linda Mezon
Linda Mezon, FCPA, FCA, CPA (MI), CGMA
Chair, AcSB

Clyde MacLellan, FCPA, FCA
Chair, PSAB