News Listings

The AASB approved two exposure drafts: Fraud and Listed Entity/Public Interest Entity Track-2. It discussed the draft 2024-2025 Annual Plan and the Compilations of Future-oriented Financial Information project. The Board received a presentation from the Practice Inspection Programs Standing Committee. Read the decision summary for full details.

The AcSB discussed Contributions, Subsequent Measurement of Goodwill and Acquired Intangible Assets, Scaling the Standards, the AcSB’s Annual Plan, and more. Read the Decision Summary for full details, including how you can provide feedback on these initiatives.

Do you have concerns or questions related to the application of the PSA Handbook? Or would you like to know more about emerging issues impacting public sector reporting? If so, submit an issue to the PSA Discussion Group for consideration! Submissions for our upcoming June 2024 meeting are due April 19, 2024.

Representatives of the Accounting Standards Board (AcSB) of Canada and the Accounting Standards Board of Japan (ASBJ) held their fifth bilateral meeting on January 8 and 9, 2024 in Montreal, Canada. The Boards provided updates on their respective activities and discussed agenda items in which both Boards have interest, such as power purchase agreements and climate-related and other uncertainties in the Financial Statements. Read the press release, available in English. 

PSAB has issued an Exposure Draft proposing amendments to “Tangible Capital Assets, Section PS 3150”. The amendments are a result of the review of Section PS 4230, Capital Assets Held by Not-for-Profit Organizations, and Section PS 4240, Collections Held by Not-for-Profit Organizations, as part of the GNFP Strategy implementation. Read the Exposure Draft to learn more and submit your feedback by April 15, 2024.

Auditing and Assurance Standards Oversight Council met on December 20, 2023, to discuss the Auditing and Assurance Standards Board’s activities and related matters. Read the full report for more information.

Read our In Brief for an overview of the Exposure Draft, “Tangible Capital Assets, Proposed Amendments to Section PS 3150." The proposals are a result of the review of Section PS 4230, Capital Assets Held by Not-for-Profit Organizations, and Section PS 4240, Collections Held by Not-for-Profit Organizations, as part of the Government Not-for-Profit Strategy implementation.

Next steps are approved, and implementation plans are underway on the recommendations made by the Independent Review Committee on Standard Setting in Canada (IRCSS) in March 2023. Key approvals include setting up an independent legal entity to house standard-setting activities, putting a new funding model in place, and establishing a single oversight council.

On December 5, 2023, the AcSB responded to the IASB’s Exposure Draft, “Annual Improvements to IFRS Accounting Standards—Volume 11,” issued in September 2023. The AcSB’s letter expressed that overall, the proposed amendments will help address application challenges and improve the consistency of the application of the respective IFRS Accounting Standards. Read our letter to find out more!

Please note: this letter is posted on an external website; if you need an accessible version, please email us at [email protected].

The AcSB discussed Financial Instruments with Characteristics of Equity, Pension Plans, the AcSB’s Annual Plan, and more. Read the Decision Summary for full details, including how you can provide feedback on these initiatives.