News Listings

The IFRS Accounting Standards Discussion Group wants to hear about the challenges you face when applying IFRS Accounting Standards. Submit your issue by July 19, 2023, for consideration as a discussion topic at our September 19, 2023, meeting.

The Council met on July 6, 2023, to discuss the activities of the AASB and related matters. Read the meeting minutes for more information.

The Board discussed the IAASB’s projects on Fraud (ISA 240), Listed Entity/Public Interest Entity-Track 1, Audits of Financial Statements of LCEs, and Sustainability Assurance (ISSA) 5000. It also received updates on its Strategic Plan 2022-2025, Standards Forward Timeline, CPA Canada’s Research Guidance and Assurance, and the final report on IRCSS. Read the Decision Summary for more.

The Board discussed updates related to the Public Sector Accounting Discussion Group, Employee Benefits, Intangible Assets, Government Not-For-Profit (GNFP), the Accounting Standards Board (AcSB), and more. Read the Decision Summary for full details.

The CSSB’s newest members have been appointed, including representation from western and eastern provinces and Canada’s resource-based sectors. These appointments make a quorum for the CSSB, putting the Board in decision-making mode and coming on the heels of the release of the International Sustainability Standards Board’s (ISSB) initial standards – IFRS S1 and S2.

Use our resources and non-authoritative guidance to better understand the Conceptual Framework and how to apply this foundational framework for the public sector. PSAB’s new Conceptual Framework is effective for fiscal years beginning on or after April 1, 2026, so start preparing now.

The AcSB discussed Crypto-asset Activities, Cash Flow Reporting, Related Party Combinations, Revenue, Insurance Contracts with Cash Surrender Value, and more. Read the Decision Summary for full details, including how you can provide feedback on Board initiatives.

PSAB will soon initiate a project to review its standards on Contributions – part of our Government Not-for-Profit (GNFP) Strategy implementation plan. Did you know that the Accounting Standards Board (AcSB) currently has its Exposure Draft, “Contributions – Revenue Recognition and Related Matters” out for public comment? GNFPs interested in providing feedback have until September 30, 2023 to weigh in.

The International Sustainability Standards Board (ISSB) published its Exposure Draft detailing a proposed methodology to amend Sustainability Accounting Standards Board (SASB) standards. The purpose of the amendments is to enhance the international applicability of the standards. FRAS Canada seeks Canadian feedback on the proposed methodology to ensure the ISSB considers Canadian perspectives. Help shape the future of sustainability standards and share your input by July 7, 2023.

The ISSB recently announced its agenda priorities for expanding sustainability standards, with a focus on four research projects. FRAS Canada is seeking feedback from Canadians on these projects before submitting a response letter to the ISSB. The proposed projects include biodiversity, human capital, human rights, and reporting integration. Help shape the future of sustainability standards and share your feedback by August 4, 2023.