News Listings

The Council met on June 2-3, 2022, to discuss the activities of the AcSB, PSAB, and related matters. Read the full report for more information.

The International Auditing and Assurance Standards Board (IAASB) issued its Exposure Draft of Proposed Part 10, Audits of Group Financial Statements, of the Proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE). The Exposure Draft aims to include certain group audits within the scope of the proposed ISA for LCE. Submit your comments on the IAASB’s Exposure Draft by May 2, 2023.

The AASB is seeking your input and help in responding to the IAASB’s Proposed Strategy and Work Plan for 2024-2027. The survey is designed to gather your input on which projects should be prioritized by the IAASB. Read the work plan and provide your input via our survey by March 31, 2023.

PSAB encourages stakeholders to respond to the International Public Sector Accounting Standards Board’s (IPSASB) recently released Exposure Draft 84, Concessionary Leases and Right-of-Use Assets In-kind. Respond directly to IPSASB by May 17, 2023, to ensure Canadian-specific issues and perspectives related to concessionary leases and right-of-use assets in-kind are considered.

The AASB and the Canadian Actuarial Standards Board jointly issued a revised JPS to enhance communications between actuaries and auditors. The JPS will be appended to CAS 500, Audit Evidence.

The AcSB discussed Contributions, Scaling the Standards, the Annual Plan, and more. Read the Decision Summary for full details, including how you can provide feedback on these initiatives.

The AcSB issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. If you would like your feedback considered prior to the AcSB finalizing its comment letter, please submit comments to the AcSB prior to February 24, 2023.

The AASB has developed guidance to address the impact on Canadian Auditing Standards and Canadian Standard on Review Engagements of certain narrow-scope amendments made to IAS 1, Presentation of Financial Statements.

The Board discussed developing a new Canadian Standard on Related Services on compilations of future-oriented financial information and approved a Canadian Project Proposal for sustainability assurance. It also discussed annual planning, the Strategic Plan 2022-2025, and more. Read the Decision Summary for full details.

The Board discussed the Future Work Plan Consultation, 2023-2024 Draft Annual Plan & Risk Assessment, and the Financial Statement Presentation Standard (“Reporting Model”). Read the Decision Summary for full details.