News Listings

The AcSB has issued an amendment to Section 3400, Revenue, to defer the effective date for previously issued amendments relating to upfront non-refundable fees or payments from fiscal years beginning on or after January 1, 2022, to fiscal years beginning on or after January 1, 2025. Earlier application is permitted.

The AcSB has issued new Accounting Guideline AcG-20, Customer’s Accounting for Cloud Computing Arrangements, applicable to private enterprises and not-for-profit organizations. This new Guideline is effective for fiscal years beginning on or after January 1, 2024 with earlier application permitted.

The Board discussed the IAASB’s project to revise ISA 500, Audit Evidence, revisions to IAS 1 to necessitate revisions to the CPA Canada Handbook – Assurance, and the emerging issues in the audit and assurance environment. The AASB also discussed establishing a Sustainability Assurance Committee, and more. Read the Decision Summary for full details. 

Watch the recorded English or French webinar to learn about PSAB’s Government Not-for-Profit (GNFP) Strategy Decision and Implementation Plan.

The International Auditing and Assurance Standard Board (IAASB) issued non-authoritative guidance, Reporting Going Concern Matters in the Auditor’s Report. This guidance addresses some of the common questions in relation to the use of and the interrelationship of Material Uncertainty Related to Going Concern and Key Audit Matters sections, and Emphasis of Matter paragraphs, in the auditor’s report prepared in accordance with International Standards on Auditing (ISAs). Read for full details.

The International Auditing and Assurance Standards Board (IAASB) issued its Exposure Draft of International Standard on Auditing (ISA) 500, Audit Evidence and the related proposed conforming and consequential amendments to other ISAs. The standard provides a “reference framework” for auditors when making judgments about audit evidence throughout the audit. The IAASB invites all stakeholders to comment on the Exposure Draft via the IAASB website. Comments are requested by April 24, 2023.

The AcSB wants your feedback on its proposed amendments to Related Party Transactions, Section 3840.

The proposed amendments address accounting for a combination between enterprises or businesses under common control and financial assets acquired or financial liabilities assumed in a combination between enterprises under common control. Submit your comments by January 31, 2023.

The AcSB discussed Contributions, Crypto-asset Lending, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

At its September 21, 2022, meeting, the Group discussed hot topics such as the impact of rising inflation and interest rates on financial reporting, the financial reporting implications of OECD Pillar Two GloBE Rules, and the accounting for cash received via electronic transfer as settlement for a financial asset. Read the meeting report for details.

The IFRS Discussion Group wants to hear about the challenges you face when applying IFRS Standards. Submit your issue by November 2, 2022, for consideration as a discussion topic at our December 5, 2022, virtual meeting.