News Listings

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.

In 2022, an independent research study on KAM reporting was undertaken to gain further insights on the Canadian experience. Lessons learned from the research study can be found here.

The time has come to recruit the inaugural chair of the new CSSB. A visible and experienced leader in the sustainability reporting community, the Chair will support recruitment of board members and establish the CSSB’s first multi-year strategic plan in their initial months in the role. Applications are due November 15, 2022. 

The Accounting Standards Oversight Council (AcSOC) is pleased to announce that Armand Capisciolto, FCPA, FCA, current interim Accounting Standards Board (AcSB) Chair, will be appointed as permanent Chair effective May 1, 2023.

The Board discussed its draft response to the IAASB’s Exposure Draft, “Proposed Narrow Scope Amendments to ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements, and ISA 260 (Revised), Communication with Those Charged with Governance”. Read the Decision Summary for full details.