News Listings

At its September 22, 2021 meeting, the Group discussed financial reporting hot topics such as the IFRS^® Interpretations Committee’s agenda decision on the costs necessary to sell inventories, accounting for crypto assets held on behalf of others, and an issuer’s accounting for green bonds. Read the meeting report for details.

On September 24, 2021, the AcSB responded to the IASB’s Request for Information, "Third Agenda Consultation", issued in March 2021. The AcSB’s letter comments on the IASB’s overall strategic direction and identifies and describes the financial reporting topics it thinks the IASB should prioritize over the next five years, including climate-related risks, cryptocurrencies, the statement of cash flows, and intangible assets. Read our letter to find out more! 

In a new joint report on the audit expectation gap, the Association of Chartered Certified Accountants (ACCA), Chartered Accountants Australia and New Zealand (CA ANZ), Chartered Professional Accountants of Canada (CPA Canada), and the Canadian Auditing and Assurance Standards Board (AASB) provide recommendations for regulators, standard setters, and auditors on tackling fraud and addressing going concern issues. Learn more.

In collaboration with the ACCA, CPA Canada, and CA ANZ, the AASB issued a joint report – Closing the expectation gap in audit – The way forward on fraud and going concern: A multi-stakeholder approach. The report provides recommendations on how to narrow the expectation gap in the areas of fraud and going concern, based on feedback from virtual roundtables held across the globe. Read the report for full details.

The AASB discussed issues related to Technology, Future-oriented Financial Information, Quality Management, the evolution of assurance, CUSP, AASB processes, and the IESBA’s “public interest entity” definition. Read the Summary for more.

In 2020, after extensive consultation with Canadians and careful consideration, the Public Sector Accounting Board (PSAB) decided to continue developing Public Sector Accounting Standards (PSAS), but future standards would be based on International Public Sector Accounting Standards (IPSAS) principles. This means that if a project is undertaken and an IPSAS already exists, the principles of that IPSAS will be used as a base for developing the corresponding Canadian PSAS. Watch our recorded English or French webinar to learn about the work PSAB has done related to the implementation of its International Strategy.

Help the AASB develop new guidance on the implementation of KAM reporting. We want to better understand the 2020 experience and develop guidance for our stakeholders on lessons learned. Find out more about this exciting research opportunity and apply by October 31, 2021!

On September 27, 2021, the AcSB responded to the IASB’s Exposure Draft, issued in July 2021. The AcSB’s letter supports the proposed amendment and provides suggestions to further enhance the usefulness of the comparative information presented. The suggestions include broadening the scope of the classification overlay to cover all financial assets and considering additional disclosures. Read our letter to find out more!  

The Board discussed the Public Sector Accounting Discussion Group, the International Strategy – IPSASB Documents for Comment, and the Draft CPA Competency Map Response. Read the Decision Summary for full details.

The Board discussed Cloud Computing, Contributions, FASB Agenda Consultation, Framework for Reporting Performance Measures, Insurance, Leases, Pension Plans, Third Agenda Consultation, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.