News Listings

The COVID-19 pandemic continues to cause considerable deterioration in economic conditions for many organizations. With significant organizations profiled in news stories for insolvencies, bankruptcies, and other financial difficulties, it’s more important than ever to keep going concern top of mind. Use our going concern resources to help navigate potential challenges associated with going concern assessments.

The AcSB has issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. The AcSB will not be submitting a response letter to the IASB Exposure Draft. However, this decision will be reviewed throughout the comment period and reconsidered based on stakeholder feedback. As a result, stakeholders are encouraged to reply to the AcSB prior to July 15, 2021 to support our ongoing discussions.

Meeting the needs of stakeholders and responding effectively to the challenges of the past year, PSAB continued the work of a number of key projects and strategies which will lay the groundwork for the future. Read about PSAB’s 2020-2021 activities and accomplishments in this year’s Annual Report.

This past year presented unanticipated global challenges that reshaped how people live and work. For AcSOC, the biggest question was how to conduct oversight and achieve progress against the backdrop of a global pandemic. Read our 2020-2021 Annual Report to learn more about the work we did, including our oversight of the AcSB and PSAB. 

The Accounting Standards Oversight Council (AcSOC) and Auditing and Assurance Standards Oversight Council (AASOC) have initiated a review of Canadian standard setting. The Independent Review Committee on Standard Setting in Canada was formed to review of the governance and structure for establishing accounting, auditing, and assurance standards, as well what might be needed for the future – including sustainability standards. 

Despite the pandemic, we moved our work forward. We were nimble in this new environment—delaying and advancing projects based on the importance to our stakeholders. Read about the AcSB’s 2020-2021 activities and accomplishment in this year’s Annual Report.

The Board discussed the Disclosure Initiative, Third Agenda Consultation, Contributions, and the AcSB’s Strategic Plan. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

The Trustees of the IFRS Foundation published proposed amendments to the Constitution of the Foundation to accommodate a potential new International Sustainability Standards Board within the governance structure of the organization. Canadian stakeholders are encouraged to reply to the Foundation by July 29, 2021. 

Topics discussed included issues in applying the modified retroactive transition method for Asset Retirement Obligations, Section PS 3280 to a building with asbestos and to a fully depreciated asset still in productive use. The Group also discussed the reporting model exposure draft proposal to split liabilities into financial and non-financial categories, and PSAB’s proposed approach to its GNFP Strategy in Consultation Paper II.

PSAB issued its Draft 2022 – 2027 Strategic Plan which outlines the Board’s proposed strategic objectives for the next five years. Share your feedback on this document by October 6, 2021 via comment letter or by participating in our online activities on Connect.FRASCanada.ca.