News Listings

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.

The AASB discussed the anticipated IAASB exposure draft of a proposed standard for Audits of Less Complex Entities and the way forward in Canada. The Board also reviewed a first draft of its 2021-2022 Annual Plan and discussed input received from stakeholders on its Draft 2022-2025 Strategic Plan.

The Board discussed the Post Implementation Review of IFRS 10, 11, and 12, Insurance Contracts, AcSB’s Strategic Plan, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives. 

The AcSB has issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by October 21, 2021.

The IASB has issued an Exposure Draft to amend IAS 21. The proposed amendments aim to help companies determine whether a currency can be exchanged into another currency, and what accounting to apply if the currency cannot be exchanged. Canadian stakeholders are encouraged to submit their comments to the IASB by September 1, 2021.