News Listings

The AASB submitted its response letter to the IASB Exposure Draft, General Presentation and Disclosures on September 30, 2020. The AASB considered comments provided by external stakeholders who were consulted in combination with the AcSB. We also raised comments on the audit implications of bringing management performance measures into the financial statements and introducing a definition for unusual income and expenses.

Are you someone with an in-depth knowledge of financial reporting for pension or other types of post-retirement plans? Do you use financial information about pension plans for decision-making or providing advice? If so, the AcSB needs you in its Pension Plan Working Group! Learn more about this opportunity to inform accounting standard-setting and apply by November 20, 2020.   

The expectation gap between the public’s perception of the role of the auditor, the auditor’s current responsibilities, and how they may evolve are receiving heightened attention. Register for our new online community platform, Connect.FRASCanada.ca, to quickly and easily provide your input on this growing issue – as well as hear from others on these important topics.

Our new due process manual provides a clear explanation of our standard-setting due process activities and includes details of how you can participate in the process. We use plain language, and simplified content, to ensure the rigorous set of procedures we undertake to set standards is easy for you to understand. Visit the Due Process page to learn more.

The amendment, which defers the effective date of Classification of Liabilities as Current or Non-current (Amendments to IAS 1) by one year, is now in Part I of the CPA Canada Handbook. The amendments to IAS 1 are effective for annual reporting periods beginning on or after January 1, 2023. Earlier application is permitted.

At its recent meeting, the Board discussed Public Private Partnerships, Employment Benefits, and the International Strategy. Read the Decision Summary for full details.

At its recent meeting, the Board discussed Purchased Intangibles, Government Not-for-Profit Strategy, and the revised 2020-2021 Annual Plan. Read the Decision Summary for full details.

At its recent meeting, the Board discussed the Conceptual Framework and Financial Reporting Model. Read the Decision Summary for full details.

Connect.FRASCanada.ca is our new online community platform. It’s an easy-to-use way to give your feedback on new or amended standards, take part in post-implementation reviews, or submit issues for discussion at a committee meeting.

The Group discussed topics such as the impact that COVID-19 may have on an entity’s income statement presentation and application issues associated with the amendments on IAS 1 to classify a term loan as current or non-current. Read the full Meeting Report for helpful tips on these and other topics.