News Listings

The Board discussed Combinations and Employee Future Benefits. Read the Decision Summary for full details.

The Board continued discussions of its draft response letter on the IAASB Consultation Paper on Extended External Reporting. It also discussed its current planned activities for emerging technology, fraud and going concern, and the evolving assurance needs of stakeholders. Read the full Decision Summary for details.

Topics included cloud computing arrangements that are services and first-time consolidation of a governmental unit when there is a change in control.

The Board discussed topics such as Employee Future Benefits, ASPE implementation issues, Annual Improvements – plus much more. Read the Decision Summary for full details.

On June 29, 2020, we submitted our response letter to the CSA, commending them for taking into consideration the comments received on the first version of the Proposed National Instrument to improve the application of these proposals. We continue to support the CSA’s objective of ensuring investors receive appropriate disclosure without unduly increasing regulatory burden on issuers.

PSAB is undergoing a leadership change. Current Chair, Charles-Antoine St-Jean, was named CPA Canada’s new President and CEO, effective July 20, 2020. Taking his place as interim Chair is current PSAB Vice-Chair, Clyde MacLellan. The search for a permanent Chair will commence shortly.

The IAASB issued review engagements on interim financial information guidance in light of the changing environment due to the COVID-19 pandemic, providing areas of focus to consider in the review, as well as guidance on the requirements of ISRE 2410.

The IAASB issued guidance on auditing accounting estimates in light of the changing environment due to the COVID-19 pandemic, focusing on risk assessment and responding to assessed risks of material misstatement, disclosures, implications for the auditor’s report, and management bias and fraud. 

At its recent meeting, the Board discussed the Financial Instruments – Narrow Scope Amendments project and its Basis for Conclusions on its International Strategy decision. Read the Decision Summary for full details.

Just in time for Q2 Interim Reporting! Check out this meeting report summarizing the Group’s discussion on issues such as the accounting for COVID-19 related rent concessions, financial reporting considerations of COVID-19, classification of liabilities as current or non-current, and accounting for leases in a business combination.