News Listings

The IASB issued the amendments to IFRS 17 Insurance Contracts, with the effective date of the standard deferred to January 1, 2023, and the temporary exemption of applying IFRS 9 extended by two years to keep the effective dates aligned. The AcSB will ballot the final amendments and complete its endorsement process in Q4 2020.

This year, our focus was on evolving the role of the Council to become more strategic, improving our nominations and governance procedures and enhancing our performance review process. Read about the work we did over the past year and our oversight of the Auditing and Assurance Standards Board.

Last year saw the AASB playing a role in global assurance and related services standards, improving engagement with new and existing stakeholders, and approving key standards on compilation engagements and agreed-upon procedures. Read about the AASB’s 2019-2020 activities and accomplishments in this year’s Annual Report, which includes a look to the future as we navigate a world changed by COVID-19. 

At its recent meeting, the Board discussed the Employment Benefits Project and the Government Not-for-Profit Strategy. Read the Decision Summary for full details.

At its recent meeting, the Board discussed the Conceptual Framework and Reporting Model, Purchased Intangibles, and PSAB’s response to COVID-19. Read the Decision Summary for full details.

Check out IFAC’s Weekly Webinar Series – ‘Practical Audit Quality Considerations for Auditing in the Pandemic Environment - Planning, Execution, Auditor Reporting and Looking Ahead.' Events start on Thursday, July 9, 2020!

The Board discussed topics such as the IASB’s Goodwill and Impairment Discussion Paper, ASPE implementation issues, its response letter to the CSA’s Proposed National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure – plus much more. Read the Decision Summary for full details.

Need help with COVID-19 related financial reporting issues? Check out this meeting report summarizing the Group’s discussion on issues such as the accounting for COVID-19 related rent concessions and financial reporting considerations of COVID-19.  Check back this June for the complete summary of everything discussed at the May 27, 2020 meeting. 

This amendment permits lessees not to assess whether particular Covid-19-related rent concessions are lease modifications and, instead, account for those rent concessions as if they were not lease modifications. Effective for annual reporting periods beginning on or after June 1, 2020, this is now in Part I of the CPA Canada Handbook – Accounting. Earlier application is permitted, including in financial statements not yet authorized for issue at May 28, 2020. The Amendments to the Basis for Conclusions that accompany, but are not part of, IFRS 16 Leases are also now in Part I of the CPA Canada Handbook – Accounting.

IPSASB released Exposure Draft (ED) 70, Revenue with Performance Obligations, ED 71, Revenue without Performance Obligations, and ED 72, Transfer Expenses. The three EDs introduce new approaches for some of the most significant transactions of public sector entities. Canadian stakeholders can send comments to the IPSASB until November 1, 2020.