News Listings

On November 12, 2019, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in July 2019. The letter agrees with the intent of the proposals, but recommends that the drafting of the amendments should be revised to better communicate the guidance to stakeholders. Due to the complexity of this topic, the AcSB also recommends that illustrative examples be provided in IAS 12 to demonstrate the application of the proposed guidance.

The Group discussed topics such as lease term and useful life of leasehold improvements, application of definition of lease to a surface right, and impacts of climate change on financial reporting. Read about the views expressed by Group members for helpful tips on these and other topics.

The Canadian Academic Accounting Association’s (CAAA) 2020 conference theme is “Risky Business: Accounting in time of Uncertainty,” As research on managing, measuring and reporting risk can support Canada’s standard-setting boards’ evidence-based decision making, we encourage you to submit your papers by January 17, 2020.

The Board discussed topics such as IFRS® Standards, Insurance, Combinations, and Related Party Combinations, among others.

The AASB approved a new standard on compilation engagements for release in February 2020. The impact could be significant to practitioners and users. Read about some of its key features.

The PSA DG is a public forum where issues relating to public sector financial reporting are discussed. Watch this insightful video to learn what it’s all about.

The Board discussed several topics during this two-day meeting, including Identifying and Assessing the Risks of Material Misstatement, Public Sector Auditing Standards, and Quality Management. It also discussed its 2020-2021 Annual Plan. Read the Decision Summary for full details.

PSAB proposes to remove the prohibition against recognizing intangibles purchased in an exchange transaction in public sector financial statements. The change is proposed to respond to input from Indigenous governments and other PSAB stakeholders. Read the Exposure Draft and Basis for Conclusions for full details.

The IASB is carrying out a research project on Goodwill and Impairment to investigate how companies can provide users of financial statements with better information about business combinations at a reasonable cost. The IASB’s preliminary views will be shared in its upcoming Discussion Paper. Canadian stakeholders can help by commenting on the IASB’s Discussion Paper which is expected to be released in the first quarter of 2020. Follow the AcSB’s project page for updates!

PSAB has decided to revisit our Employment Benefits project by reviewing the project plan and scope. Read this article to find out why, and what’s next for our stakeholders.