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The IAASB recently issued an Exposure Draft, Conforming Amendments to the IAASB International Standards as a Result of the Revised IESBA Code. The AASB is considering appropriate revisions to Canadian standards and will issue its own exposure draft in January 2020. Stakeholders are encouraged to respond to the IAASB by January 10, 2020.

Topics discussed were government business enterprises, user fees versus taxes, climate change and sustainable finance, and PSAB’s GNFP Consultation Paper. Read the report for full details.

Update – AASB Expands Key Audit Matter Reporting

The AASB received valuable feedback on its Exposure Draft, Communication of Key Audit Matters in the Auditor’s Report. After reviewing the feedback received, the AASB agreed to require key audit matter reporting for other listed entities, excluding listed entities required to comply with National Instrument 81-106. Read the article for full details.

Exposure Draft, Public Private Partnerships

In this Exposure Draft, PSAB proposes specific scope, recognition, measurement, presentation, and disclosure requirements for public private partnerships. This proposed guidance will have a significant impact in the public sector. Read and respond to the exposure draft before February 29, 2020.

At its public meeting in Toronto, the Council discussed the activities of the AASB and other related matters. The Council also received an update on the activities of the Nominating and Governance Committee, as well as the Independence Standing Committee. Read the full report for more information.

At its public meeting in Toronto, the Council discussed the activities of both the AcSB and PSAB and other related matters. The Council received presentations on Sustainability, Environmental, and Social Reporting, as well as a presentation from the Canadian Council of Comptrollers. Read the full report for more information.

The Board discussed a number of topics, including IFRS® Standards, Combinations, and due process, among others.

The Board discussed several topics during its two-day meeting, including Compilation Engagements, Public Sector Auditing Standards, and the Strategic and Annual Plans. Read the full Decision Summary for further detail.

The Board submitted a comment letter responding to the IAASB’s Discussion Paper, Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges of Applying the ISAs. Visit the IAASB’s website to read the Board’s response.

At its upcoming meeting the Board will consider matters regarding IFRS^® Standards and due process, among others.