News Listings

The AcSB is monitoring the IASB’s 2019 comprehensive review of the IFRS for SMEs Standard. As part of the review, the IASB is developing a Request for Information, expected to be issued in the first quarter of 2020.

The Task Force on Reporting Implications of the Canadian Auditing Standards released a fourth edition of the Auditor Reporting Guide. The revised Auditor Reporting Guide includes a new chapter on Key Audit Matters. Read the Guide for full details.

During a conference call, the Council discussed the activities of the AASB and other related matters. The Council also received an update on the Independence Standing Committee. Read the full report for more information.

What do you think about disclosure of certain non-GAAP measures in the financial statements? The IASB has issued an Exposure Draft relating to its Primary Financial Statements project. Have your say by June 30, 2020. The AcSB will issue its corresponding exposure draft in January 2020.

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.

At its recent meeting, the Board discussed, reviewed, and made decisions on number of topics, including the International Strategy, Conceptual Framework and Reporting Model, Financial Instruments Narrow Scope Amendments, and Annual Improvements. Read the Decision Summary for full details.

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.