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The purpose of this publication is to promote consistency in the form and content of practitioners' reports by providing guidance with respect to commonly occurring circumstances. This guide does not amend or override auditing or review standards, the texts of which alone are authoritative, nor does it necessarily address all audit reporting changes resulting from the Canadian Auditing Standards.

PSAB will extend the end date of its current 2017-2020 Strategic Plan by oneyear to March 2021.  Extending the current strategic plan will allow input on key strategies that will inform the development of the next strategic plan. Feedback on this extension should be submitted to PSAB by March 1, 2019.

The IASB has issued an Exposure Draft proposing amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Canadian stakeholders are encouraged to submit their comments to the IASB by April 15, 2019.

We are proud to share that Eric Turner, Director, AASB was appointed to the International Auditing and Assurance Standards Board (IAASB), effective January 1, 2019. Eric has previously acted as technical advisor to the IAASB’s current Canadian representative, Ron Salole.

The effective date of IFRS 16 is just around the corner. Read the Group’s discussions on various leases implementation topics. Also, keep up-to-date on other topics such as joint arrangements, share-based payments and cryptocurrencies. Learn more about the views expressed on these topics for helpful tips.

At its November meeting, the International Accounting Standards Board (IASB) voted to propose a one-year deferral of IFRS 17 Insurance Contracts, and as a result, has also proposed to extend the temporary exemption of applying IFRS 9 Financial Instruments by one year to keep the effective dates aligned. The IASB and the AcSB will expose the proposed deferral to seek stakeholders’ comments. As part of the AcSB’s strategic plan, the Board will continue to monitor developments on IFRS 17 and is committed to assisting Canadian stakeholders in adopting this complex new insurance contracts standard.

Read the report for details about the discussions of contractual rights, accounting for Indigenous government business enterprises, green infrastructure and PSAB’s reporting model proposals.

The Board has published its first major product under its research program, described in its 2016-2021 Strategic Plan. Read its research findings to learn how the Board is contributing to the work of the IASB and national standard setters, from an evidence-based perspective, on the topic of accounting for rate-regulated activities under IFRS® Standards.

The AcSB was reappointed as a member of the IFRS Foundation Trustees' Accounting Standards Advisory Forum (ASAF). ASAF is a technical advisory body to the International Accounting Standards Board. We are proud to be members alongside other accounting standards bodies from across the world.

Are you interested in exploring ways to enhance trust and credibility in information beyond traditional financial statements? CPA Canada and staff of the Audit and Assurance Standards Board are seeking auditors, audit committee members and preparers of financial information to participate in a research initiative on this topic. Sign up today!