News Listings

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!

We are pleased to announce that Lisa French, CTO, International Integrated Reporting Council; Benjamin Yeoh, Sr. Portfolio Manager, RBC, Global Asset Management; and Trent W. Klein, Director — Finance, TELUS Corp, were appointed to IASB’s Management Commentary Consultative Group. The Group was established to advise the IASB as it develops proposals for updating its guidance on management commentary in financial reports.

We are pleased to announce that Lisa French, CTO, International Integrated Reporting Council; Benjamin Yeoh, Sr. Portfolio Manager, RBC, Global Asset Management; and Trent W. Klein, Director — Finance, TELUS Corp, were appointed to IASB’s Management Commentary Consultative Group. The Group was established to advise the IASB as it develops proposals for updating its guidance on management commentary in financial reports.

The AASB unanimously approved an exposure draft of a proposed new standard on compilation engagements to replace Section 9200, Compilation Engagements. Set to be issued September 4, 2018, comments will be due November 30, 2018. To support you in providing feedback, we are doing extensive outreach and will be issuing numerous plain language resources. Stay tuned for more!

Approved! Exposure Draft of a Proposed Revised Standard on Identifying and Assessing the Risks of Material Misstatement

The AASB unanimously approved a Canadian exposure draft of revised CAS 315. The exposure draft is based on the IAASB’s exposure draft of proposed changes to ISA 315, with no proposed Canadian amendments. Set to be issued September 7, 2018, comments will be due November 2, 2018. To support you in providing feedback, we are doing extensive outreach and will be issuing numerous plain language resources. Stay tuned for more!

We are pleased to announce that Lisa French, CTO, International Integrated Reporting Council; Benjamin Yeoh, Sr. Portfolio Manager, RBC, Global Asset Management; and Trent W. Klein, Director — Finance, TELUS Corp, were appointed to IASB’s Management Commentary Consultative Group. The Group was established to advise the IASB as it develops proposals for updating its guidance on management commentary in financial reports.