Accounting Standards Board

At its upcoming meeting, the Group will discuss IAS 12: Accounting for Deferred Tax Assets under OECD Pillar Two GloBE Rules, IAS 36: Assessment of Cash Generating Units (CGUs) in a Production Facility with Multiple Production Lines When One of the Products Has a Declining Market Demand, and more. Don’t miss out on the latest IFRS news! Register now to observe our meeting via livestream.

Are you a Canadian private enterprise, not-for-profit organization, pension plan, an advisor to one, or a user of their financial statements? Register for our upcoming webinar to learn about current accounting standards projects and recent amendments in Parts II, III and IV of the CPA Canada Handbook – Accounting. Join us on May 15, 2024 (English) or May 16, 2024 (French).

Join the AcSB for a virtual roundtable on “Subsequent Measurement of Goodwill and Acquired Intangible Assets.” Share your feedback to inform future exposure draft proposals on providing relief from recognizing intangible assets acquired in business combinations and allowing goodwill amortization for private enterprises and not-for-profit organizations. Register now to save your spot!

The AcSB discussed Financial Instruments with Characteristics of Equity, Climate-related Risks and Opportunities, Subsequent Measurement of Goodwill and Acquired Intangible Assets, Contributions, the Guidance Framework and more. Read the Decision Summary for full details.

The Not-for-Profit Advisory Committee discussed Contributions, financial statement concepts, Revenue, guidance, and more. Read the meeting notes for full details.

The Committee held a meeting on February 7, 2024, and discussed revenue – upfront non-refundable fees or payments, financial statement concepts, climate-related risks and opportunities, and more. Read the meeting notes for full details!

The IASB’s recently released Exposure Draft, “Addendum to the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard,” supplements the Exposure Draft published in September 2022. We encourage you to respond directly to the IASB by July 31, 2024, to help shape accounting standards for SMEs.

The IASB’s newly issued IFRS Accounting Standard, IFRS 18 Presentation and Disclosure in Financial Statements, aims to improve the usefulness of information presented and disclosed in financial statements. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 202, with earlier application permitted.  

The AcSB will ballot IFRS 18 and complete its endorsement process in Q2 2024. Find out more. 

On March 28, 2024, the AcSB responded to the IASB’s Exposure Draft, “Financial Instruments with Characteristics of Equity,” issued in November 2023. The AcSB’s letter expressed overall support for the proposed disclosure and financial statement presentation requirements but noted that the classification and measurement proposals do not achieve the IASB’s objectives for the project. Read our letter to find out more! This letter is posted on an external website; if you need an accessible version, please email us at [email protected].