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The AcSB is undertaking a project to improve Financial Statement Concepts in Parts II and III of the CPA Canada Handbook – Accounting. Learn how this initiative can benefit both preparers and practitioners in practice, as well as the Board in standard-setting.  

The Canadian Sustainability Board (CSSB) met virtually for two educational sessions on Scope 3 and the greenhouse gas protocol. The CSSB discussed its strategic and communications plans and continued its deliberations on the feedback on the proposed Canadian Sustainability Disclosure Standards and the proposed Criteria for Modification Framework.

The CSSB announces a transition in its leadership. Charles-Antoine St-Jean is transitioning from his position as Chair. Bruce Marchand will be interim Chair.

The IASB has published its Exposure Draft, “Climate-related and Other Uncertainties in the Financial Statements.” It proposes eight examples to illustrate how companies apply IFRS® Accounting Standards when reporting the effects of climate-related and other uncertainties in their financial statements. Respond directly to the IASB with your feedback by November 28, 2024. Stay tuned for an opportunity to participate in an English-language roundtable to learn more about the proposals and help inform our response to the IASB.

The International Public Sector Accounting Standards Board (IPSASB) released the Exposure Draft 90, “Amendments to IPSAS as a Result of the Application of IPSAS 46, Measurement.” We encourage you to respond to this Exposure Draft so Canadian perspectives are considered. Do your part to ensure future international standards serve the Canadian public interest. Submit your comments to IPSASB by November 29, 2024.

The IASB recently issued a package of narrow-scope amendments to IFRS Accounting Standards as part of its Annual Improvements process. The package includes amendments to five standards: IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7 Statement of Cash Flows. The amendments are effective January 1, 2026, with earlier application permitted. The AcSB will review and complete its endorsement process in Q4 2024.

The Canadian Sustainability Standards Board (CSSB) held six meetings between January and June 2024, primarily focused on the first Canadian Sustainability Disclosure Standards (CSDS 1 and 2) consultation. These meetings involved in-depth discussions on Board operations, the Strategic Plan, and building trust and relationships with Indigenous Peoples.

On July 15, 2024, the AcSB responded to the IASB’s Exposure Draft, “Business Combinations – Disclosures, Goodwill and Impairment,” issued in March 2024. While the AcSB supports the project’s objectives, we disagree with the IASB's approach to addressing users’ information needs in the IFRS 3 Business Combinations disclosure proposals. Our response includes several recommendations to ensure that the information in an entity’s financial statements aligns with the intent of the Conceptual Framework for Financial Reporting. Read our letter to learn more. This letter is posted on an external website; for an accessible version, please email us at [email protected].

The Canadian Sustainability Standards Board (CSSB) met in Halifax, Nova Scotia, to continue deliberations on the feedback received during the consultation on Canadian Sustainability Disclosure Standards. The CSSB approved the Annual Plan and participated in an educational program on trust and relationship-building with Indigenous Peoples within the context of sustainability. Read the decision summary for full details.

The AcSB discussed Relief from Recognition of Intangible Assets, Amortization of Goodwill, Power Purchase Agreements, the Annual Plan, and more. Read the Decision Summary for full details.