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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.

The IASB issued narrow-scope amendments to the classification and measurement requirements in IFRS 9 Financial Instruments. The amendments clarify the classification of financial assets with environmental, social, corporate governance and similar features, and address concerns raised regarding the settlement of liabilities through electronic payment systems. They are effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. 

The AcSB will ballot the amendments and complete its endorsement process in Q3 2024. Find out more. 

Become a member of the Auditing and Assurance Standards Board. Contribute to Canadian standards, gain professional insights, and engage with a diverse community. Apply by September 13, 2024.

The IFRS Accounting Standards Discussion Group invites you to share  the challenges you face when applying IFRS Accounting Standards. Submit your issue by July 16, 2024, for consideration as a discussion topic at our September 12, 2024, meeting.

PSAB discussed topics such as the Post-implementation Review Assessment, Employee Benefits, the Public Sector Accounting Discussion’s Group’s 5-year review, Intangible Assets, and more. Read the Decision Summary for full details.