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Joint IASB-CAAA-AcSB virtual workshop for academics: an overview of IFRS 18 Presentation and Disclosure in Financial Statements

On June 17, 2024, the International Accounting Standards Board, the Canadian Academic Accounting Association, and the AcSB will hold a virtual workshop targeted to academics providing an overview of IFRS 18 Presentation and Disclosure in Financial Statements. Register now to learn more!

The Group discussed Consideration of OECD Pillar Two GloBE Rules When Accounting for Deferred Tax Assets, Assessment of Cash-generating Units in a Production Facility with Multiple Production Lines When One of the Products Has a Declining Market Demand, and more. Read the meeting report for full details!

The AASB reviewed feedback on the Exposure Draft of CAS 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, and its response to the IAASB’s proposed ISA 240. The AASB also discussed the Compilations of Future-oriented Financial Information and Pro Forma project. Read the decision summary for more.

Read the feedback statement for AcSB's 2023 Exposure Draft, “Contributions – Revenue Recognition and Related Matters” to learn how your feedback has shaped the future direction of the Contributions project.

PSAB encourages interested and affected parties to respond to the International Public Sector Accounting Standards Board’s (IPSASB) recently released Exposure Draft 89, “Amendments to Consider IFRIC Interpretations.” Respond directly to IPSASB by June 17, 2024, to ensure Canadian-specific issues and perspectives related to the proposed amendments are considered.

The AcSB issued an amendment to Section 3400, Revenue, to indefinitely defer the effective date of previously issued amendments relating to upfront non-refundable fees or payments. Earlier application is permitted. The amendments also introduce a disclosure requirement for some upfront non-refundable fees or payments.

The AcSB discussed Financial Statement Concepts, Contributions, its performance report, and more. Read the Decision Summary for full details.

The AcSB issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. If you would like your feedback considered prior to our Board finalizing our comment letter, please respond by June 14, 2024. 

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, 2027, with earlier application permitted.

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