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The International Auditing and Assurance Standards Board (IAASB) issued its Exposure Draft on the proposed revisions to International Standard on Auditing (ISA) 240 (Revised), The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements. The revisions are focused on clarifying the auditor’s responsibilities regarding fraud, enhancing the robustness of the required auditor’s procedures, and reporting on fraud in an audit of financial statements. Submit your comments on the IAASB’s Exposure Draft by June 5, 2024, and provide a copy of your response to the AASB at [email protected].

The Canadian Sustainability Standards Board (CSSB) will launch a public consultation to advance the adoption of sustainability standards in Canada. In March 2024, three key documents will be issued for public comment that will shape Canada's first sustainability standards: drafts of the proposed CSDS 1 and CSDS 2, and a paper discussing how the CSSB proposes to introduce changes to IFRS Sustainability Disclosure Standards for use in Canada. We will offer opportunities to share feedback in a variety of ways.

Thank you for your response to the AASB’s Exposure Draft, “Proposed Canadian Standard on Sustainability Assurance (CSSA) 5000, General Requirements for Sustainability Assurance Engagements.” We are now reviewing the feedback we received as we work towards the approval of the new CSSA 5000. Read more about the results of our consultation, including main feedback themes, who we heard from, and what’s next.

The AASB approved two exposure drafts: Fraud and Listed Entity/Public Interest Entity Track-2. It discussed the draft 2024-2025 Annual Plan and the Compilations of Future-oriented Financial Information project. The Board received a presentation from the Practice Inspection Programs Standing Committee. Read the decision summary for full details.

The AcSB discussed Contributions, Subsequent Measurement of Goodwill and Acquired Intangible Assets, Scaling the Standards, the AcSB’s Annual Plan, and more. Read the Decision Summary for full details, including how you can provide feedback on these initiatives.

Do you have concerns or questions related to the application of the PSA Handbook? Or would you like to know more about emerging issues impacting public sector reporting? If so, submit an issue to the PSA Discussion Group for consideration! Submissions for our upcoming June 2024 meeting are due April 19, 2024.

Representatives of the Accounting Standards Board (AcSB) of Canada and the Accounting Standards Board of Japan (ASBJ) held their fifth bilateral meeting on January 8 and 9, 2024 in Montreal, Canada. The Boards provided updates on their respective activities and discussed agenda items in which both Boards have interest, such as power purchase agreements and climate-related and other uncertainties in the Financial Statements. Read the press release, available in English. 

Representatives of the Canadian Sustainability Standards Board (CSSB) and the Sustainability Standards Board of Japan (SSBJ) held their inaugural bilateral meeting on January 9, 2024, in Montreal, Canada. The Boards provided updates on their respective activities and discussed agenda items such as issues related to the implementation of IFRS Sustainability Disclosure Standards (ISSB Standards). Read the press release, available in English.

PSAB has issued an Exposure Draft proposing amendments to “Tangible Capital Assets, Section PS 3150”. The amendments are a result of the review of Section PS 4230, Capital Assets Held by Not-for-Profit Organizations, and Section PS 4240, Collections Held by Not-for-Profit Organizations, as part of the GNFP Strategy implementation. Read the Exposure Draft to learn more and submit your feedback by April 15, 2024.

Auditing and Assurance Standards Oversight Council met on December 20, 2023, to discuss the Auditing and Assurance Standards Board’s activities and related matters. Read the full report for more information.