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On October 27, 2023, the AcSB responded to the IASB’s Request for Information, “Post-implementation Review of IFRS 15 Revenue from Contracts with Customers” issued in June 2023. The AcSB’s letter expressed that overall, the core principle and supporting the five-step revenue recognition model in IFRS 15 are working as intended for contracts with customers. However, the AcSB highlighted some application issues that may indicate a need for clarification to the requirements. Read our letter to find out more!

Accounting Standards Oversight Council met on November 14, 2023, to discuss the Public Sector Accounting Board’s and the Accounting Standards Board’s activities and related matters. Read the full report for more information.

The AcSB is proposing to indefinitely defer the effective date of amendments relating to upfront non-refundable fees or payments. Our Exposure Draft proposals also introduce a new disclosure requirement for upfront non-refundable fees or payments recognized in revenue when the enterprise recognizes the fee or payment in revenue upon entering into an arrangement. Read the Exposure Draft, and submit your comments by January 31, 2024.

The AcSB wants your feedback on its proposed accounting guideline, AcG-21 Accounting for Life Insurance Contracts with Cash Surrender Value. The proposed Accounting Guideline provides guidance on accounting for insurance contracts with cash surrender value from the policy owner’s point of view. Read our Exposure Draft and submit your comments by January 31, 2024. 

International Public Sector Accounting Standards Board (IPSASB) has released its 2024-2028 Strategy and Work Program Consultation. To ensure that Canadian perspectives are considered, and future standards serve the Canadian public interest, PSAB encourages you to respond to this Consultation. Submit your comments to PSAB by January 15, 2024.

The amendments are now in Part I of the CPA Canada Handbook – Accounting, effective for annual reporting periods beginning on or after January 1, 2025. The amendments require entities to apply a consistent approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide.

At the September 12-13, 2023, Board meeting the AASB approved narrow-scope amendments to CAS 700, Forming an Opinion and Reporting on Financial Statements, and CAS 260, Communication with Those Charged with Governance, subject to the PIOB’s due process certification. The PIOB has now certified the IAASB’s due process for ISA 700 (Revised) and ISA 260 (Revised) and the IAASB has released the final standards. The narrow-scope amendments to CAS 700 and CAS 260 will become effective for audits of financial statements for periods beginning on or after December 15, 2024. The narrow-scope amendments were issued in the Handbook in November 2023.

This FAQ addresses investigating exceptions and the concept of performance materiality when using automated tools and techniques while executing auditing procedures. Read for full details.

The AcSB is embarking on the Future Domestic Work Plan Consultation to gather your input on potential new projects for our 2024-2025 annual plan and beyond. Complete the work plan survey to provide your views on potential future domestic projects for our Board.

The AcSB discussed the Post-implementation Review of IFRS 15, Scaling the Standards, and more. Read the Decision Summary for full details, including how you can provide feedback on these initiatives.