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The IFRS Accounting Standards Discussion Group wants to hear about the challenges you face when applying IFRS Accounting Standards. Submit your issue by October 20, 2023, for consideration as a discussion topic at our December 12, 2023, meeting.

PSAB’s new Reporting Model is now available in the PSA Handbook. A significant milestone for financial reporting in the Canadian public sector, this new Reporting Model will help increase the accountability value and understandability of public sector entities’ financial statements for users.

Auditing and Assurance Standards Oversight Council met on September 28, 2023, to discuss the Auditing and Assurance Standards Board’s activities and related matters. Read the full report for more information.

The Board discussed updates related to the Director’s Report, the Due Process Review, Employee Benefits, Intangible Assets, Government Not-for-Profit, and more. Read the Decision Summary for full details.

Interested in learning more about Exposure Draft, “CSSA 5000, General Requirements for Sustainability Assurance Engagements”? Watch our recorded webinar for more information.

The AASB is seeking Canadian input on its new Exposure Draft, “Proposed CSSA 5000, General Requirements for Sustainability Assurance Engagements.” Submit your general questions and comments on the Exposure Draft by November 6, 2023, and your feedback on the Canadian amendment and potential additional Canadian amendments by December 31, 2023. Read the Exposure Draft to learn more.

The AcSB discussed the Post-implementation Reviews of IFRS 9 and 15, Scaling the Standards, Contributions, Insurance Contracts with Cash Surrender Value, Reporting Controlled and Related Entities, Pension Plans, and more. Read the Decision Summary for full details, including how interested and affected parties can provide feedback on our initiatives.

The Group discussed Accounting for the Development of Carbon Credits by a Renewable Energy Generator, Unit of Account for Lease Modification Accounting, Accounting for Equity Instruments in a Shares-for-Debt Transaction, Classification of Liabilities with Covenants when an Entity is Granted a Waiver or Grace Period, and more. Read the meeting report for full details!

The IASB has published an Exposure Draft proposing amendments to IFRS Accounting Standards as part of its annual improvements process. Respond with your feedback by December 11, 2023.

On August 22, 2023, the Board submitted a response letter to the IAASB’s Exposure Draft, Proposed International Standard on Auditing 570 (Revised) Going Concern. Read our response letter to learn about the matters we raised to the IAASB for further consideration.