Top Stories

On July 17, 2023, the AcSB responded to the IASB Exposure Draft, “Amendments to the Classification and Measurement of Financial Instruments.” In our response letter, we were broadly supportive of the amendments outlined in the Exposure Draft. However, we recommended that the IASB clarify or provide additional application guidance for several of its proposals and give additional flexibility on the proposed criteria associated with the derecognition of financial liabilities paid using an electronic payment system. Read our letter for more on the matters we raised to the IASB for further consideration.

The AcSB is performing research to better understand and consider accounting for crypto-asset activities. The goal of our research is to identify what constitutes decision-useful information to financial statement users. Read about how we plan to bring awareness to crypto-asset accounting issues and advance evidence-informed standard setting conversations on this topic. Our first paper, “Accounting for Crypto-asset Activities: Crypto-asset Holdings – Payment Tokens,” is out now.

The AcSB discussed Sustainability, the Post-implementation Review of IFRS 15 Revenue from Contracts with Customers, progress on its Annual Plan, and more. Read the Decision Summary for full details, including how you can provide feedback on these initiatives.

The International Auditing and Assurance Standards Board unanimously approved the draft International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements, for public consultation. The consultation will be open from early August until early December 2023. Read more details on the proposed ISSA. 

Could changing existing accounting standards through scaling better meet the needs of entities of all sizes and those who use them? Share your experience and help the AcSB decide on the direction for this project. Public sector entities have until July 31, 2023, to weigh in.

The IASB published a Request for Information, “Post-implementation Review of IFRS 15 Revenue from Contracts with Customers.” Respond directly to the IASB with your feedback by October 27, 2023. In addition, stay tuned for more information on our upcoming virtual roundtables to help inform the Board’s response to the IASB.

The IFRS Accounting Standards Discussion Group wants to hear about the challenges you face when applying IFRS Accounting Standards. Submit your issue by July 19, 2023, for consideration as a discussion topic at our September 19, 2023, meeting.

The Council met on July 6, 2023, to discuss the activities of the AASB and related matters. Read the meeting minutes for more information.

Are you interested in learning about how the ISSB is informing its two-year work plan to expand sustainability standards, as well as how it plans to update the SASB Standards? Watch our recorded webinar for an overview of the ISSB’s consultation on agenda priorities, the proposed methodology for enhancing the international applicability of the SASB Standards, and how you can share your views.

The Board discussed the IAASB’s projects on Fraud (ISA 240), Listed Entity/Public Interest Entity-Track 1, Audits of Financial Statements of LCEs, and Sustainability Assurance (ISSA) 5000. It also received updates on its Strategic Plan 2022-2025, Standards Forward Timeline, CPA Canada’s Research Guidance and Assurance, and the final report on IRCSS. Read the Decision Summary for more.