Top Stories

The Board unanimously approved Canadian revisions to its project on Listed Entity/Public Interest Entity Track-1, received an update on Listed Entity/Public Interest Entity Track-2 project, discussed IAASB issues on Audit Evidence, Fraud, and more. Read the Decision Summary for full details.

The CSSB has responded to the ISSB Request for Information, Consultation on Agenda Priorities, following four months of engagement with Canadian individuals and groups. The letter includes detailed responses to select questions, along with three key messages from our market outreach. Find out more.

On August 25, 2023, the AcSB responded to the ISSB’s Request for Information, “Consultation on Agenda Priorities.” We strongly encourage the ISSB to focus its time over the next two years on the implementation of its inaugural standards, IFRS S1 and S2. We further emphasize continuing to prioritize work that ensures connectivity between financial and sustainability reporting requirements, and the interoperability of ISSB requirements with other sustainability standards. Read our letter for more on the matters we raised to the ISSB for further consideration.

Read these top 5 frequently asked questions as both a reminder and update in advance of coming decisions related to the IRCSS’ Final Report – decisions that will pave the way forward for standard setting in Canada for years to come.

The Board approved the Exposure Draft for a new Canadian Standard on Sustainability Assurance (CSSA) 5000, General Requirements for Sustainability Assurance Engagements. Read the Decision Summary for more details.

The IASB issued amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates that require entities to provide more useful information in their financial statements when a currency cannot be exchanged into another currency. The AcSB will ballot the final amendments and complete its endorsement process in Q4 2023.

The Board reviewed a draft response letter to the IAASB’s Exposure Draft, ISA 570, Going Concern and discussed comments received on the AASB’s Exposure Draft of CAS 570, Going Concern. Read the decision summary for more details.

Read our In Brief on Section 3465, Income Taxes – International Tax Reform – Pillar Two Model Rules. We discuss how entities that apply Part II may be impacted by the Pillar Two Model rules issued by the Organisation for Economic Development (OECD).

Ensuring that standard setting in Canada is adequately resourced and the activities of the AcSB, the AASB, PSAB and the CSSB continue without disruption is of utmost importance, write the Chairs of AASOC and AcSOC, Kevin Nye and Lorraine Moore.

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.