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PSAB will soon initiate a project to review its standards on Contributions – part of our Government Not-for-Profit (GNFP) Strategy implementation plan. Did you know that the Accounting Standards Board (AcSB) currently has its Exposure Draft, “Contributions – Revenue Recognition and Related Matters” out for public comment? GNFPs interested in providing feedback have until September 30, 2023 to weigh in.

The International Sustainability Standards Board (ISSB) published its Exposure Draft detailing a proposed methodology to amend Sustainability Accounting Standards Board (SASB) standards. The purpose of the amendments is to enhance the international applicability of the standards. FRAS Canada seeks Canadian feedback on the proposed methodology to ensure the ISSB considers Canadian perspectives. Help shape the future of sustainability standards and share your input by July 7, 2023.

The ISSB recently announced its agenda priorities for expanding sustainability standards, with a focus on four research projects. FRAS Canada is seeking feedback from Canadians on these projects before submitting a response letter to the ISSB. The proposed projects include biodiversity, human capital, human rights, and reporting integration. Help shape the future of sustainability standards and share your feedback by August 4, 2023. 

Interested in learning more about the proposed changes to CAS 570 and ISA 570? Watch the recorded AASB and CPAB webinar, hosted by CPA Canada, to learn about going concern considerations in the current macroeconomic and geopolitical environments, and the recent Exposure Draft on CAS 570, Going Concern.

The IASB issued new disclosure requirements to enhance the transparency of supplier finance arrangements. Read our article to learn about the amendments and the types of transactions that are supplier finance arrangements.

The AASB discussed issues related to the project to develop a Canadian Standard on Related Services (CSRS) on compilations of future-oriented financial information that will replace AuG-16, Compilation of a Financial Forecast or Projection and held an education session on Sustainability Assurance. Read the Decision Summary for full details. 

This past year, AcSOC remained flexible to tackle new challenges in the standard-setting space. Together with our partners, we are looking forward to building a sustainable future. Read our Annual Report 2022-2023 to learn more about the work we did, including our oversight of the AcSB and PSAB. 

The IASB published a Request for Information, “Post-implementation Review of IFRS 9 Financial Instruments—Impairment” on the impairment requirements in IFRS 9 and related disclosure requirements in IFRS 7 Financial Instruments: Disclosures. Respond directly to the IASB with your feedback by September 27, 2023. In addition, stay tuned for more information on our virtual roundtables happening this summer to help inform our Board’s response to the IASB.

Building from the groundwork of our 2022-2027 Strategic Plan, PSAB has continued working to strengthen the foundation of Canadian public sector accounting standards, successfully completing several key strategic initiatives. Read about PSAB’s 2022-2023 activities and accomplishments in this year’s Annual Report.

To better meet stakeholders’ different reporting needs, we advanced our strategic commitment to exploring scaling the standards while maintaining our focus on key international and domestic projects. Read our Annual Report to learn more about our 2022-2023 activities and accomplishments.