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The AcSB discussed Insurance Contracts with a Cash Surrender Value, Pension Plans, the AcSB’s Performance Report and Annual Report, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

The AcSB issued an Exposure Draft proposing annual improvements to accounting standards for pension plans. These improvements relate to disclosures for guaranteed annuity contracts, commonly referred to as “buy-in” annuity contracts. We encourage you to submit your comments by June 2, 2023.

The International Auditing and Assurance Standards Board (IAASB) issued its Exposure Draft on the proposed revisions to International Standard on Auditing (ISA) 570 (Revised 202X), Going Concern. The Exposure Draft aims to enhance an auditor’s work and reporting relating to an entity’s going concern. Submit your comments on the IAASB’s Exposure Draft by August 24, 2023, and provide a copy of your response to the AASB at [email protected].

The AcSB issued its Exposure Draft which corresponds to the IASB’s Exposure Draft on this topic. If you would like your feedback considered prior to our Board finalizing our comment letter, please respond to us by July 7, 2023.

The Board discussed comments received on its Exposure Draft, “CAS 500, Audit Evidence”, approved an exposure draft on Going Concern, and reviewed a draft response letter to the IAASB’s Exposure Draft, Proposed Part 10, Audits of Group Financial Statements of Less Complex Entities. The Board also received an update on the results of its survey and reviewed a draft of its response letter to the IAASB’s Proposed Strategy and Work Plan. Read the Decision Summary for more details.

The CSSB will be led by standard-setting veteran Charles-Antoine St-Jean, FCPA, FCA, with initial member appointments bringing expertise in sustainability matters and representing a cross-section of Canada’s market – both geographically and professionally. These appointments set the stage for an operational board, which will support the adoption of sustainability disclosure standards in Canada.

Read our In Brief for an overview of Exposure Draft (ED), “Contributions – Revenue Recognition and Related Matters." The ED proposals aim to improve financial reporting by not-for-profit organizations by creating guidance that will result in financial statements that are less complex and more comparable for financial statement users. Share your feedback by submitting a comment letter by September 30, 2023, and/or attending one of our roundtables to be held during the comment period.

This Annual Plan sets out the Board’s key activities and project milestones in 2023-2024. Read the plan for details of how PSAB will work with its partners to meet the objectives of the Strategic Plan.

The Council met on April 3, 2023, to discuss the activities of the AASB and related matters. Read the meeting minutes for more details.

The AcSB’s Annual Plan describes the Board’s key activities and project milestones set for 2023-2024. Read about our progress on objectives from our five-year Strategic Plan, including our work to enhance the relevance of accounting standards for each category of reporting entity in Canada.