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PSAB has released its response to IPSASB’s Natural Resources Consultation Paper after conducting extensive outreach with Canadians. Feedback was provided to IPSASB on several areas of their Consultation Paper, including the description of human intervention, the need for increased engagement with Indigenous Peoples, and the measurement of natural resources.

PSAB’s new Conceptual Framework is now available in the PSA Handbook. This is a significant milestone for financial reporting in the Canadian public sector. The accompanying Basis for Conclusions document explaining PSAB’s reasoning for key decisions is also now available.

The Board discussed issues related to the IAASB’s projects on Audits of LCEs, Fraud, Going Concern, Listed Entity/PIE, Sustainability, and more. The Board approved the final JPS with Actuaries and received a presentation from CPAB. Read the full decision summary for more details.

PSAB encourages stakeholders to respond to the International Public Sector Accounting Standards Board’s (IPSASB) recently released Exposure Draft 83, Reporting Sustainability Program Information. Respond directly to IPSASB by January 16, 2023, to ensure Canadian-specific issues and perspectives related to public sector sustainability reporting are considered.

Share your views on the revisions to CAS 500, Audit Evidence. The proposed changes are now available for stakeholders to provide input. Read the full proposed standard and the related conforming and consequential amendments and respond to the Exposure Draft by March 15, 2023.

The AcSB discussed Contributions, Sustainability, Strategic Research, Crypto-asset activities, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

The IASB issued narrow-scope amendments to IAS 1, Presentation of Financial Statements, which improve the information an entity provides when its right to defer settlement of a liability for at least twelve months is subject to compliance with covenants. The AcSB will ballot the final amendments and complete its endorsement process in Q4 2022.

The AcSB has issued an amendment to Section 3400, Revenue, to defer the effective date for previously issued amendments relating to upfront non-refundable fees or payments from fiscal years beginning on or after January 1, 2022, to fiscal years beginning on or after January 1, 2025. Earlier application is permitted.

The AcSB has issued new Accounting Guideline AcG-20, Customer’s Accounting for Cloud Computing Arrangements, applicable to private enterprises and not-for-profit organizations. This new Guideline is effective for fiscal years beginning on or after January 1, 2024 with earlier application permitted.

The Board discussed the IAASB’s project to revise ISA 500, Audit Evidence, revisions to IAS 1 to necessitate revisions to the CPA Canada Handbook – Assurance, and the emerging issues in the audit and assurance environment. The AASB also discussed establishing a Sustainability Assurance Committee, and more. Read the Decision Summary for full details.