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As we enter a busy time of year for our stakeholders, we want to highlight the importance of consultations being led by the Independent Review Committee on Standard Setting (IRCSS) in Canada. Read the joint statement from our Board Chairs to find out how you can contribute to the future of standard setting in Canada.

The amendment is now in Part I of the CPA Canada Handbook – Accounting. This amendment adds a transition option relating to comparative information about financial assets presented on initial application of IFRS 17 to improve the usefulness of the information presented. IFRS 17, including this amendment, is effective for annual reporting periods beginning on or after January 1, 2023.

The AcSB wants your feedback on improvements to Section 4600, Pension Plans. The Pension Plans Exposure Draft proposes to clarify areas of ambiguity and introduce new guidance in areas where no guidance currently exists. The amendments would affect pension plans applying the standards in Part IV of the Handbook. Submit your comments by June 15, 2022.

The IPSASB released Exposure Draft 81, Proposed Update to Conceptual Framework. PSAB encourages stakeholders to send comments directly to the IPSASB by May 31, 2022. If you would like PSAB to consider your feedback in its response, please reply by May 16, 2022.

Section 3856, Financial Instruments was amended on February 1, 2022, to provide relief to debt modification accounting and hedge accounting during the benchmark interest rate reform. These amendments are effective for fiscal years ending on or after February 1, 2022. Earlier application is permitted, including in financial statements not yet authorized for issue. Find out more.

On January 31, 2022, the AcSB responded to the IASB’s Exposure Draft issued in July 2021. The AcSB’s letter focuses on the proposed scope of the draft Standard, with suggestions on widening the scope to benefit a broader group of stakeholders. Read our letter to find out more!

The AASB discussed stakeholder feedback on Quality Management – Conforming Amendments and received a presentation of feedback from stakeholders related to AASB’s Discussion Paper on Audits of Less Complex Entities. The Board also discussed the IAASB Work Plan for 2022-2023 and provided input to the IAASB’s Working Group project proposal to revise ISA 240 on Fraud as well as issues related to ISA 600 on Group Audits. Read the summary for more details!

On January 27, 2022, the AcSB responded to the IASB’s Request for Information – Post-implementation Review of IFRS 9 Financial Instruments – Classification and Measurement issued in September 2021. The AcSB’s letter expressed that overall the classification and measurement requirements in IFRS 9 are working as intended. However, the AcSB questioned whether the principles of IFRS 9 are sufficiently flexible such that they may be applied to increasingly complex financial instruments and still provide relevant and meaningful information to users of financial statements. Read our letter to find out more!

The Board discussed Contributions, Subsidiaries without Public Accountability, PIR of IFRS 9, Cloud Computing, the Draft Strategic Plan, the Annual Plan, the Performance Report, the Communications Strategy, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

The Board discussed the 2022-2027 Draft Strategic Plan, Risk Assessment, 2021-2022 Interim Performance Report, 2022-2023 Draft Annual Plan and the Conceptual Framework. Read the Decision Summary for full details.