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The AcSB has issued a revised version of its Due Process Manual. The changes were made to clarify certain processes and better support the Board in responding to stakeholder needs on a timely basis.

Just in time for year-end reporting, the IFRS^® Discussion Group is out with its December 2021 meeting report! The Group discussed financial reporting hot topics such as the IFRS^® Interpretations Committee’s tentative agenda decision on accounting for cash received via electronic transfer as settlement for a financial asset and accounting for a renewable energy power purchase agreement. Read the full report for details.

On January 25, 2022, representatives of the Accounting Standards Board (AcSB) of Canada and the Accounting Standards Board of Japan (ASBJ) held their third bilateral meeting. At this virtual meeting, the Boards discussed topics of mutual interest, such as financial instruments, disclosure initiatives and responding to changes in the market environment, including the interest of stakeholders. Read the press release, available in English.

The Board discussed issues related to the proposed conforming amendments to Other Canadian Standards (OCSs) set out in its Exposure Draft, “Quality Management – Conforming Amendments to Other Canadian Standards”. The AASB reviewed a draft response letter to the International Auditing and Assurance Standards Board’s Exposure Draft on Audits of Less Complex Entities. Read the Decision Summary for full details. 

On January 12, 2022, the AcSB responded to the IASB’s Exposure Draft issued in March 2021. The AcSB’s letter included several comments, most notably that stimulating changes to current behaviour towards disclosure requirements may prove to be the most significant barrier to achieving effective application of the IASB’s proposed amendments. Read our letter to find out more!

Help the AcSB inform the development of IFRS^® Standards by submitting academic papers for the IASB Research Forum being held in conjunction with Accounting In Europe and European Accounting Review. Topics of interest include recognition, measurement and disclosure of internally generated assets and new types of intangibles, sustainability reporting, pollutant pricing mechanisms, and cryptocurrencies. Submit papers through the online submission system by March 31, 2023.

The pandemic continues to greatly impact the activities of organizations and individuals. To ensure stakeholders have adequate time to weigh in on this Consultation Paper, the IRCSS has extended the comment period for its Consultation Paper from February 28, 2022, to March 31, 2022.

The Board discussed Classification of Debt as Current or Non-Current, Retractable or Mandatorily Redeemable Shares, PIR of IFRS 9, Cloud Computing, the Draft Strategic Plan, Annual Plan, Parts II and III Priorities, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

The Council met on October 7-8, 2021 to discuss the activities of the PSAB and AcSB and related matters. Read the full report for more information.

The AcSB issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Canadian stakeholders who would like their feedback considered prior to the AcSB finalizing its comment letter are encouraged to submit comments to the AcSB by January 17, 2022.