Top Stories

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 their comments to the AcSB by March 4, 2022.

The IASB issued a narrow-scope amendment to the transition requirements in IFRS 17 Insurance Contracts. The amendment provides insurers with an option aimed at improving the usefulness of information to investors on initial application of the new Standard. The AcSB will ballot the final amendment and complete its endorsement process in Q1 2022.

The AcSB issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. The AcSB will not be submitting a response letter to the IASB. However, this decision will be reviewed throughout the comment period and reconsidered based on stakeholder feedback. As a result, stakeholders are encouraged to reply to the AcSB prior to February 28, 2022, to support our ongoing discussions.

Since commencing a review of standard setting in May 2021, the Independent Review Committee on Standard Setting in Canada (IRCSS) has released its Consultation Paper for public comment. With the goal to ensure that Canadian standard setting will continue to be independent and internationally recognized, the IRCSS’ paper explores several key matters including establishing a Canadian Sustainability Standards Board; public interest considerations and responsibilities to Indigenous peoples in the development of standards; governance and oversight framework of the Canadian standard-setting system; and timeliness and responsiveness of the current accounting, auditing, and assurance standard setting processes. Respond by February 28, 2022, and help the IRCSS shape its final recommendations report.

On November 18, 2021, the AcSB responded to the IASB’s Exposure Draft, issued in May 2021. The AcSB’s letter expresses support for the IASB’s project to update the existing Management Commentary Practice Statement. Specifically, the AcSB commented on aspects of the proposals, including the users of management commentary, materiality, and the statement of compliance. Read our letter to find out more!

The IASB has proposed amendments to IAS 1 Presentation of Financial Statements to improve the information companies provide about long-term debt with covenants. The proposals aim to improve the information a company provides about non-current liabilities with covenants by enabling investors to assess whether such liabilities could become repayable within 12 months. Canadian stakeholders are encouraged to submit their comments to the IASB by March 21, 2022.

The IASB has issued an Exposure Draft to amend IAS 7 and IFRS 7. The proposed amendments include new disclosure requirements aimed at enabling users of financial statements to assess the effects of the entity’s supplier finance arrangements on its liabilities and cash flows. Canadian stakeholders are encouraged to submit their comments to the IASB by March 28, 2022.

The Board discussed the PSA Discussion Group, the Government Not-for-Profit Strategy, Post-Implementation Review Assessments, the Monitoring Project Plan, and more. Read the Decision Summary for full details.

Since the launch of our Framework for Reporting Performance Measures in December 2018, the world has witnessed significant change. With increased activity and momentum around sustainability reporting - as well as a new National Instrument on other financial measure disclosures from the CSA - disclosure of performance measures  is more relevant today than ever. To help you prepare for year-end reporting while navigating these changes, we revised our Framework for Reporting Performance Measures.

Section 3065, Leases was amended on December 1, 2021, to extend the optional relief by one year for both lessees and lessors on accounting for rent concessions received or granted as a result of the COVID-19 pandemic. This amendment is effective for fiscal years ending on or after December 31, 2021. Earlier application is permitted, including in financial statements not yet authorized for issue. Read more for further details on the amendment.