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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.

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.