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The AcSB wants your feedback on its proposal to provide an optional expedient for applying modification accounting and an exception to certain hedge accounting requirements in Section 3856 Financial Instruments. 

Applying to both private enterprises and NFPOs using Parts II and III of the CPA Canada Handbook – Accounting, these amendments aim to ease financial reporting burdens related to market-wide interest rate benchmark reform. Submit your comments by October 17, 2021.

The AASB issued a Discussion Paper to obtain stakeholder input on options that might be explored in Canada to address the challenge of applying the Canadian Auditing Standards (CASs) to audits of less complex entities. Submit your comments by December 10, 2021!

Help PSAB inform the development of IPSAS by submitting papers to the IPSASB Research Forum. Topics of interest include implementation differential reporting and discounting, adoption of intangible assets, and reporting related to sustainability and digitalization. To apply for funding, submit abstracts by September 30, 2021.

The AASB discussed issues related to the IAASB’s projects on Group Audits and Auditor Reporting. The Board also received an update on its Future-oriented Financial Information project. Read the Summary for full details.

On August 25, 2021, the AcSB responded to the IASB’s Discussion Paper, issued in November 2020. The AcSB’s letter generally supports the proposed accounting model for business combinations under common control as it will increase the usefulness, understandability, and comparability of an entity’s financial statements. The letter provides suggestions in certain areas to ease concerns with applying the proposals. Read our letter to find out more!

The IAASB issued an Exposure Draft proposing a new standard on auditing the financial statements of less complex entities (LCEs). On September 10, 2021, the AASB will release a discussion paper that explores whether to pursue a separate standard for audits of LCEs in Canada and other options to address the challenges practitioners face in LCE audits. Read the IAASB Exposure Draft and stay tuned for our Canadian discussion paper!

The Council met on April 14, 2021 to receive an update on the AcSB’s Strategic Plan and approve the blue-ribbon panel’s Terms of Reference. Read the full report for more information.

The Council met on February 11-12, 2021 to receive an update on the Boards’ activities. Read the full report for more information. 

On July 26, 2021, the AcSB staff responded to the European Financial Reporting Advisory Group (EFRAG) Discussion Paper, “Accounting for Crypto-assets (liabilities): Holder and Issuer Perspective.” The AcSB staff strongly support EFRAG in its efforts to identify and raise awareness of the accounting issues for cryptoasset activities that are likely to be relevant to entities applying IFRS^® Standards. Read our letter to find out more about the AcSB staff’s views and suggestions on additional areas for consideration.

The IPSASB released its Mid-Period Work Program Consultation document. PSAB encourages stakeholders to send comments directly to the IPSASB by November 30, 2021.

If you would like us to consider your feedback during the development of our response, please reply to our Board by November 16, 2021.