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On July 29, 2021, the AcSB responded to the IASB’s Exposure Draft, issued in January 2021. The AcSB’s letter supports the proposed accounting model for regulatory assets and regulatory liabilities as it will increase the usefulness, understandability, and comparability of an entity’s financial statements. The letter provides suggestions in certain areas to ease application and enhance the relevance of the information provided. Read our letter to find out more!

The IASB issued an Exposure Draft proposing an amendment to IFRS 17 Insurance Contracts. The amendment is targeted in nature to improve the usefulness of comparative information presented on initial application of IFRS 17 and IFRS 9 Financial Instruments. Canadian stakeholders are encouraged to submit their comments to the IASB by September 27, 2021.

The Board discussed Business Combinations under Common Control, Contributions, FASB Agenda Consultation, Insurance, Interest Benchmark (IBOR) Reform, International Financial Reporting for Not-for-Profit Organizations, Rate Regulated Activities, Sustainability, Third Agenda Consultation, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

The IASB extended the comment period for its Exposure Draft to January 12, 2022. The extended comment period will allow more time for preparers to engage in fieldwork and provide feedback on the practical application of the proposals. The AcSB updated its Exposure Draft that corresponds to the IASB’s Exposure Draft to reflect the extended deadline.

Private and public institutions across the country have come together to offer Canada as the global headquarters for the new International Sustainability Standards Board (ISSB). The offer was facilitated by CPA Canada and formally submitted by the Government of Canada to the IFRS Foundation this week, backed by organizations such as pension funds, financial institutions, securities regulators, a leading First Nations organization, accounting firms, insurance companies, and other large Canadian companies, along with the support of the country’s six largest municipalities and a broad cross-sector of Canada’s leading business, academic, and environmental stakeholder organizations. 

PSAB issued Exposure Draft – “Employee Benefits, Proposed Section 3251,” which outlines principles for the first of several phases of the revised employee benefits standard. In this first phase, the Board focused on discount rate guidance and deferral provisions. 

We want your feedback to our Exposure Draft – respond by November 25, 2021!

Read PSAB’s plain and simple overview of our Exposure Draft, “Employee Benefits, Proposed Section PS 3251.” The first phase of this multi-phase standard focuses on discount rate guidance and deferral provisions. Learn more about our key proposals and submit your comments on the Exposure Draft by November 25, 2021! 

What do you think about the IASB’s proposal for a reduced disclosure IFRS Standard that would apply on a voluntary basis to subsidiaries that are SMEs and do not have public accountability? The IASB issued an Exposure Draft relating to its Disclosure Initiative—Subsidiaries without Public Accountability: Disclosures project. Have your say by January 31, 2022.

Learn how the AASB developed and approved its Strategic Plan 2022-2025 – including conclusions reached on the significant comments received. 

The AASB has recruited members for the Compilations of Future-oriented Financial Information  (FOFI) Reference Group. The Compilations of FOFI Reference Group will assist the AASB as it develops a new Canadian Standard on Related Services (CSRS) to replace current Assurance and Related Services Guideline (AuG)-16, Compilation of a Financial Forecast or Projection.