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The Council met on May 18, 2021 to discuss the activities of the AASB and related matters. Read the full report for more information. 

The AASB discussed issues related to the IAASB’s project on audit evidence and fraud. The Board also reviewed a draft Canadian discussion paper on audits of less complex entities.

PSAB has received a significant number of response letters to two Exposure Drafts that closed for comment on June 30, 2021 as part of our current Concepts Underlying Financial Performance project.

The Council met on April 26, 2021 to receive an update on the Independent Review Committee of Standard Setting. Read the full report for more information. 

The Board discussed Business Combinations under Common Control, Management Commentary, Rate Regulated Activities, Sustainability, Cloud Computing, Interest Benchmark (IBOR) Reform, COVID-19-Related Rent Concessions, Pension Plans, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives. 

As Canada moves through the third wave of COVID-19 with the hope that comes with vaccinations and economic re-opening, we in standard setting have also been progressing in new areas and initiatives. From sustainability standards to strategic planning, read this statement from our Board Chairs about what we’ve been up to and what’s to come this year.

The AASB issued an Exposure Draft proposing conforming amendments to Other Canadian Standards to avoid inconsistencies with the new and revised quality management standards. Submit your comments by September 30, 2021. 

The AASB’s 2022-2025 Strategic Plan considers our changing environment – with a focus on understanding and responding to the related emerging issues and needs of our stakeholders. Key areas of our new Strategic Plan include: addressing the needs of less complex entities, the impact of new technologies, and continuing our prioritization of enhancing stakeholder engagement to develop solutions together. 

The AcSB wants your feedback on its proposal to extend the relief period for both lessees and lessors on accounting for rent concessions received or granted as a result of the COVID-19 pandemic. The Leases Exposure Draft proposes to extend the optional relief by one-year for lease payments originally due on or before December 31, 2022. This amendment applies to private enterprises and NFPOs using Parts II and III of the CPA Canada Handbook – Accounting. Submit your comments by July 30, 2021.

The IAASB released first-time implementation guides for ISQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements and ISQM 2, Engagement Quality Reviews. These guides are intended to help stakeholders understand and properly implement the requirements in the standards.