Top Stories

The AcSB has endorsed amendments to illustrative examples in IFRS 7 Financial Instruments: Disclosures, IFRS 18 Presentation and Disclosure in Financial Statements, IAS 1 Presentation of Financial Statements, IAS 8 Basis of Preparation of Financial Statements, IAS 36 Impairment of Assets, and IAS 37 Provisions, Contingent Liabilities and Contingent Assets that clarify how entities disclose uncertainties in the financial statements. The examples use climate-related scenarios as practical illustrations, but the underlying principles apply more broadly to all uncertainties. The amendments are now in Part I of the CPA Canada Handbook – IFRS^® Accounting Standards. The illustrative examples do not have an effective date because they support, but are not part of, IFRS Accounting Standards.

The IFRS Accounting Standards Discussion Group wants to hear about the challenges you face when applying IFRS Accounting Standards. Submit your issue by March 6, 2026, for consideration as a discussion topic at our May 12, 2026, meeting.

The AcSB discussed the Risk Mitigation Accounting project, Guidance Framework topics including Cloud Computing and Agriculture, and more. Read the decision summary for full details.

The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specify the translation procedures for an entity whose presentation currency is that of a hyperinflationary economy. The amendments are now in Part I of the CPA Canada Handbook. They are effective for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted.

The Auditing and Assurance Standards Board has summarized feedback on its Re-exposure Draft on Indigenous Matters in CSSA 5000. The summary highlights who we heard from, what themes stood out in the feedback, and how these perspectives are guiding the next steps. Read the summary for more details.

The Accounting Standards Board (AcSB) issued its Exposure Draft. “Risk Mitigation Accounting,” which corresponds to the International Accounting Standards Board’s Exposure Draft on this topic. If you would like your feedback considered before the AcSB finalizes its comment letter, please respond by June 15, 2026.

The AcSB conducted a post-implementation review of the ROMRS amendments to the Accounting Standards for Private Enterprises. The Board confirmed the amendments are working as intended, with no major issues, and will not pursue further consultation. The Board emphasizes that it will continue to monitor emerging ROMRS application issues through its Guidance Framework. Read our full project summary for details.

In October 2025, the Auditing and Assurance Standards Board and the International Auditing and Assurance Standards Board held a Technology Quality Management roundtable in Toronto to discuss emerging technologies in audit and assurance engagements. Read the insights from the roundtable.

The AcSB discussed December 2025 meeting recommendations from the IFRS® Accounting Standards Discussion Group; National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure; Contributions; its annual plan; its strategic plan; and more. Read the decision summary for full details.

At the AASB’s January 19, 2026, meeting, the Board completed a final read and resolution of issues prior to the anticipated approval of proposed CSRS 4250, Compilations of Future-oriented Financial Information and Pro Forma. They also discussed planned activities associated with the Board’s continuing work on the amendments related to Indigenous matters in CSSA 5000, General Requirements for Sustainability Assurance Engagements. Read the decision summary for full details.