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Although the external audit is only one element within the broader financial reporting ecosystem, the auditor’s role in audits of financial statements continues to receive heightened public attention. We’re working to better understand the expectation gap between the perception of the auditor’s role and their responsibilities in a financial statement audit. Read this article to learn more about our outreach initiatives, and watch a video excerpt from our recent presentation on this topic!

The IAASB issued a survey on its Work Plan for 2022-2023. Help shape the IAASB’s future work by replying via the Board’s online tool. We encourage Canadian stakeholders to respond to the IAASB by August 5, 2021.

The IAASB released a new video for firms preparing to implement its new quality management standards. Watch this video for information on what may be retained from current quality control systems, the time and resources needed, and various ways to approach implementation.

How do new or amended IFRS® Standards make their way into the CPA Canada Handbook – Accounting? Find out via this overview of the due process activities we carried out in support of changes made to Part I of the Handbook in 2020.

The Board discussed Rate Regulated Activities, COVID-19 Disclosures, COVID-19-Related Rent Concessions, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

This past year presented several major global challenges with impacts on standard-setting in Canada. Both AASOC and the AASB needed to be sensitive to many different risks in our new environment.  Read our 2020-2021 Annual Report to learn more about the work we did, including our oversight of the AASB. 

The AcSB’s Draft Strategic Plan focuses on enhancing the relevance of financial and non-financial information reported. Help guide the AcSB in determining its objectives for the next five years! Submit a comment letter or take part in our online activities via Connect.FRASCanada.ca by October 15, 2021. Stay tuned to our project page for news on our upcoming events and take advantage of further opportunities to discuss our proposals.

The COVID-19 pandemic continues to cause considerable deterioration in economic conditions for many organizations. With significant organizations profiled in news stories for insolvencies, bankruptcies, and other financial difficulties, it’s more important than ever to keep going concern top of mind. Use our going concern resources to help navigate potential challenges associated with going concern assessments.

The AcSB has 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 Exposure Draft. 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 July 15, 2021 to support our ongoing discussions.

Meeting the needs of stakeholders and responding effectively to the challenges of the past year, PSAB continued the work of a number of key projects and strategies which will lay the groundwork for the future. Read about PSAB’s 2020-2021 activities and accomplishments in this year’s Annual Report.