Top Stories

At its recent meeting, the Board discussed the International Strategy project and updates to the GAAP hierarchy. Read the Decision Summary for full details.

The International Ethics Standards Board for Accountants (IESBA) issued an Exposure Draft proposing revisions to the definitions of “listed entity” and “public interest entity” in the Code. These revisions may have implications for International Standards on Auditing. Canadian stakeholders are encouraged to respond to the IESBA with a copy to the AASB by May 3, 2021.

The Board discussed issues related to the IAASB’s project on Audit Evidence, Audits of Less Complex Entities, Group Audits, and Extended External Reporting. It received an update on internal activities and next steps to respond to the evolving needs of stakeholders for assurance on information beyond the financial statements. The Board also reviewed the assumptions and process for developing the 2021-2022 Annual Plan.

The Board discussed Business Combinations Under Common Control, COVID-19-Related Rent Concessions, Crypto-Assets, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

On February 25, 2021, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in February 2021. The letter agrees with the proposal to extend the relief related to COVID-19 related rent concessions and suggests factors to consider when selecting the extension timeframe. The letter also suggests that the transition provisions provide more flexibility. 

The Auditing and Assurance Standards Board (AASB) will issue its 2021-2022 Annual Plan on July 1, 2021 to align with the timing of its Draft Strategic Plan for 2022-2025, currently out for comment. Read this update to find out about the AASB activities for the next few months.

The International Accounting Standards Board (IASB), the Financial Accounting Standards Board (FASB) and The Accounting Review (TAR) have issued a joint call for academic research papers on how key standards are performing in the capital markets. Selected papers will be presented at a joint conference titled Accounting for an Ever-Changing World, currently scheduled for 2-4 November 2022 in New York City, and will be considered for publication in TAR.

The Board discussed Rate Regulated Activities and Cloud Computing. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives. 

Access a recent presentation by Ann Tarca, member of the International Accounting Standards Board (IASB), outlining opportunities for academic researchers to contribute to the IASB’s work. This presentation took place on January 29, 2021 at the American Accounting Association’s International Accounting Section mid-year meeting, a joint virtual conference with the International Association for Accounting Education & Research.

The International Accounting Standards Board (IASB), together with Accounting in Europe and The British Accounting Review, has published a joint call for research papers on compliance with mandatory disclosure requirements, specific areas of interest to the IASB, and/or alternative research approaches. The deadline for submissions is January 31, 2022.