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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.

The AcSB has issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by February 25, 2021.

The Board discussed recent work performed by the Audits of Less Complex Entities Advisory Group and elements of a possible project proposal to revise or replace AuG-16, Compilation of a Financial Forecast or Projection. It also discussed its approach to issuing an exposure draft on conforming amendments to other Canadian standards as a result of its approval of CSQM 1. 

Predict the future? The AASB can’t do that, but it can work with you on what Canadian auditing and assurance standards should look like in the coming years. Join us for a short Zoom chat and take part in a quick survey on one (or all!) of our six proposed strategic topics this February and March. Talk to us about the issues that matter to you most, that the AASB can help solve.

IASB Exposure Draft – COVID-19-Related Rent Concessions beyond June 30, 2021 (Proposed amendment to IFRS 16)

The IASB is responding to the challenges facing lessees as a result of the ongoing effects of the COVID-19 pandemic. This new Exposure Draft amends IFRS 16 to extend the availability of the exemption for COVID-19-related rent concessions by one year to June 30, 2022. Canadian stakeholders are encouraged to submit their comments to the IASB by February 25, 2021.