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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.

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.

Representatives of the AcSB and the Accounting Standards Board of Japan (ASBJ) met virtually on February 2, 2021. This meeting was the second bilateral meeting between the AcSB and the ASBJ. Both Boards introduced their respective responses to the COVID-19 pandemic and discussed agenda items in which they have common interest, including primary financial statements, goodwill and impairment, and rate regulated activities.

The IPSASB released Exposure Draft 75, Leases, which proposes aligning with IFRS 16. For lessees, the proposals include a right-of-use model to replace the risks and rewards incidental to ownership model in IPSAS 13, Leases. For lessors, ED 75 proposes to substantially carry forward the risks and rewards incidental to ownership model in IPSAS 13. PSAB encourages stakeholders to send comments to the IPSASB until May 17, 2021.

IPSASB has issued a Request for Information, Concessionary Leases and Other Arrangements Similar to Leases. PSAB is encouraging Canadian stakeholders to send in information on any Concessionary Leases and Arrangements Similar to Leases that they have experienced or know of in Canada. Your responses will assist the IPSASB in considering Canadian issues in the second phase of its Leases project. We encourage stakeholders to send comments to the IPSASB until May 17, 2021.

The IASB has issued an Exposure Draft proposing a new IFRS Standard to give investors a more complete picture of the financial performance of entities subject to rate regulation. Canadian stakeholders are encouraged to submit their comments to the IASB by June 30, 2021.

The Council met on June 11, 2020 to receive an update on the Boards’ activities. Read the full report for more information.

The Board discussed its Strategic Plan, Annual Improvements, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.