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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.

At its December 17, 2020 meeting, the Group discussed many financial reporting hot topics such as the IFRS® Interpretations Committee’s tentative agenda decision on the classification of debts as current or non-current, disclosure of the impact of COVID-19, and impairment testing of right-of-use assets. Read the meeting report for details.

Tune in to this webinar on March 8, 2021 (English) or March 29, 2021 (French) to learn about the key proposals in PSAB’s Exposure Draft “The Conceptual Framework for Financial Reporting in the Public Sector.” Seats are limited. If you aren’t able to attend live, the webinar will be available on demand.

Did you conclude that your company did not have material uncertainties associated with its ability to continue as a going concern? Would small changes to the assumptions you used change that assessment? Read this joint resource issued by the AcSB and AASB on accounting and auditing considerations relating to close call going concern assessments.