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The Board discussed its Annual Plan, Performance Report, Post Implementation Review (IFRS 10, 11 and 12), and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

The Board reviewed a draft response letter to the IAASB Discussion Paper on Fraud and Going Concern in an Audit of Financial Statements and discussed its project on Quality Management. It also reviewed performance assessments for its 2020-2021 Annual Plan and 2016-2021 Strategic Plan.

This article provides highlights from comment letters written by Boards and Councils responding to the IFRS Foundation Trustees Consultation Paper on Sustainability Reporting.

Are you struggling with an accounting issue? Need experts to weigh in on it? Submit an issue to the PSA Discussion Group for consideration. Submissions for our upcoming April meeting are due February 22, 2021.

On December 16, 2020, the AcSB responded to the IASB’s Discussion Paper, issued in March 2020. The IASB’s proposals take significant steps forward towards improving the accounting for goodwill and enhancing the relevance of information about acquisitions. The AcSB’s letter encourages the IASB to consider areas where additional guidance is needed to address possible application challenges that may arise. Read our letter to find out more!

Linda Mezon, AcSB Chair, and Ken Charbonneau, AASB Chair, and other leaders from Canadian practice share their insights, on how they are getting involved to support business and protect the public interest in a blockchain enabled world. These leaders share the challenges and opportunities they see, and the role accountants can play, including how educators and researchers can help.  Read their insights in the CAAA’s journal Accounting Perspectives’ special issue on Blockchain and Cryptoassets, Vol.19, Issue 4. 

Linda Mezon, AcSB Chair, and Ken Charbonneau, AASB Chair, and other leaders from Canadian practice share their insights, on how they are getting involved to support business and protect the public interest in a blockchain enabled world. These leaders share the challenges and opportunities they see, and the role accountants can play, including how educators and researchers can help.  Read their insights in the CAAA’s journal Accounting Perspectives’ special issue on Blockchain and Cryptoassets, Vol.19, Issue 4. 

PSAB is proposing a revised conceptual framework – the foundation for establishing public sector accounting standards for years to come. Read the Exposure Draft and Basis for Conclusions. Share your feedback on the proposals by May 12, 2021 via comment letter or participating in our survey on Connect.FRASCanada.ca.

PSAB is proposing consequential amendments to the PSA Handbook to be consistent with the proposals for a revised reporting model in Exposure Draft, “Financial Statement Presentation, Proposed Section PS 1202.” Share your feedback on the proposed consequential amendments by May 12, 2021 via comment letter or participating in our survey on Connect.FRASCanada.ca.

PSAB’s issued its Government Not-for-Profit Strategy Consultation Paper II to seek input on its recommended GNFP Strategy. This paper also informs readers of the feedback received to the first Consultation Paper, describes the options considered for a GNFP Strategy, and the decision-making criteria used to evaluate the options. Share your feedback on the GNFP Strategy Consultation Paper II by May 12, 2021 via a comment letter or by taking part in our quick poll and open forum on Connect.FRASCanada.ca.