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A plain and simple overview of the key proposals in the Exposure Draft, “Financial Statement Presentation, Proposed Section PS 1202,” including proposed changes addressing key stakeholder concerns from the last round of consultations. Please note: The comment deadline for this Exposure Draft was extended to June 30, 2021. 

Have your say on PSAB’s Government Not-for-Profit Strategy Consultation Paper II. This plain and simple overview outlines the options considered and the decision-making criteria used to evaluate them in proposing an updated Government Not-for-Profit Strategy. Please note: The comment deadline for this Consultation Paper was extended to June 30, 2021.

Have you assessed whether your company will continue as a going concern in 2021? Read this updated Going Concern and Liquidity Risk resource to better understand the impact of going concern and liquidity risk on your financial statements. More guidance to come on this topic from the auditing perspective in January 2021.

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

On December 9, 2020, the IASB issued a Request for Information as part of the post-implementation review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, and IFRS 12 Disclosure of Interests in Other Entities. Post-implementation reviews are part of the IASB’s due process and help the IASB assess the effects of requirements on users of financial statements, preparers and auditors. Canadian stakeholders are encouraged to submit their comments to the IASB by May 10, 2021. 

The AcSB has extended the deadline to submit a comment letter from December 15, 2020 to December 31, 2020 for the Consultation Paper, Contributions – Revenue Recognition and Related Matters.

How do you account for business combinations under common control? The IASB recently issued its Discussion Paper - Business Combinations under Common Control. It includes proposals that aim to reduce the diversity in practice and improve the transparency and comparability of the reporting on such combinations. Have your say by responding to the IASB directly by September 1, 2021 You can also share your feedback with the AcSB by connecting with the AcSB staff on this project. We will consider your comments prior to finalizing our comment letter.

The Council met on September 30, 2020 to receive an update on the Board’s activities. Read the full report for more information.

The Board reviewed draft response letters to the IAASB Discussion Paper on Fraud and Going Concern and the IFRS Foundation Trustees Consultation Paper on Sustainability Reporting. The Board also discussed the recommendations in the Monitoring Group publication Recommendations to Strengthen the International Audit and Ethics Standard Setting System.

The Council met on June 22-23, 2020 to receive an update on the Board’s draft Strategic Plan as well as the Board’s 2019-2020 Performance Report. Read the full report for more information.