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Thinking about entering into a sale and leaseback transaction? Then this exposure draft could be important to you! The IASB has issued an Exposure Draft to amend IFRS 16 to specify the method a seller-lessee uses in initially measuring the right-of-use asset and liability in a sale and leaseback transaction. Canadian stakeholders are encouraged to submit their comments to the IASB by March 29, 2021.

COVID-19 continues to impact Canada and the world. We are each experiencing and navigating the challenges, and the standard-setting boards are no exception. We are reprioritizing work to adapt to our new environment, continuing to create helpful resources, and even launched a new online community platform to further pivot our operations to the digital environment.

The Board discussed considerations related to the IAASB’s draft project proposal for Audits of Less Complex Entities and Audit Evidence and issues related to the IAASB’s project on Extended External Reporting and Group Audits. It also discussed Canadian specific considerations related to adopting the new firm-level Quality Management standard. Read the full Decision Summary for details.

The IAASB approved its quality management suite of standards, including ISQM 1, ISQM 2, and ISA 220, in September 2020. The AASB has proposed to adopt these standards in Canada. Watch this video for an introduction to the new IAASB standards.

Easily share your feedback on the Consultation Paper, Contributions – Revenue Recognition and Related Matters via quick polls, short surveys, or an open forum on our new online community platform, Connect.FRASCanada.ca. Register today!

New PSAB chair Clyde MacLellan provides a fall video update on five key initiatives stakeholders can watch for starting in 2021, including the Board's international strategy and forthcoming strategic plan.

Topics discussed included the private sector counterparts aspect of the government not-for-profit organization (GNFPO) definition, determining when for-profit activities of a GNFPO may impact its classification as such, and an emerging issues roundtable offering suggestions for PSAB to consider.

The Board discussed its next Strategic Plan as well as its Mission Statement. Read the Decision Summary for full details.

Help the AcSB inform the development of IFRS® Standards by submitting academic papers for the IASB Research Forum. Topics of interest include better communication in financial reporting, extractive activities, equity accounting, goodwill and impairment, and effects analysis on new IFRS®  Standards. Submit papers through the Accounting and Finance Business Research online submission system by March 31, 2021.

Section 3462, Employee Future Benefits, was amended on November 2, 2020 to clarify the measurement of the defined benefit obligation for plans with a legislative, regulatory or contractual requirement to prepare a funding valuation. The amendments also remove the accommodation to allow the use of a funding valuation for defined benefit plans without a funding valuation requirement. The amendments are effective for annual financial statements relating to fiscal years beginning on or after January 1, 2022.