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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. 

The AcSB Chair is pleased to share that current Vice-Chair Armand Capisciolto’s term has been extended by AcSOC for two years to 2023. This extension reflects Armand’s strong contribution to the Board’s work to date and ensures a broad base of continuity in leadership for the AcSB in the current uncertain environment as the Board embarks on the preparation of its next strategic plan. 

Former assistant auditor general Clyde MacLellan takes helm of the Public Sector Accounting Board, effective November 1, 2020 for a five-year term.

The International Auditing and Assurance Standards Board (IAASB) issued its Discussion Paper, Fraud and Going Concern in an Audit of Financial Statements, to gather perspectives from stakeholders about the role of the auditor and whether their standards related to fraud and going concern are fit-for-purpose. Comments are due to the IAASB on February 1, 2021.

The IFRS Foundation Trustees have published a Consultation Paper to assess demand for global sustainability standards and, if the demand for a global approach is strong, assess the extent to which the Foundation might contribute to the development of such standards. Read the full Paper to find out more and submit your comments by December 31, 2020.

The Board discussed topics such as Combinations, Goodwill and Impairment – plus much more. Read the Decision Summary for full details.

Handbook Update – Section 3065, Leases

Section 3065, Leases was amended on November 2, 2020 to provide optional relief for both lessees and lessors on accounting for rent concessions received or granted as a result of the COVID-19 pandemic. These amendments are effective for fiscal years ending on or after December 31, 2020. Earlier application is permitted, including in financial statements not yet authorized for issue, so that the practical expedient is available for COVID-19-related rent concessions granted or received in 2020. Read more for further details on these amendments.

The amendments are now in Part I of the CPA Canada Handbook – Accounting. The amendments include deferring the effective date of IFRS 17 Insurance Contracts to January 1, 2023 and extending the temporary exemption of applying IFRS 9 Financial Instruments by two years to keep the effective dates aligned.