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The AcSB is committed to improving accounting standards for NFPOs, recently releasing its Consultation Paper, Contributions – Revenue Recognition and Related Matters. This Paper aims to gather feedback from NFPO stakeholders on the challenges of applying the existing contributions guidance. Read this In Brief for more about the Paper and how to provide the AcSB feedback on this important topic.

The Board discussed issues related to the International Auditing and Assurance Standards Board (IAASB) projects on Audit Evidence, Audits of Less Complex Entities and Quality Management. It also continued discussions of its draft response letter to the IAASB Consultation Paper, Extended External Reporting (EER) Assurance. Read the full Decision Summary for details.

The Board discussed topics such as its Exposure Draft, “Combinations – Initial Measurements and Related Disclosures”, its planned 2020-2021 activities in light of the COVID-19 pandemic – plus much more. Read the Decision Summary for full details.

At its May 5, 2020 meeting, PSAB voted to adapt IPSAS principles when developing future standards. This decision has been years in the making, including extensive consultation with Canadian stakeholders, as part of the Board’s International Strategy project. Read this plain and simple overview to understand PSAB’s 2020 decision to adapt IPSAS principles when developing future standards, including a helpful FAQ section.

As the COVID-19 pandemic and its effects in Canada continue to evolve, the standard-setting boards have focused discussions on ensuring stakeholder needs are addressed. Read this statement from the Chairs of the AASB, AcSB and PSAB to get an update on decisions we’ve made on resource development, effective date deferrals, and comment deadline extensions.

This amendment permits lessees not to assess whether particular Covid-19-related rent concessions are lease modifications and, instead, account for those rent concessions as if they were not lease modifications. The AcSB will incorporate the amendment, as well as the amendments to the Basis for Conclusions, into the CPA Canada Handbook upon completion of its due process activities.

How do new or amended IFRS® Standards make their way into the CPA Canada Handbook – Accounting? Find out via this overview of the due process activities we carried out in support of changes made to Part I of the Handbook last year.

The IAASB issued guidance on audior reporting in light of the changing environment due to the COVID-19 pandemic, including: modifications to the auditor’s opinion, material uncertainty relating to going concern;inclusion of key audit matters and/or emphasis of matter paragraphs, reporting implications for interim review engagements, and other issues.

The Board discussed key points to raise in an AASB response letter to the IASB Exposure Draft, General Presentation and Disclosures. It also reviewed a draft response letter to the Canadian Securities Administrators Proposed National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure. Read the Decision Summary for full details.

The IASB recently issued several small amendments to IFRS Standards, effective January 1, 2022. The package includes its Annual Improvements and narrow-scope amendments to three standards – IAS 16 Property, Plant and Equipment, IFRS 3 Business Combinations, and IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The AcSB will review the final amendments and complete its endorsement process in Q3 2020.