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At its recent meeting, the Board discussed, reviewed, and made a final decision on its International Strategy project, voting to approve Option 2 – Adapt IPSAS principles when developing future standards. Read the Decision Summary for full details.

To meet the needs of stakeholders, this year we focused on moving major projects forward and making decisions that will lead to Canada’s public sector accounting future. Read about PSAB’s 2019-2020 activities and accomplishments in this year’s Annual Report.

How do you ensure the relevance and credibility of financial reporting while navigating pervasive global issues? It is a discussion taking place across the profession, the country, and internationally as we try to understand what these megatrends mean for standard setting. Read more about the work we did over the past year and our oversight of the AcSB and PSAB.

To meet the needs of our stakeholders, this year we focused on striking the right balance between efforts to influence at an international level and our domestic standard setting activities. Read about the AcSB’s 2019-2020 activities and accomplishments in this year’s Annual Report.

The International Auditing and Assurance Standards Board (IAASB) issued its Exposure Draft, ISA 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors). Comments are due to the IAASB on October 2, 2020.

The COVID-19 pandemic continues to evolve rapidly and market-based measures like fair value are likely to change significantly and perhaps in unpredictable ways as a result. Read this easy-to-understand overview, which includes helpful resources, to support you as you determine the fair value of your assets and liabilities.

Do you have questions about the implications of COVID-19 on your discount rates? Read this easy-to-understand overview on the potential effects the current situation may have on the discount rates used by companies in the various valuation techniques under IFRS® Standards.

Do you have questions about the implications of COVID-19 on the impairment of non-financial assets? Read this easy-to-understand overview, which includes a list of helpful resources, to support you as you navigate your impairment assessment.

At its recent meeting, the Board discussed, reviewed, and made decisions on the Financial Instruments – Narrow Scope Amendments project. Read the Decision Summary for full details.

The COVID-19 pandemic is affecting the recoverability of deferred tax assets and has introduced new government relief measures. Entities should use professional judgment to assess how this will impact the accounting for income taxes in accordance with IFRS^® Standards.