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On July 15, 2019, the AcSB Chair and other staff members met with Italy’s national standard setter, the Organismo Italiano di Contabilità. Both standard-setting bodies provided updates on their activities and discussed a number of technical topics and projects, including their shared view of the importance of a common global adoption date for IFRS 17 Insurance Contracts.

On June 17, 2019, the AcSB responded to the IASB’s Exposure Draft, Interest Rate Benchmark Reform (Proposed amendments to IFRS 9 and IAS 39). This Exposure Draft focuses on the issues affecting financial reporting in the period before the replacement of an existing interest rate benchmark with an alternative interest rate. Read our letter to understand the matters we raised to the IASB for further consideration.

The AASB is investigating the challenges experienced by Canadian practitioners when auditing LCEs. Join the AASB Discussion Group where AASB Principal, Andrea Lee, will be sharing information, asking questions, and moderating discussion to help us understand what you, our stakeholders, need when performing audits of LCEs.

During its conference call, the Council discussed the activities of the AASB. The Council also received an update on the Independence Standing Committee. Read the full report for more information.

PSAB’s second consultation paper on its international strategy is out for comment until September 30, 2019. The paper clarifies and refines the four options originally presented in the first paper. Read the article and have your say on Canada’s public sector accounting international strategy.

The IASB has issued an Exposure Draft proposing amendments to IFRS 17 Insurance Contracts. Canadian stakeholders are encouraged to submit their comments to the IASB by September 25, 2019.

The Board discussed the draft responses to the IAASB’s Exposure Draft “Quality Management at the Firm and Engagement Level, Including Engagement Quality Reviews.” Read the Summary for full details.

The AASB is currently working on analyzing the feedback received on our Exposure Draft, Compilation Engagements to finalize a new standard. But we need your help to get to the finish line! Join the AASB Discussion Group - Finalizing the new Compilation Engagements standard, where AASB Principal, Svetlana Berger, will be sharing information, asking questions, and moderating discussion to help us get to a final standard that works for you, our stakeholders.

At its recent meeting, the Board discussed, reviewed and made decisions on number of topics, including Conceptual Framework and Reporting Model, Public Private Partnership and 2018-2019 Annual Improvements. Read the summary for full details.

The way we manage our activities and meet challenges is constantly guided by ensuring that we serve the public interest. We do this by effectively responding to the needs of stakeholders. Read about the AASB’s 2018-2019 activities and accomplishments in this year’s Annual Report.