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The IASB has issued an Exposure Draft proposing amendments to IAS 12 Income Taxes. Canadian stakeholders are encouraged to submit their comments to the IASB by November 14, 2019.

On July 18, 2019, Linda Mezon, AcSB Chair, moderated a panel discussion on IFRS 17. Watch the video recording and download the slides to learn more about the conversations around the proposed amendments to the standard.

With the theme of Lead.Connect.Innovate., this year's conference agenda promises cutting edge ideas, best practices and thought leadership, along with the regular technical and regulatory updates. Speakers include PSAB’s own Michael Puskaric, Director, and Charles-Antoine St-Jean, Chair, who will provide an update on PSAB’s projects and initiatives. The conference is held on October 28 and 29 in Ottawa. Visit the page for more details or to register.

The Group discussed topics such as timing of applying agenda decisions and determining lease payments under IFRS 16. Read about the views expressed by Group members for helpful tips and to stay up to date on past issues such as accounting for cryptocurrencies.  

The Board discussed topics such as IFRS^® Standards, Agriculture, Combinations, and ASPE implementation questions, among others.

PSAB principal, Lydia So is a featured speaker at this year’s Canadian Public Sector Pensions and Benefits Conference, where she will provide a PSAB update to conference delegates. Speakers include, senior executives of pension plans and others. The conference is being held in Whistler, BC, on September 18 and 19, 2019.

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.