Top Stories

This year, our key initiatives focused on continuing to improve some of our foundational oversight processes. Read more about the work we did over the past year and our oversight of the Auditing and Assurance Standards Board and the Independence task Force.

At its recent meeting in Edmonton, the Council discussed the activities of the AcSB, PSAB, and other related matters. The Council also received a presentation on cannabis accounting, and an update on the activities of its Performance Review Committee and its Nominating and Governance Committee. Read the full report for more information.

Save the date! On July 18, 2019, the AcSB will host a panel discussion featuring Darrel Scott, IASB Board Member and Advisor on the IASB’s Insurance project, and other experts from the financial reporting community. The AcSB is sponsoring this activity as part of its ongoing work to ensure Canadians are supported during the implementation phase of new standards, and also to ensure Canadian views are heard. Stay tuned for more details in the coming weeks!

The IASB has issued an Exposure Draft proposing amendments to IFRS Standards as part of its Annual Improvements process. Canadian stakeholders are encouraged to submit their comments to the IASB by August 20, 2019.

The IAASB has issued a Discussion Paper Audits of Less Complex Entities. Canadian stakeholders are encouraged to submit their comments to the IAASB by September 12, 2019.

AASB Discussion Paper – Audits of Less Complex Entities

The AASB has issued its Discussion Paper that corresponds to the IAASB’s discussion paper on this topic. Stakeholders are encouraged to submit their comments by August 14, 2019.

Topics discussed were Purchased intangibles, developer agreements, international strategy, contractual rights, taxes levied for specific purposes, and more. Read the report for full details.

The IFRS Foundation recently issued its Exposure Draft “Proposed amendments to the IFRS Foundation Due Process Handbook,” the procedural requirements followed by the IASB and the IFRS Interpretations Committee. Read now to understand the proposed changes.

Canadian stakeholders are encouraged to submit their comments to the IFRS Foundation by July 29, 2019.

The Public Sector Standard Setters Forum is being hosted in Canada this year! Taking place on June 24-25, 2019 in Niagara-on-the-Lake, Ontario, the Forum brings together public sector standard setters from across the globe in an informal environment. PSAB’s own Chair, Charles-Antoine St-Jean, and Director, Michael Puskaric, will be speaking.

By listening to our stakeholders, performing a risk assessment review and enhancing the relevance of financial reporting, we are leading by example. Read more about the work we did over the past year and our oversight of the Accounting Standards Board and Public Sector Accounting Board.