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The Board discussed topics such as IFRS® Standards, Agriculture, Employee Future Benefits, Combinations and Contributions, among others.

The IASB has issued an Exposure Draft proposing amendments to IFRS 9 Financial Instruments and IAS 39 Financial Instruments: Recognition and Measurement. Canadian stakeholders are encouraged to submit their comments to the IASB by June 17, 2019.

IPSASB released a Consultation Paper proposing guidance for measurement attributes most commonly used by public sector entities applying IPSAS. Canadian stakeholders can send comments to IPSASB until September 30, 2019. Read the paper for full details.

Supporting IFRS® Standards implementation to advance Part II and Part III projects, and to enhance the relevance of financial information for all entities – we played a leadership role to help achieve our goals. Read about the AcSB’s 2018-2019 activities and accomplishments in this year’s Annual Report.

Our work together in 2018-2019 has brought us closer than ever to making decisions on projects that will shape the Canadian public sector accounting standards’ landscape for years to come. Watch this video hosted by PSAB’s own Charles-Antoine St-Jean, Chair, and Michael Puskaric, Director, on the progress being made on projects that are important to you.

The AcSB approved a new project to clarify its intent regarding the use of the funding valuation in measuring the defined benefit obligation in relation to Quebec’s Stabilization Provision. The AcSB plans to issue an exposure draft no later than the third quarter of 2019 in response to stakeholder feedback about diversity arising in practice on accounting for changes in pension legislation. 

The AcSB considered an issue at its December 2018 meeting that stakeholders raised about the use of the funding valuation in measuring the defined benefit obligation in relation to Ontario’s Provision for Adverse Deviations. The AcSB decided not to undertake any standard-setting action, but rather communicate its intent. In February 2019, the AcSB wrote a letter to the Canadian Institute of Actuaries to communicate its intent to reduce diversity arising in practice. Read this article for key points noted in this letter.

On April 15, 2019, the AcSB responded to the IASB’s Exposure Draft, Onerous Contracts – Cost of Fulfilling a Contract (Proposed amendments to IAS 37). This exposure draft seeks to specify the costs an entity should include in determining the “cost of fulfilling” a contract for the purpose of assessing whether a contract is onerous. Read our letter to understand the matters we raised to the IASB for further consideration.

The IAASB is hosting a series of webcasts to take participants through key aspects of the revised standards on quality management at the firm and engagement level. The webcasts will provide an opportunity for participants to ask questions. Register now to secure your spot.

IPSASB issued Exposure Draft 67 proposing new requirements for accounting for collective services (such as defense and street lighting), individual services (such as healthcare and education), and emergency relief. Canadian stakeholders can send comments to IPSASB until May 31, 2019.