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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.

The Board discussed topics such as IFRS® Standards and its 2018-2019 performance report, among others.

The Board discussed Compilation Engagements and Reporting on Controls at a Service Organization. Additionally, the Board assessed its performance against targets in its Operating Plan.

The IASB has issued its Project Summary on the Disclosure Initiative–Principles of Disclosure project. Overall, the IASB decided that improving the way disclosure requirements are developed and drafted in IFRS Standards is the most effective way to help address the disclosure problem. Consequently, the IASB has decided to prioritise its Targeted Standards-level Review of Disclosure project.

The AASB is issuing an exposure draft on the revised quality management standards at the firm and engagement level, including engagement quality reviews. Register now for the webinar to learn about the proposals and how they will affect your current practice.

Are you a Canadian private enterprise, an advisor to one, or a user of private enterprises’ financial reports? Interested in the amendments to the accounting for retractable or mandatorily redeemable shares and other financial instruments? Watch an on-demand webinar on this topic, jointly presented with CPA Canada.