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On January 15, 2019, the AcSB responded to the International Accounting Standards Board’s (IASB) Discussion Paper, “Financial Instruments with Characteristics of Equity”, which seeks to address the current application challenges with IAS 32 Financial Instruments: Presentation. Read our letter to understand the matters we raised to the IASB for further consideration.

The Group discussed topics such as 2019 interim disclosure considerations related to IFRS 16, credit enhancements and related party loans. Read about the views expressed by Group members for helpful tips and stay up-to-date on past issues such as accounting for asset retirement obligations.

The Board discussed topics such as narrow scope amendments to the income taxes and investments standards, and Financial Instruments – Hedging, among others.

At its public meeting in Toronto, the Council discussed the activities of the AASB and other related matters. The Council also heard an update on the activities of its Performance Review Committee and its Nominating and Governance Committee. Read the full report for more information.

At its December 20, 2018 meeting, AASOC approved a revised AASB Terms of Reference and ratified the AASB’s new Statement of Operating Procedures, to align with both the AcSB and PSAB.

During a conference call, the Council discussed the AASB’s due process activities for deferring disclosure of the engagement partner name as required in CAS 700, Forming an Opinion and Reporting on Financial Statements. Read the full report for more information.

Our revised due process manual provides a clear explanation of our standard-setting due process activities and includes details of how you can participate in the process. We use plain language, simplified content, and visuals, to ensure the rigorous set of procedures we undertake to set standards is easy for you to understand. Visit the Due Process page to learn more.

The Board discussed several topics during this two-day meeting including Quality Management, Public Sector Auditing Standards, Compilation Engagements and the AASB’s 2019-2020 Annual Plan. Read the Decision Summary for full details.

The purpose of this publication is to promote consistency in the form and content of practitioners' reports by providing guidance with respect to commonly occurring circumstances. This guide does not amend or override auditing or review standards, the texts of which alone are authoritative, nor does it necessarily address all audit reporting changes resulting from the Canadian Auditing Standards.

PSAB will extend the end date of its current 2017-2020 Strategic Plan by oneyear to March 2021.  Extending the current strategic plan will allow input on key strategies that will inform the development of the next strategic plan. Feedback on this extension should be submitted to PSAB by March 1, 2019.