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The AASB unanimously approved an exposure draft of a proposed new standard on compilation engagements to replace Section 9200, Compilation Engagements. Set to be issued September 4, 2018, comments will be due November 30, 2018. To support you in providing feedback, we are doing extensive outreach and will be issuing numerous plain language resources. Stay tuned for more!

Approved! Exposure Draft of a Proposed Revised Standard on Identifying and Assessing the Risks of Material Misstatement

The AASB unanimously approved a Canadian exposure draft of revised CAS 315. The exposure draft is based on the IAASB’s exposure draft of proposed changes to ISA 315, with no proposed Canadian amendments. Set to be issued September 7, 2018, comments will be due November 2, 2018. To support you in providing feedback, we are doing extensive outreach and will be issuing numerous plain language resources. Stay tuned for more!

We are pleased to announce that Lisa French, CTO, International Integrated Reporting Council; Benjamin Yeoh, Sr. Portfolio Manager, RBC, Global Asset Management; and Trent W. Klein, Director — Finance, TELUS Corp, were appointed to IASB’s Management Commentary Consultative Group. The Group was established to advise the IASB as it develops proposals for updating its guidance on management commentary in financial reports.

The International Auditing and Assurance Standards Board (IAASB) issued an Exposure Draft proposing changes to ISA 315 that could drive more consistent and effective identification and assessment of the risks of material misstatement. Stakeholders are invited to comment by November 2, 2018.

The IASB has issued a Discussion Paper that explores improvements to IAS 32 Financial Instruments: Presentation for financial instruments that have characteristics of both a liability and equity. Canadian stakeholders are encouraged to provide feedback directly to the IASB by January 7, 2019.

We are pleased to share that Guy Jones, partner in the Toronto office of EY’s professional practice group and Vice-Chair of the AcSB’s IFRS Discussion Group, was appointed to the IFRS Interpretations Committee for a three-year term starting July 1, 2018. The IFRS Interpretations Committee responds to questions from stakeholders about the application of IFRS Standards.

IPSASB issued Exposure Draft 65 proposing general improvements to IPSAS based on stakeholder feedback, and IFRS^®convergence amendments. Canadian stakeholders can send comments to IPSASB until July 15, 2018.

Read the report for details about the discussions of: PSAB’s conceptual framework and reporting model proposals, public liability claims, municipal off-site lot levies, and PSAB’s decision model for choosing a new international strategy.

Our revised due process manual provides you a clear explanation of our IFRS^® Standards endorsement and domestic standard-setting activities. 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.

The IASB has issued a revised Conceptual Framework for Financial Reporting to replace the Conceptual Framework issued in 2010.  The revised Conceptual Framework is effective immediately for the IASB, and from January 1, 2020 for entities, with early application permitted.