News Listings

The AcSB wants your feedback on improvements to Section 4600, Pension Plans. The Pension Plans Exposure Draft proposes to clarify areas of ambiguity and introduce new guidance in areas where no guidance currently exists. The amendments would affect pension plans applying the standards in Part IV of the Handbook. Submit your comments by June 15, 2022.

The amendment is now in Part I of the CPA Canada Handbook – Accounting. This amendment adds a transition option relating to comparative information about financial assets presented on initial application of IFRS 17 to improve the usefulness of the information presented. IFRS 17, including this amendment, is effective for annual reporting periods beginning on or after January 1, 2023.

Are you a Canadian private enterprise, not-for-profit organization, pension plan or an advisor to one? Watch this webinar to learn about amendments in Part II, III and IV of the CPA Canada Handbook, including topics such as accounting for retractable or mandatorily redeemable shares, not-for-profit combinations, and amendments to pension plan accounting.

The PEAC held a meeting February 9, 2022, and discussed the accounting for related party combination research project, the AcSB’s annual plan, and research related to the AcSB’s 2022-2027 strategic plan. Read the meeting notes for full details!

Section 3856, Financial Instruments was amended on February 1, 2022, to provide relief to debt modification accounting and hedge accounting during the benchmark interest rate reform. These amendments are effective for fiscal years ending on or after February 1, 2022. Earlier application is permitted, including in financial statements not yet authorized for issue. Find out more.

On January 31, 2022, the AcSB responded to the IASB’s Exposure Draft issued in July 2021. The AcSB’s letter focuses on the proposed scope of the draft Standard, with suggestions on widening the scope to benefit a broader group of stakeholders. Read our letter to find out more!

On January 27, 2022, the AcSB responded to the IASB’s Request for Information – Post-implementation Review of IFRS 9 Financial Instruments – Classification and Measurement issued in September 2021. The AcSB’s letter expressed that overall the classification and measurement requirements in IFRS 9 are working as intended. However, the AcSB questioned whether the principles of IFRS 9 are sufficiently flexible such that they may be applied to increasingly complex financial instruments and still provide relevant and meaningful information to users of financial statements. Read our letter to find out more!

The Board discussed Contributions, Subsidiaries without Public Accountability, PIR of IFRS 9, Cloud Computing, the Draft Strategic Plan, the Annual Plan, the Performance Report, the Communications Strategy, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

The AcSB has issued a revised version of its Due Process Manual. The changes were made to clarify certain processes and better support the Board in responding to stakeholder needs on a timely basis.