News Listings

Since commencing a review of standard setting in May 2021, the Independent Review Committee on Standard Setting in Canada (IRCSS) has released its Consultation Paper for public comment. With the goal to ensure that Canadian standard setting will continue to be independent and internationally recognized, the IRCSS’ paper explores several key matters including establishing a Canadian Sustainability Standards Board; public interest considerations and responsibilities to Indigenous peoples in the development of standards; governance and oversight framework of the Canadian standard-setting system; and timeliness and responsiveness of the current accounting, auditing, and assurance standard setting processes. Respond by February 28, 2022, and help the IRCSS shape its final recommendations report.

At its meeting, the Committee discussed the accounting for cloud computing arrangements and more. Read the meeting notes for full details. 

On November 18, 2021, the AcSB responded to the IASB’s Exposure Draft, issued in May 2021. The AcSB’s letter expresses support for the IASB’s project to update the existing Management Commentary Practice Statement. Specifically, the AcSB commented on aspects of the proposals, including the users of management commentary, materiality, and the statement of compliance. Read our letter to find out more!

The IASB has proposed amendments to IAS 1 Presentation of Financial Statements to improve the information companies provide about long-term debt with covenants. The proposals aim to improve the information a company provides about non-current liabilities with covenants by enabling investors to assess whether such liabilities could become repayable within 12 months. Canadian stakeholders are encouraged to submit their comments to the IASB by March 21, 2022.

The IASB has issued an Exposure Draft to amend IAS 7 and IFRS 7. The proposed amendments include new disclosure requirements aimed at enabling users of financial statements to assess the effects of the entity’s supplier finance arrangements on its liabilities and cash flows. Canadian stakeholders are encouraged to submit their comments to the IASB by March 28, 2022.

Since the launch of our Framework for Reporting Performance Measures in December 2018, the world has witnessed significant change. With increased activity and momentum around sustainability reporting - as well as a new National Instrument on other financial measure disclosures from the CSA - disclosure of performance measures  is more relevant today than ever. To help you prepare for year-end reporting while navigating these changes, we revised our Framework for Reporting Performance Measures.

Section 3065, Leases was amended on December 1, 2021, to extend the optional relief by one year for both lessees and lessors on accounting for rent concessions received or granted as a result of the COVID-19 pandemic. This amendment is effective for fiscal years ending on or after December 31, 2021. Earlier application is permitted, including in financial statements not yet authorized for issue. Read more for further details on the amendment.

At its recent special meeting, the Committee discussed accounting for cloud computing arrangements. Read the meeting notes for full details. 

The Board discussed Cash Received via Electronic Transfer as Settlement for a Financial Asset, Disclosure Initiative – Subsidiaries without Public Accountability, Disclosure Initiative – Targeted Standards-level Review, the Draft Strategic Plan, the Due Process Manual, IBOR Reform, Management Commentary, Pension Plans, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

At its meeting, the Committee discussed application issues in practice relating to interest in joint arrangements and redeemable preferred shares. Read the meeting notes for full details.