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On December 16, 2020, the AcSB responded to the IASB’s Discussion Paper, issued in March 2020. The IASB’s proposals take significant steps forward towards improving the accounting for goodwill and enhancing the relevance of information about acquisitions. The AcSB’s letter encourages the IASB to consider areas where additional guidance is needed to address possible application challenges that may arise. Read our letter to find out more!

Have you assessed whether your company will continue as a going concern in 2021? Read this updated Going Concern and Liquidity Risk resource to better understand the impact of going concern and liquidity risk on your financial statements. More guidance to come on this topic from the auditing perspective in January 2021.

The Board discussed its Annual Plan, Cloud Computing, Sustainability Reporting, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

On December 9, 2020, the IASB issued a Request for Information as part of the post-implementation review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, and IFRS 12 Disclosure of Interests in Other Entities. Post-implementation reviews are part of the IASB’s due process and help the IASB assess the effects of requirements on users of financial statements, preparers and auditors. Canadian stakeholders are encouraged to submit their comments to the IASB by May 10, 2021.

The AcSB has extended the deadline to submit a comment letter from December 15, 2020 to December 31, 2020 for the Consultation Paper, Contributions – Revenue Recognition and Related Matters.

How do you account for business combinations under common control? The IASB recently issued its Discussion Paper - Business Combinations under Common Control. It includes proposals that aim to reduce the diversity in practice and improve the transparency and comparability of the reporting on such combinations. Have your say by responding to the IASB directly by September 1, 2021 You can also share your feedback with the AcSB by connecting with the AcSB staff on this project. We will consider your comments prior to finalizing our comment letter.

The AcSB has issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by March 29, 2021.

The Board discussed Goodwill and Impairment, and Sustainability Reporting. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives

Thinking about entering into a sale and leaseback transaction? Then this exposure draft could be important to you! The IASB has issued an Exposure Draft to amend IFRS 16 to specify the method a seller-lessee uses in initially measuring the right-of-use asset and liability in a sale and leaseback transaction. Canadian stakeholders are encouraged to submit their comments to the IASB by March 29, 2021.