News Listings

Just in time for Q2 Interim Reporting! Check out this meeting report summarizing the Group’s discussion on issues such as the accounting for COVID-19 related rent concessions, financial reporting considerations of COVID-19, classification of liabilities as current or non-current, and accounting for leases in a business combination.  

At its recent meeting, the Committee discussed a number of application issues related to COVID-19 including lease modifications, impairment, defined benefit obligations and government grant programs.

The IASB issued the amendments to IFRS 17 Insurance Contracts, with the effective date of the standard deferred to January 1, 2023, and the temporary exemption of applying IFRS 9 extended by two years to keep the effective dates aligned. The AcSB will ballot the final amendments and complete its endorsement process in Q4 2020.

The Board discussed topics such as the IASB’s Goodwill and Impairment Discussion Paper, ASPE implementation issues, its response letter to the CSA’s Proposed National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure – plus much more. Read the Decision Summary for full details.

Need help with COVID-19 related financial reporting issues? Check out this meeting report summarizing the Group’s discussion on issues such as the accounting for COVID-19 related rent concessions and financial reporting considerations of COVID-19.  Check back this June for the complete summary of everything discussed at the May 27, 2020 meeting. 

This amendment permits lessees not to assess whether particular Covid-19-related rent concessions are lease modifications and, instead, account for those rent concessions as if they were not lease modifications. Effective for annual reporting periods beginning on or after June 1, 2020, this is now in Part I of the CPA Canada Handbook – Accounting. Earlier application is permitted, including in financial statements not yet authorized for issue at May 28, 2020. The Amendments to the Basis for Conclusions that accompany, but are not part of, IFRS 16 Leases are also now in Part I of the CPA Canada Handbook – Accounting.

On May 25, 2020, the AcSB responded to the IASB Exposure Draft, Interest Rate Benchmark Reform—Phase 2 (Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16). In its response letter, the AcSB supported the relief provided by the IASB and encouraged the IASB to provide more context and guidance on how the term “economically equivalent” will be applied in practice. Read our letter for more context of the matters we raised to the IASB for further consideration.

The Board discussed topics such as its Exposure Draft, “Combinations – Initial Measurements and Related Disclosures”, its planned 2020-2021 activities in light of the COVID-19 pandemic – plus much more. Read the Decision Summary for full details.

The AcSB is committed to improving accounting standards for NFPOs, recently releasing its Consultation Paper, Contributions – Revenue Recognition and Related Matters. This Paper aims to gather feedback from NFPO stakeholders on the challenges of applying the existing contributions guidance. Read this In Brief for more about the Paper and how to provide the AcSB feedback on this important topic.

As the COVID-19 pandemic and its effects in Canada continue to evolve, the standard-setting boards have focused discussions on ensuring stakeholder needs are addressed. Read this statement from the Chairs of the AASB, AcSB and PSAB to get an update on decisions we’ve made on resource development, effective date deferrals, and comment deadline extensions.