News Listings

The AcSB wants your feedback on its proposed accounting guideline, AcG-21 Accounting for Life Insurance Contracts with Cash Surrender Value. The proposed Accounting Guideline provides guidance on accounting for insurance contracts with cash surrender value from the policy owner’s point of view. Read our Exposure Draft and submit your comments by January 31, 2024. 

The AcSB is proposing to indefinitely defer the effective date of amendments relating to upfront non-refundable fees or payments. Our Exposure Draft proposals also introduce a new disclosure requirement for upfront non-refundable fees or payments recognized in revenue when the enterprise recognizes the fee or payment in revenue upon entering into an arrangement. Read the Exposure Draft, and submit your comments by January 31, 2024.

The amendments are now in Part I of the CPA Canada Handbook – Accounting, effective for annual reporting periods beginning on or after January 1, 2025. The amendments require entities to apply a consistent approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide.

During its November 1-2, 2023, meeting, the Not-for-Profit Advisory Committee discussed Contributions, Reporting Controlled and Related Entities, Scaling the Standards, and more. Read the meeting notes for full details.

The AcSB is embarking on the Future Domestic Work Plan Consultation to gather your input on potential new projects for our 2024-2025 annual plan and beyond. Complete the work plan survey to provide your views on potential future domestic projects for our Board.

The AcSB discussed the Post-implementation Review of IFRS 15, Scaling the Standards, and more. Read the Decision Summary for full details, including how you can provide feedback on these initiatives.

Want to join a network of financial reporting experts and be ahead of the curve on IFRS Accounting Standards hot topics? If so, we need you on the AcSB’s IFRS Accounting Standards Discussion Group! Apply to be a volunteer member by November 3, 2023.

On September 27, 2023, the AcSB responded to the IASB’s Request for Information, “Post-implementation Review of IFRS 9 Financial Instruments—Impairment” issued in May 2023. The AcSB’s letter expressed that overall, the impairment requirements in IFRS 9 are working as intended. However, the AcSB highlighted some application issues that may indicate a need for clarification to the requirements.  Read our letter to find out more! 

The AcSB issued its Exposure Draft which corresponds to the IASB’s Exposure Draft on this topic. If you would like your feedback considered prior to our Board finalizing our comment letter, please respond by November 27, 2023.

The IFRS Accounting Standards Discussion Group wants to hear about the challenges you face when applying IFRS Accounting Standards. Submit your issue by October 20, 2023, for consideration as a discussion topic at our December 12, 2023, meeting.