News Listings

The IASB recently issued a package of narrow-scope amendments to IFRS Accounting Standards as part of its Annual Improvements process. The package includes amendments to five standards: IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7 Statement of Cash Flows. The amendments are effective January 1, 2026, with earlier application permitted. The AcSB will review and complete its endorsement process in Q4 2024.

The Canadian Sustainability Standards Board (CSSB) held six meetings between January and June 2024, primarily focused on the first Canadian Sustainability Disclosure Standards (CSDS 1 and 2) consultation. These meetings involved in-depth discussions on Board operations, the Strategic Plan, and building trust and relationships with Indigenous Peoples.

On July 15, 2024, the AcSB responded to the IASB’s Exposure Draft, “Business Combinations – Disclosures, Goodwill and Impairment,” issued in March 2024. While the AcSB supports the project’s objectives, we disagree with the IASB's approach to addressing users’ information needs in the IFRS 3 Business Combinations disclosure proposals. Our response includes several recommendations to ensure that the information in an entity’s financial statements aligns with the intent of the Conceptual Framework for Financial Reporting. Read our letter to learn more. This letter is posted on an external website; for an accessible version, please email us at [email protected].

The Committee discussed Contributions, Detailed Review of ASPE, Evaluating the Preface, Financial Statement Concepts, and more.

The Committee held a meeting on July 18, 2024, and discussed the Detailed Review of ASPE, Financial Statement Concepts, and the Preface. Read the meeting notes for full details!

The AcSB discussed Relief from Recognition of Intangible Assets, Amortization of Goodwill, Power Purchase Agreements, the Annual Plan, and more. Read the Decision Summary for full details.

The IASB issued narrow-scope amendments to the classification and measurement requirements in IFRS 9 Financial Instruments. The amendments clarify the classification of financial assets with environmental, social, corporate governance and similar features, and address concerns raised regarding the settlement of liabilities through electronic payment systems. They are effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. 

The AcSB will ballot the amendments and complete its endorsement process in Q3 2024. Find out more. 

Become a member of the Auditing and Assurance Standards Board. Contribute to Canadian standards, gain professional insights, and engage with a diverse community. Apply by September 13, 2024.

Become a member of the Public Sector Accounting Board. Contribute to Canadian standards, gain professional insights, and engage with a diverse community. Apply by September 13, 2024.

Volunteer Opportunity – Accounting Standards Board

Become a member of the Accounting Standards Board. Contribute to Canadian standards, gain professional insights, and engage with a diverse community. Apply by September 13, 2024.