News Listings

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.

At its recent meeting, the Board discussed Public Private Partnerships and Financial Instruments. Read the Decision Summary for full details.

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.

COVID-19 continues to impact Canada and the world. We are each experiencing and navigating the challenges, and the standard-setting boards are no exception. We are reprioritizing work to adapt to our new environment, continuing to create helpful resources, and even launched a new online community platform to further pivot our operations to the digital environment.

The Board discussed considerations related to the IAASB’s draft project proposal for Audits of Less Complex Entities and Audit Evidence and issues related to the IAASB’s project on Extended External Reporting and Group Audits. It also discussed Canadian specific considerations related to adopting the new firm-level Quality Management standard. Read the full Decision Summary for details.

The IAASB approved its quality management suite of standards, including ISQM 1, ISQM 2, and ISA 220, in September 2020. The AASB has proposed to adopt these standards in Canada. Watch this video for an introduction to the new IAASB standards.

Easily share your feedback on the Consultation Paper, Contributions – Revenue Recognition and Related Matters via quick polls, short surveys, or an open forum on our new online community platform, Connect.FRASCanada.ca. Register today!

New PSAB chair Clyde MacLellan provides a fall video update on five key initiatives stakeholders can watch for starting in 2021, including the Board's international strategy and forthcoming strategic plan.

Topics discussed included the private sector counterparts aspect of the government not-for-profit organization (GNFPO) definition, determining when for-profit activities of a GNFPO may impact its classification as such, and an emerging issues roundtable offering suggestions for PSAB to consider.