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IPSASB issued Exposure Draft 64 proposing a single right-of-use model for lease accounting to replace the risks and rewards incidental to ownership model in IPSAS 13, Leases. Canadian stakeholders can send comments to IPSASB until June 30, 2018.

At its November 9-10, 2017 meeting, AASOC approved revised Terms of Reference, which were updated following a joint review of the activities of AASOC and AcSOC. The Terms of Reference of both Councils are now more closely aligned and reflect current oversight procedures.

The 2016-2021 AcSB Strategic Plan has a new look to align with the Board’s new brand and image. Initially released in April 2016, the goals and objectives remain the same. Stay tuned for more info on the Plan’s current status and what’s to come in 2018-2019.

The IASB has issued final amendments to four IFRS^® Standards as part of its Annual Improvements project. The amendments are effective from January 1, 2019, with early application permitted.

The choice of discount rate could have significant effects on the benefit obligation reported. Read this article to learn about the debate on which discount rate would best reflect the time value of money in determining the benefit obligation.

The Group discussed topics such as disclosing the effects of adopting IFRS 9 and IFRS 15 in interim financial statements, determining lease terms and classifying financial assets. Read about the views expressed on these topics for helpful tips.

Read the report for details about the discussions of: green infrastructure, restructuring transactions, the consolidation of entities using IFRS® Standards for leases, and social impact bonds.

Read this article for an update on the new information auditors will need to include in audit reports. Darrell Jensen, AASB Chair, talks key audit matters, next steps and what Canadian stakeholders had to say.

The IAASB has issued an update for its project to revise ISA 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors). This publication highlights the issues under consideration in the revision of this standard and other current projects.