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On December 5, 2023, the AcSB responded to the IASB’s Exposure Draft, “Annual Improvements to IFRS Accounting Standards—Volume 11,” issued in September 2023. The AcSB’s letter expressed that overall, the proposed amendments will help address application challenges and improve the consistency of the application of the respective IFRS Accounting Standards. Read our letter to find out more!

Please note: this letter is posted on an external website; if you need an accessible version, please email us at [email protected].

The AcSB discussed Financial Instruments with Characteristics of Equity, Pension Plans, the AcSB’s Annual Plan, and more. Read the Decision Summary for full details, including how you can provide feedback on these initiatives. 

The Group discussed Revenue Recognition for Carbon Credits, Classification of Liabilities with Covenants when an Entity is Granted a Waiver or Period of Grace, Year-end Financial Reporting Reminders, and more. Read the meeting report for full details!

The Board discussed updates related to the Public Sector Accounting Discussion Group, Due Process review, GAAP Designations – Appendices, 2023-2024 Performance Report, 2024-2025 Annual Plan, International Public Sector Accounting Standards Board’s (IPSASB) Strategy and Workplan, an update from IPSASB, and more. Read the Agenda for full details. 

The Board discussed IAASB’s issues on Audit Evidence, Fraud, Listed Entity/Public Interest Entity – Track 2, and IAASB’s Strategy and Work Plan. The Board also discussed its Annual and Strategic Plan, Terms of Reference, Statement of Operating Procedures, and Due Process Manual. Read the Decision Summary for full details.

The IASB has published an Exposure Draft, Financial Instruments with Characteristics of Equity, which proposes amendments to IAS 32 Financial Instruments: Presentation. Respond directly to the IASB with your feedback by March 29, 2024. In addition, stay tuned for opportunities to participate in consultation activities to inform our Board’s response to the IASB.

The CSSB held its initial meetings from July to November 2023. It focused on setting up operations and advancing the adoption of sustainability disclosure standards in Canada – developing the first Canadian Sustainability Disclosure Standards to be released for public comment in March 2024.

At its November meeting, the Group discussed natural resources inventory, scalability of standards, accounting for extreme weather, tangible capital assets, reporting climate-related impacts, and more. Read the Meeting Report for full details. 

AcSB staff are participating in a global initiative to develop non-authoritative financial reporting guidance for not-for-profit organizations (NFPOs) in jurisdictions that, unlike Canada, currently do not have NFPO accounting standards. The second in a series of three Exposure Drafts on this project has recently been issued. Interested Canadians are encouraged to respond to the second Exposure Draft by March 31, 2024. Read our article for full details.

The AcSB discussed Contributions, Financial Instruments with Characteristics of Equity, and more. Read the Decision Summary for full details, including how you can provide feedback on these initiatives.