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The Board discussed the Independence Standing Committee’s views on the “public interest entity” (PIE) definition and the Board’s next strategic plan. The Board also reviewed outreach and feedback summaries on the Exposure Draft, “General Requirements for Sustainability Assurance Engagements,” and its response letter to the IAASB. Read the Decision Summary for full details.

The AcSB is undertaking research to get a better understanding on the types of intangibles that are gaining prevalence in the Canadian market and the information required by financial statement users. Complete the Intangibles survey to provide your feedback on potential areas of focus in this evolving area.

On October 27, 2023, the AcSB responded to the IASB’s Request for Information, “Post-implementation Review of IFRS 15 Revenue from Contracts with Customers” issued in June 2023. The AcSB’s letter expressed that overall, the core principle and supporting the five-step revenue recognition model in IFRS 15 are working as intended for contracts with customers. However, the AcSB highlighted some application issues that may indicate a need for clarification to the requirements. Read our letter to find out more!

Accounting Standards Oversight Council met on November 14, 2023, to discuss the Public Sector Accounting Board’s and the Accounting Standards Board’s activities and related matters. Read the full report for more information.

Want to help improve accounting standards for private sector not-for-profit organizations (NFPOs) in Canada? If you have an in-depth knowledge of these standards and their application for private sector NFPOs or regularly work with financial statements in this sector, we want to hear from you. Apply to be a new member of our Not-for-Profit Advisory Committee by January 8, 2024!

The Committee met on November 8, 2023, and discussed Subsequent Measurement of Goodwill and Recognition of Acquired Intangible Assets, Scaling the Standards, potential projects for the AcSB’s 2024-2025 Annual Plan, and more. Read the meeting notes for full details!

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.

International Public Sector Accounting Standards Board (IPSASB) has released its 2024-2028 Strategy and Work Program Consultation. To ensure that Canadian perspectives are considered, and future standards serve the Canadian public interest, PSAB encourages you to respond to this Consultation. Submit your comments to PSAB by January 15, 2024.