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The amendments are now in Part I of the CPA Canada Handbook – Accounting, effective for annual reporting periods beginning on or after January 1, 2025. The amendments require entities to apply a consistent approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide.

During its November 1-2, 2023, meeting, the Not-for-Profit Advisory Committee discussed Contributions, Reporting Controlled and Related Entities, Scaling the Standards, and more. Read the meeting notes for full details.

At the September 12-13, 2023, Board meeting the AASB approved narrow-scope amendments to CAS 700, Forming an Opinion and Reporting on Financial Statements, and CAS 260, Communication with Those Charged with Governance, subject to the PIOB’s due process certification. The PIOB has now certified the IAASB’s due process for ISA 700 (Revised) and ISA 260 (Revised) and the IAASB has released the final standards. The narrow-scope amendments to CAS 700 and CAS 260 will become effective for audits of financial statements for periods beginning on or after December 15, 2024. The narrow-scope amendments were issued in the Handbook in November 2023.

This FAQ addresses investigating exceptions and the concept of performance materiality when using automated tools and techniques while executing auditing procedures. Read for full details.

The AcSB is embarking on the Future Domestic Work Plan Consultation to gather your input on potential new projects for our 2024-2025 annual plan and beyond. Complete the work plan survey to provide your views on potential future domestic projects for our Board.

The AcSB discussed the Post-implementation Review of IFRS 15, Scaling the Standards, and more. Read the Decision Summary for full details, including how you can provide feedback on these initiatives.

Want to join a network of financial reporting experts and be ahead of the curve on IFRS Accounting Standards hot topics? If so, we need you on the AcSB’s IFRS Accounting Standards Discussion Group! Apply to be a volunteer member by November 3, 2023.

On September 27, 2023, the AcSB responded to the IASB’s Request for Information, “Post-implementation Review of IFRS 9 Financial Instruments—Impairment” issued in May 2023. The AcSB’s letter expressed that overall, the impairment requirements in IFRS 9 are working as intended. However, the AcSB highlighted some application issues that may indicate a need for clarification to the requirements.  Read our letter to find out more! 

The Implementation Guide provides a summary of the revised CAS 600 requirements, practical considerations for complying with the requirements, and more. Reference this helpful resource for help understanding and applying the revised standard when involved in a group audit, whether as the group auditor or a component auditor for the group audit engagement. Read for full details.   

Check out our resources and non-authoritative guidance to better understand PSAB’s Reporting Model in Section PS 1202, Financial Statement Presentation. The Reporting Model is effective for fiscal years beginning on or after April 1, 2026 – refer to these resources to learn how to apply this foundational standard for the public sector.