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The Committee held a meeting on February 2, 2023, and discussed Accounting for Insurance Contracts with Cash Surrender Value and Agriculture. Read the meeting notes for full details!

The AASB and the Canadian Actuarial Standards Board jointly issued a revised JPS to enhance communications between actuaries and auditors. The JPS will be appended to CAS 500, Audit Evidence.

Would you like to bring the small or medium-sized practitioner perspective to accounting standard setting? If so, the AcSB needs you on its new Small Practitioners Working Group! Submit your application by February 24, 2023.

The AcSB issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. If you would like your feedback considered prior to the AcSB finalizing its comment letter, please submit comments to the AcSB prior to February 24, 2023.

The AASB has developed guidance to address the impact on Canadian Auditing Standards and Canadian Standard on Review Engagements of certain narrow-scope amendments made to IAS 1, Presentation of Financial Statements.

The Board discussed developing a new Canadian Standard on Related Services on compilations of future-oriented financial information and approved a Canadian Project Proposal for sustainability assurance. It also discussed annual planning, the Strategic Plan 2022-2025, and more. Read the Decision Summary for full details.

The Board discussed the Future Work Plan Consultation, 2023-2024 Draft Annual Plan & Risk Assessment, and the Financial Statement Presentation Standard (“Reporting Model”). Read the Decision Summary for full details.

On January 9, 2023, the Accounting Standards Board (AcSB) of Canada and Accounting Standards Board of Japan (ASBJ) held their fourth bilateral meeting in Toronto. The Boards provided updates on their activities and discussed topics of mutual interest, such as crypto assets. Representatives from Financial Reporting & Assurance Standards Canada’s sustainability standards team and the Sustainability Standards Board of Japan (SSBJ) also attended the meeting. They shared updates on their activities and discussed the connectivity between sustainability and financial reporting. Read the press release, available in English.

Watch our videos to learn about the International Public Sector Accounting Standards Board (IPSASB) and its accounting standards for public sector entities, related to routine transactions of assets, liabilities, revenues and expenses.

The IASB has published an Exposure Draft, International Tax Reform – Pillar Two Model Rules which proposes amendments to IAS 12 Income Taxes. Respond with your feedback by March 10, 2023.