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In 2022, an independent research study on KAM reporting was undertaken to gain further insights on the Canadian experience. Lessons learned from the research study can be found here.

The time has come to recruit the inaugural chair of the new CSSB. A visible and experienced leader in the sustainability reporting community, the Chair will support recruitment of board members and establish the CSSB’s first multi-year strategic plan in their initial months in the role. Applications are due November 15, 2022. 

The Accounting Standards Oversight Council (AcSOC) is pleased to announce that Armand Capisciolto, FCPA, FCA, current interim Accounting Standards Board (AcSB) Chair, will be appointed as permanent Chair effective May 1, 2023.

The Board discussed its draft response to the IAASB’s Exposure Draft, “Proposed Narrow Scope Amendments to ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements, and ISA 260 (Revised), Communication with Those Charged with Governance”. Read the Decision Summary for full details.

With 13 members newly appointed, the Canadian Sustainability Standards Board (CSSB) Implementation Committee has begun its work to develop the initial institutional structure for this new standard-setting board. Membership includes representation from both of Canada’s standard-setting oversight councils and subject matter experts in sustainability from across the country. 

The IASB issued narrow-scope amendments to add subsequent measurement requirements to IFRS 16 Leases. The amendments explain how a company accounts for a sale and leaseback after the date of the transaction. The AcSB will ballot the final amendments and complete its endorsement process in Q4 2022. 

The Board discussed its draft response to the IAASB’s Exposure Draft, “Proposed Narrow Scope Amendments to ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements, and ISA 260 (Revised), Communication with Those Charged with Governance.” It also discussed issues related to Audit Evidence, Fraud, Going Concern, Sustainability, and more. Read the full Decision Summary for details.

The Board discussed the Independent Review of Standard Setting, International Strategy, Financial Statement Presentation Standard, Employee Benefits, and other matters. Read the Decision Summary for full details.

The PEAC held a meeting on September 22, 2022, and discussed accounting for insurance contracts with a cash surrender value, recent amendments made to accounting frameworks in other jurisdictions, and more. Read the meeting notes for full details!

The IASB has published an Exposure Draft, Third edition of the IFRS for SMEs Accounting Standard as part of its second comprehensive review of the standard. Stakeholders are encouraged to respond by March 7, 2023.