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The Board discussed the process for engaging interested and affected parties on standard setting projects, revisited its 2022-2023 Annual Plan, approved the exposure draft related to Listed Entity/Public Interest Entity, and more. Read the Decision Summary for full details.

The IAASB has issued several resources to assist practitioners in the first-time implementation of new and revised quality management standards. These include guides for ISQM 1, ISQM 2 and ISA 220 (Revised), and a definition of an engagement team fact sheet. Refer to the IAASB’s focus area web page for these and other resources.

Learn more about the IAASB’s new and revised quality management standards with two on-demand video panel discussions. The International Federation of Accountants created the video panel discussion to support implementation by small and medium-sized practices. The discussions aim to help practitioners design their systems of quality management as Canada adopts the International standards.

The International Auditing and Assurance Standards Board (IAASB) issued its Exposure Draft of 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. Comments are due to the IAASB on October 4, 2022. The AASB is expected to issue its related exposure draft on August 9, 2022.

Did you know that IFRS 17, Insurance Contracts, can apply to insurance contracts issued by non-insurance entities? If not, you are not alone! Check out some helpful resources to learn more about how this Standard might apply to you.

The PEAC held a meeting July 6, 2022, and discussed stakeholder feedback on the AcSB’s Exposure Draft on Cloud Computing Arrangements. Read the meeting notes for full details!

The Council is pleased to announce that current Vice-Chair, Armand Capisciolto, FCPA, FCA, will serve as AcSB’s interim Chair from September 1, 2022 to December 31, 2022. Armand will continue in his role with BDO Canada, LLP, while he serves his interim tenure. The permanent AcSB Chair is expected to be announced by the fall.

The AcSB wants your feedback on its proposed amendments to Section 3400, Revenue, applicable to private enterprises and not-for-profit organizations. The Board is proposing to defer the effective date of the amendments relating to upfront non-refundable fees or payments to January 1, 2025, while it researches the effects of previously issued amendments. Submit your comments by August 15, 2022.

The AcSB wants your feedback on its proposed amendments to Section 3400, Revenue, applicable to private enterprises and not-for-profit organizations. The Board is proposing to defer the effective date of the amendments relating to upfront non-refundable fees or payments to January 1, 2025, while it researches the effects of previously issued amendments. Submit your comments by August 15, 2022.

The Board discussed the Government Not-for-Profit Strategy, Conceptual Framework & Reporting Model, Employee Benefits, International Strategy, and other matters. Read the Decision Summary for full details.