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Calling all practitioners! We need your expertise to shape the future of CSRS 4250. Join us in field-testing selected requirements from our new Exposure Draft. Your insights are crucial as we determine whether our proposals are both implementable and understandable. Be part of the standard’s development and help us ensure we meet your needs. Don't miss your opportunity to contribute! Register by October 18, 2024, to make your voice heard.

The AcSB discussed Relief from Recognition of Intangible Assets, and Amortization of Goodwill, Contributions, Agriculture, Related Party Combinations, Detailed Review of ASPE, Climate-related and Other Uncertainties in the Financial Statements, Reporting Controlled and Related Entities, Part IV priorities, and more. Read the Decision Summary for full details.

Want to join a network of financial reporting experts and be ahead of the curve on IFRS Accounting Standards hot topics that impact Canadian entities? If so, the Accounting Standards Board (AcSB) needs you on its IFRS Accounting Standards Discussion Group! Apply to be a volunteer member by November 1, 2024. 

The Group discussed Distinguishing between a Lease Modification and an Extinguishment of a Lease Liability, IFRS 18 Implementation Issues, Derecognition of Financial Liabilities Settled Using Electronic Payment Systems, Disclosure of Revenue and Expenses for Reportable Segments and more. Read the meeting report for full details!

On September 11-12, 2024, the Canadian Sustainability Board (CSSB) held an in-person meeting in Toronto, ON, for 9 hours to continue deliberations on the large volume of feedback received during the Canadian Sustainability Disclosure Standard (CSDS) 1, CSDS 2, and Criteria for Modification Framework consultation.

The AASB discussed IAASB’s topics on Fraud, Going Concern, Integrated Project, Listed Entity/Public Interest Entity Track-2, Technology Position, Canadian projects on Audits of Less Complex Entities, and Sustainability Assurance, as well as the AASB’s Engagement Process and Strategic Plan.

The CSSB’s first Annual Plan focuses on finalizing and approving the proposed Canadian Sustainability Disclosure Standards (CSDS). This plan outlines our work for the year, including the development of a multi-year strategic plan and a workplan that reinforces our commitment to involving Indigenous Peoples, communities, organizations, and leaders in our standard-setting process. Read our inaugural Annual Plan to understand how we will drive the implementation of CSDS and continue to advance our sustainability disclosure goals.

The IASB has published an Exposure Draft, “Translation to a Hyperinflationary Presentation Currency,” which proposes amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates. Respond directly to the IASB with your feedback by November 22, 2024. In addition, stay tuned for the AcSB's wraparound exposure draft. The AcSB is not planning to respond to the IASB’s Exposure Draft, as this issue is not widespread for Canadian entities. If you think the AcSB should respond to this Exposure Draft, please send us your comment letter by October 31, 2024.

The AcSB is undertaking a project to improve Financial Statement Concepts in Parts II and III of the CPA Canada Handbook – Accounting. Learn how this initiative can benefit both preparers and practitioners in practice, as well as the Board in standard-setting.

The AcSB is undertaking a project to improve Financial Statement Concepts in Parts II and III of the CPA Canada Handbook – Accounting. Learn how this initiative can benefit both preparers and practitioners in practice, as well as the Board in standard-setting.