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The Board discussed Business Combinations under Common Control, Management Commentary, Rate Regulated Activities, Sustainability, Cloud Computing, Interest Benchmark (IBOR) Reform, COVID-19-Related Rent Concessions, Pension Plans, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives. 

As Canada moves through the third wave of COVID-19 with the hope that comes with vaccinations and economic re-opening, we in standard setting have also been progressing in new areas and initiatives. From sustainability standards to strategic planning, read this statement from our Board Chairs about what we’ve been up to and what’s to come this year.

The AASB’s 2022-2025 Strategic Plan considers our changing environment – with a focus on understanding and responding to the related emerging issues and needs of our stakeholders. Key areas of our new Strategic Plan include: addressing the needs of less complex entities, the impact of new technologies, and continuing our prioritization of enhancing stakeholder engagement to develop solutions together. 

Effective April 1, 2021 to March 31, 2022, this Annual Plan is the first under the 2022-2025 Strategic Plan – meaning the activities undertaken this year will set a strong foundation for the next four years.

The AASB issued an Exposure Draft proposing conforming amendments to Other Canadian Standards to avoid inconsistencies with the new and revised quality management standards. Submit your comments by September 30, 2021. 

The AcSB wants your feedback on its proposal to extend the relief period for both lessees and lessors on accounting for rent concessions received or granted as a result of the COVID-19 pandemic. The Leases Exposure Draft proposes to extend the optional relief by one-year for lease payments originally due on or before December 31, 2022. This amendment applies to private enterprises and NFPOs using Parts II and III of the CPA Canada Handbook – Accounting. Submit your comments by July 30, 2021.

The IAASB released first-time implementation guides for ISQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements and ISQM 2, Engagement Quality Reviews. These guides are intended to help stakeholders understand and properly implement the requirements in the standards.

At its recent meetings, the Board discussed such topics as Rate Regulated Accounting, International Strategy, the Consultation Paper of IFR4NPO, and Financial Instruments. Read the Decision Summary for full details.

At its May 20, 2021 meeting, the Group discussed many financial reporting hot topics such as the IFRS® Interpretations Committee’s tentative agenda decision on the configuration and customization costs in a cloud computing arrangement, an issuer’s accounting for subscription receipts, and accounting for standby costs and penalties incurred under a force majeure clause. Read the meeting report for details.

The Council met on April 19, 2021 to receive an update on the Independent Review Committee of Standard Setting. Read the full report for more information.