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The Board discussed Business Combinations Under Common Control, COVID-19-Related Rent Concessions, Crypto-Assets, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

Financial statements are a tool for holding public sector entities accountable for the use of taxpayer dollars. Read this article to find out how PSAB’s proposals aim to increase the accountability value of public sector financial statements.

On February 25, 2021, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in February 2021. The letter agrees with the proposal to extend the relief related to COVID-19 related rent concessions and suggests factors to consider when selecting the extension timeframe. The letter also suggests that the transition provisions provide more flexibility. 

The Auditing and Assurance Standards Board (AASB) will issue its 2021-2022 Annual Plan on July 1, 2021 to align with the timing of its Draft Strategic Plan for 2022-2025, currently out for comment. Read this update to find out about the AASB activities for the next few months.

The International Accounting Standards Board (IASB), the Financial Accounting Standards Board (FASB) and The Accounting Review (TAR) have issued a joint call for academic research papers on how key standards are performing in the capital markets. Selected papers will be presented at a joint conference titled Accounting for an Ever-Changing World, currently scheduled for 2-4 November 2022 in New York City, and will be considered for publication in TAR.

The Board discussed Rate Regulated Activities and Cloud Computing. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives. 

Access a recent presentation by Ann Tarca, member of the International Accounting Standards Board (IASB), outlining opportunities for academic researchers to contribute to the IASB’s work. This presentation took place on January 29, 2021 at the American Accounting Association’s International Accounting Section mid-year meeting, a joint virtual conference with the International Association for Accounting Education & Research.

The International Accounting Standards Board (IASB), together with Accounting in Europe and The British Accounting Review, has published a joint call for research papers on compliance with mandatory disclosure requirements, specific areas of interest to the IASB, and/or alternative research approaches. The deadline for submissions is January 31, 2022.

The AcSB has issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by February 25, 2021.

The Board discussed recent work performed by the Audits of Less Complex Entities Advisory Group and elements of a possible project proposal to revise or replace AuG-16, Compilation of a Financial Forecast or Projection. It also discussed its approach to issuing an exposure draft on conforming amendments to other Canadian standards as a result of its approval of CSQM 1.