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The Board discussed topics such as Primary Financial Statements, Combinations, Cloud Computing – plus much more. Read the Decision Summary for full details.

You asked. We listened. Many of the enhancements to the auditor reporting standards were made in response to input from financial statements users. Now that the standards are in effect, we want users to tell us their views. Participate in our new online community platform, Connect.FRASCanada.ca, to easily give your feedback via quick polls, short surveys and even an open idea forum.

This document sets out how the Board reached its decision to pursue Option 2: Adapt IPSAS principles when developing future standards as its future International Strategy. Read the Basis for Conclusions for full details.

The Board reviewed stakeholder feedback received on the AASB Exposure Draft – Audits of Group Financial Statements (Including the Work of Component Auditors) as well as a draft response letter to the IAASB Exposure Draft. It discussed issues related to the IAASB’s project on Quality Management at the Firm and Engagement Level and Extended External Reporting. The Board also reviewed a second draft of its 2022-2025 Draft Strategic Plan, which reflects the implications of the COVID-19 pandemic on the AASB’s strategic directions. Read the full Decision Summary for details.

The IASB has completed its project on IBOR reform by issuing a package of amendments to IFRS Standards in August 2020. These amendments are effective on January 1, 2021, with early adoption permitted. The AcSB will ballot the final amendments and complete its endorsement process in September 2020.

The IASB’s package of narrow-scope amendments to IFRS Standards are now in Part I of the CPA Canada Handbook – Accounting, effective for annual reporting periods beginning on or after January 1, 2022. The package includes the IASB’s Annual Improvements and narrow-scope amendments to three standards – IAS 16 Property, Plant and Equipment, IFRS 3 Business Combinations, and IAS 37 Provisions, Contingent Liabilities and Contingent Assets.

As a result of the unprecedented challenges of COVID-19, AcSOC held a special meeting on March 26, 2020 to deal with issues arising with PSAB’s decision to postpone its March 26-27, 2020 meeting. Read the full report for more information.

The COVID-19 pandemic significantly affected governments, businesses, and the public globally. Government responses and the COVID-19-related financial and economic consequences will need to be considered in financial reporting of public sector organizations. Read this non-authoritative guidance for more details.

The Board reviewed a draft response letter to IASB Exposure Draft, General Presentation and Disclosures. It also discussed the impact of COVID-19 on its Draft Strategic Plan and how to reflect this in the Plan. Read the full Decision Summary for details.

Are you struggling with an accounting issue? Need experts to weigh in on it? Submit an issue to the PSA Discussion Group for consideration. Submissions for our upcoming November meeting are due October 2, 2020.