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Auditing and Assurance Standards Oversight Council met on June 13, 2024, to discuss the Auditing and Assurance Standards Board’s activities and related matters. Read the full report for more information.

The AASB discussed the IAASB’s topics: Going Concern, Listed Entity/Public Interest Entity Track 2, Sustainability Assurance, and Technology Position. It discussed Canadian topics: Audits of Less Complex Entities and Compilations of Future-oriented Financial Information. Read the decision summary for full details.

The Group discussed Asset Retirement Obligations: Exploration of Potential Application Issues, Application of GAAP Hierarchy – Operating Leases, Lessee Accounting Treatment, and more. Read the meeting report for full details.

The Accounting Standards Oversight Council met on June 4, 2024, to discuss the Public Sector Accounting Board's and Accounting Standards Board's activities and related matters. Read the full report for more information.

The IASB has published its Exposure Draft, “Contracts for Renewable Electricity,” which proposes amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. Respond directly to the IASB with your feedback by August 7, 2024. Also, stay tuned for the AcSB's wraparound exposure draft. If you want the AcSB to consider your feedback before finalizing our comment letter, please respond by July 31, 2024.

How do new or amended IFRS^® Accounting Standards make their way into the CPA Canada Handbook – Accounting? Find out via this overview of the due process activities we completed in support of changes made to Part I of the Handbook in 2023. 

The AASB has provided information on its decision to not adopt the International Standard for Audits of Less Complex Entities. Read further to learn the reasons behind this decision and what the AASB is doing now.

The AcSB discussed Application Questions, Contributions, Detailed Review of Accounting Standards for Private Enterprises, Carbon Credits Research, and more. Read the Decision Summary for full details.

On June 17, 2024, the International Accounting Standards Board, the Canadian Academic Accounting Association, and the AcSB will hold a virtual workshop targeted to academics providing an overview of IFRS 18 Presentation and Disclosure in Financial Statements. Register now to learn more!

The AASB reviewed feedback on the Exposure Draft of CAS 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, and its response to the IAASB’s proposed ISA 240. The AASB also discussed the Compilations of Future-oriented Financial Information and Pro Forma project. Read the decision summary for more.