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This Annual Plan sets out the Board’s key activities and project milestones in 2020-2021, helping to achieve the objectives in the last year of its five-year strategic plan. Read the plan for full details.

Like you, we are monitoring the COVID-19 pandemic closely and evaluating daily how to respond to, and operate in, this environment. Read this statement from the Chairs of the AASB, AcSB and PSAB to learn how we are continuing our standard-setting operations during this unprecedented time.

In light of the current uncertainty resulting from COVID-19 pandemic, the AcSB commends the International Accounting Standards Board for issuing application guidance on accounting for expected credit losses under IFRS 9 Financial Instruments. The AcSB also welcomes the recent adjustments to capital and liquidity regulatory requirements provided by the Office of the Superintendent of Financial Institutions and its guidance on accounting for ECL, which is consistent with the requirements in IFRS 9.

The amendments, which clarify how to classify liabilities as current or non-current, are now in Part I of the CPA Canada Handbook – Accounting, and are effective for annual reporting periods beginning on or after January 1, 2022. Earlier application is permitted.

The International Auditing and Assurance Standards Board (IAASB) issued its Consultation Paper, Extended External Reporting (EER) Assurance, which proposes non-authoritative guidance to support this evolving area of reporting. Comments are due to the IAASB on July 13, 2020.

This Annual Plan sets out the Board’s key activities and project milestones in 2020-2021, helping to achieve the objectives in the last year of its five-year strategic plan. Read the plan for full details.

This Annual Plan sets out the Board’s key activities and project milestones in 2020-2021, helping to achieve the objectives in the last year of its five-year strategic plan. Read the plan for full details.

At its recent meeting, the Committee discussed a number of application issues in practice and comments on the Employee Future Benefits Exposure Draft.

How can companies provide a financial statement user with better information about business combinations? The IASB’s Discussion Paper: Business Combinations—Disclosures, Goodwill and Impairment investigates this through possible improvements to IFRS 3 Business Combinations and IAS 36 Impairment of Assets. Don’t have time to read the Discussion Paper? The IASB’s Snapshot provides an easy-to-understand overview of this paper that can help support you as you form your views on the proposals. Read it today!