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As of March 1, 2020, Part V, also known as pre-changeover accounting standards, will be removed from the Handbook. Read more for additional information, and to find out what this means for stakeholders and preparers.

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 June 30, 2020.

Representatives of the AcSB and the Accounting Standards Board of Japan (ASBJ) met on January 13, 2020 in Toronto. This meeting was the first bilateral meeting between the AcSB and the ASBJ. Both Boards introduced their respective financial reporting frameworks and activities, and exchanged views on the opportunities for cooperation. 

The AcSB is monitoring the IASB’s 2019 comprehensive review of the IFRS for SMEs Standard. As part of the review, the IASB is developing a Request for Information, expected to be issued in the first quarter of 2020.

The International Auditing and Assurance Standards Board (IAASB) released International Standard on Auditing (ISA) 315 (Revised 2019). It is an important part of the IAASB’s efforts to improve global audit quality and keep up with the evolving environment in which businesses operate. It becomes effective for financial statement audits for periods beginning on or after December 15, 2021.

The Task Force on Reporting Implications of the Canadian Auditing Standards released a fourth edition of the Auditor Reporting Guide. The revised Auditor Reporting Guide includes a new chapter on Key Audit Matters. Read the Guide for full details.

During a conference call, the Council discussed the activities of the AASB and other related matters. The Council also received an update on the Independence Standing Committee. Read the full report for more information.

What do you think about disclosure of certain non-GAAP measures in the financial statements? The IASB has issued an Exposure Draft relating to its Primary Financial Statements project. Have your say by June 30, 2020. The AcSB will issue its corresponding exposure draft in January 2020.

The Group discussed topics such as lease term and useful life of leasehold improvements, application of definition of lease to a surface right, and impacts of climate change on financial reporting. Read about the views expressed by Group members for helpful tips on these and other topics.

On November 12, 2019, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in July 2019. The letter agrees with the intent of the proposals, but recommends that the drafting of the amendments should be revised to better communicate the guidance to stakeholders. Due to the complexity of this topic, the AcSB also recommends that illustrative examples be provided in IAS 12 to demonstrate the application of the proposed guidance.