A number of standards updates and resources have recently been released that may be of interest to Alberta CPAs:
Auditing and Assurance Standards
Update: Auditing and Assurance Standards Board (AASB) approves revised CAS 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors)
At the March 7-8, 2022, Board meeting, the AASB approved CAS 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors), subject to the due process approval of the Public Interest Oversight Board (PIOB). The PIOB has now confirmed due process for ISA 600 (revised) and the International Auditing and Assurance Standards Board has released ISA 600 (revised). CAS 600 will become effective for audits of group financial statements for periods beginning on or after December 15, 2023. CAS 600 is anticipated to be issued in the Handbook in August 2022.
2021 Changes to Part I – AcSB Due Process – Endorsement Activities
How do new or amended IFRS® Standards make their way into the CPA Canada Handbook – Accounting? Find out via this overview of the due process activities the Accounting Standards Board completed in support of changes made to Part I of the Handbook in 2021.
2021-2022 AASB Annual Report – A Year of Forging Ahead
As the second year of the pandemic continued, the AASB forged ahead with its standard-setting initiatives. The Board’s dedication to standard-setting and serving the public interest was demonstrated through its robust performance and achievement of this year’s Annual Plan. Read about the AASB’s 2021-2022 activities and accomplishments in this year’s Annual Report.
IAASB Issues New Non-Authoritative Guidance on Fraud in an Audit of Financial Statements
The International Auditing and Assurance Standard Board (IAASB) issued non-authoritative guidance, The Fraud Lens – Interactions Between ISA 240 and Other ISAs. This guidance illustrates the relationship between International Standard on Auditing (ISA) 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, and other ISAs when planning and performing an audit engagement and reporting thereon. Read this non-authoritative guidance for full details.
AASB Decision Summary – May 5
The AASB discussed issues related to the IAASB’s proposed International Standard on Auditing (ISA) 500, Audit Evidence. It also reviewed the first draft of the Exposure Draft on Joint Policy Statement with Auditors and Actuaries and discussed other issues.
Sustainability
MEDIA RELEASE – Accounting, Audit and Assurance Standards Oversight Councils announce Canadian Sustainability Standards Board
As the pace of progress in sustainability disclosures continues to accelerate, the Accounting Standards Oversight Council and Auditing and Assurance Standards Oversight Council mutually approved the formation of the Canadian Sustainability Standards Board. Read the media release from those organizations to learn more.
Canadian Consultation: Climate-related Disclosures Exposure Draft
Financial Reporting & Assurance Standards (FRAS) Canada is embarking on a consultation project to solicit feedback from Canadians on an Exposure Draft of the International Sustainability Standards Board (ISSB), “IFRS S2 Climate-related Disclosures.” Take part in the short online surveys to easily share your comments with FRAS.
Your feedback will inform the response letter sent to the ISSB by Canada’s standard-setting oversight councils. Ensuring Canadian perspectives are heard by the ISSB helps to ensure our country’s unique issues and perspectives are considered before a final standard is issued. The survey will close on July 29.
Canadian Consultation: General Requirements for Disclosure of Sustainability-related Financial Information Exposure Draft
Financial Reporting & Assurance Standards Canada is embarking on a consultation project to solicit feedback from Canadians on the ISSB’s Exposure Draft, “IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information.” Take part in our short online surveys to easily share your comments with us.
Your feedback will inform the response letter sent to the ISSB by Canada’s standard-setting oversight councils. Ensuring Canadian perspectives are heard by the ISSB helps to ensure our country’s unique issues and perspectives are considered before a final standard is issued. The deadline for feedback is July 29.
Public Sector Standards
IPSASB Consultation Paper – Advancing Public Sector Sustainability Reporting
The Public Sector Accounting Board (PSAB) encourages stakeholders to respond to the International Public Sector Accounting Standards Board’s (IPSASB) recently released Consultation Paper, Advancing Public Sector Sustainability Reporting. Respond directly to IPSASB by September 9 to ensure Canadian-specific issues and perspectives related to public sector sustainability reporting are considered.
Virtual Roundtable Discussions – IPSASB Natural Resources Consultation
Join both PSAB and IPSASB staff for this exclusive virtual roundtable discussion opportunity for Canadians! Weigh in on IPSASB’s recent release of their Natural Resources Consultation Paper on July 19, 2022 in English or July 27, 2022 in French. Your feedback on this forward-looking issue will help inform PSAB’s response to the IPSASB, ensuring Canadians’ unique views and perspectives are heard at the global level.
PSA Discussion Group Meeting – May 12, 2022
Missed the May 12, 2022, livestreamed meeting of the PSA Discussion Group? Watch a recording in either English or French until July 14, 2022.
