Standard setting in Canada
Independent Review Committee on standard setting in Canada
Next steps are approved, and implementation plans are underway on the recommendations made by the Independent Review Committee on Standard Setting in Canada (IRCSS) in March 2023. Key approvals include setting up an independent legal entity to house standard-setting activities, putting a new funding model in place, and establishing a single oversight council.
Auditing and assurance standards
Auditing and Assurance Standards Board (AASB) decision summary – November 17, 2023
The AASB discussed the Independence Standing Committee’s views on the “public interest entity” (PIE) definition and the Board’s next strategic plan. The Board also reviewed outreach and feedback summaries on the Exposure Draft, “General Requirements for Sustainability Assurance Engagements,” and its response letter to the IAASB.
Accounting standards
Accounting Standards Board (AcSB) Decision Summary – November 21-22, 2023
The AcSB discussed Contributions, Financial Instruments with Characteristics of Equity, and more. Read the Decision Summary for full details, including how you can provide feedback on these initiatives.
Canadian survey: Intangibles research
AcSB is undertaking research to get a better understanding on the types of intangibles that are gaining prevalence in the Canadian market and the information required by financial statement users. Complete the Intangibles survey to provide your feedback on potential areas of focus in this evolving area.
International Financial Reporting Standards (IFRS) Accounting Standards Discussion Group recording – December 12, 2023
Watch the video recording of the Group’s December meeting. Agenda topics included Revenue Recognition for Carbon Credits, Classification of Liabilities with Covenants when an Entity is Granted a Waiver or Period of Grace, and Year-end Financial Reporting Reminders. Don’t miss out on the latest IFRS news—watch the meeting for a limited time, on demand.
Public sector accounting
Exposure Draft, “Tangible Capital Assets, Proposed Amendments to Section PS 3150”
The Public Sector Accounting Board (PSAB) has issued an Exposure Draft proposing amendments to “Tangible Capital Assets, Section PS 3150.” The amendments are a result of the review of Section PS 4230, Capital Assets Held by Not-for-Profit Organizations, and Section PS 4240, Collections Held by Not-for-Profit Organizations, as part of the Government Not-for-Profit (GNFP) Strategy implementation. Read the Exposure Draft to learn more and submit your feedback by April 15, 2024.
