Auditing and assurance standards
AASB Decision Summary (May 14, 2024)
The Auditing and Assurance Standards Board (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 International Auditing and Assurance Standards Board’s (IAASB’s) proposed ISA 240. The AASB also discussed the Compilations of Future-oriented Financial Information and Pro Forma project.
ISC Exposure Draft–Proposed Revisions Relating to Definitions of Public Interest Entity and Listed Entity in Canadian Independence Standards
The Independence Standing Committee’s (ISC) Exposure Draft outlines its proposals to revise the definition of “public interest entity” (PIE) in the Canadian Independence Standards (CIS), to align more closely with the International Ethics Standards Board for Accountants (IESBA) Code. Final changes to the CIS may impact the Listed Entity and PIE project. Respond directly to the ISC by September 30.
Accounting standards
Improvements to Presentation and Disclosure of Investments for Pension Plans
The Accounting Standards Board (AcSB) has released the Exposure Draft: “Improvements to Presentation and Disclosure of Investments for Pension Plans.” This Exposure Draft proposes amendments to Section 4600, Pension Plans, in Part IV of the CPA Canada Handbook–Accounting, changes that will affect how pension plans present and disclose investments in their financial statements. Provide your feedback in a virtual roundtable discussion on September 9.
Accounting for restricted contribution revenue and not-for-profit organizations (NFPOs)
The AcSB seeks input from professionals in not-for-profit organizations (NFPOs) on accounting for restricted contribution revenue to help develop a new exposure draft. Your feedback is essential to ensure the standards meet the needs of NFPOs, both public and private, as well as those adhering to Accounting Standards for Private Enterprises (ASPE). Surveys are tailored to different roles within the sector: User Survey (decision-makers using NFPO financials), Preparer Survey (for those handling NFPO financial statements), and Practitioner Survey (serving multiple NFPO clients).
IFRS® Accounting Standards Discussion Group Meeting Report (May 14, 2024)
The Group discussed Consideration of OECD Pillar Two GloBE Rules When Accounting for Deferred Tax Assets, Assessment of Cash-generating Units in a Production Facility with Multiple Production Lines When One of the Products Has a Declining Market Demand, and more.
What you need to know about effects of climate-related risks and opportunities on ASPE Financial Statements: Awareness document
Climate change is impacting businesses worldwide, bringing challenges to both operations and financial reporting. The AcSB is releasing a series of awareness documents to help organizations navigate these climate-related challenges using ASPE.
Survey on the Restricted Fund Method and Fund Accounting presentation
Respond to the AcSB’s brief survey by August 16 to help develop a new exposure draft on accounting for restricted contribution revenue.
Improvements to Presentation and Disclosure of Investments for Pension Plans
The AcSB requests your feedback by October 2 on its Exposure Draft, “Improvements to Presentation and Disclosure of Investments for Pension Plans”. The proposed amendments to Section 4600 seek to improve fair value disclosures, disclosures of interests in investment vehicles, and presentation and disclosure of investment expenses.
AcSB is also holding a roundtable discussion on September 9 to seek your input on this Exposure Draft.
Public sector accounting
Public Sector Accounting Discussion Group Meeting (June 7, 2024)
Watch the video recording of the Group’s June meeting where the following topics were discussed: Asset Retirement Obligations: Exploration of Potential Application Issues and Application of GAAP Hierarchy–Operating Leases, Lessee Accounting Treatment.
