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The IAASB approved International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. Find out what’s next for sustainability assurance in Canada.  

The AcSB continues to explore the impact of climate change on businesses and ASPE financial statements. In this second installment, we focus on topics such as property, plant, and equipment, impairment of long-lived assets, and contingent liabilities. This awareness series is designed to help organizations navigate climate-related matters using ASPE.

The IFRS Accounting Standards Discussion Group wants to hear about the challenges you face when applying IFRS Accounting Standards. Submit your issue by October 11, 2024, for consideration as a discussion topic at our December 3, 2024, meeting.

Standardsco, a newly established federal not-for-profit corporation, has been formed in response to the recommendations of the Independent Review Committee on Standard Setting in Canada. The Standardsco Search Committee is currently seeking qualified individuals to join our Inaugural Board of Directors, including the pivotal role of Chair. In partnership with the leadership advisory firm Odgers Berndtson, the Standardsco Search Committee encourages interested candidates to apply promptly. 

The AcSB discussed Relief from Recognition of Intangible Assets, and Amortization of Goodwill, Contributions, Agriculture, Related Party Combinations, Detailed Review of ASPE, Climate-related and Other Uncertainties in the Financial Statements, Reporting Controlled and Related Entities, Part IV priorities, and more. Read the Decision Summary for full details.

Want to join a network of financial reporting experts and be ahead of the curve on IFRS Accounting Standards hot topics that impact Canadian entities? If so, the Accounting Standards Board (AcSB) needs you on its IFRS Accounting Standards Discussion Group! Apply to be a volunteer member by November 1, 2024. 

The CSSB’s first Annual Plan focuses on finalizing and approving the proposed Canadian Sustainability Disclosure Standards (CSDS). This plan outlines our work for the year, including the development of a multi-year strategic plan and a workplan that reinforces our commitment to involving Indigenous Peoples, communities, organizations, and leaders in our standard-setting process. Read our inaugural Annual Plan to understand how we will drive the implementation of CSDS and continue to advance our sustainability disclosure goals.

The IASB has published an Exposure Draft, “Translation to a Hyperinflationary Presentation Currency,” which proposes amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates. Respond directly to the IASB with your feedback by November 22, 2024. In addition, stay tuned for the AcSB's wraparound exposure draft. The AcSB is not planning to respond to the IASB’s Exposure Draft, as this issue is not widespread for Canadian entities. If you think the AcSB should respond to this Exposure Draft, please send us your comment letter by October 31, 2024.

The AcSB is undertaking a project to improve Financial Statement Concepts in Parts II and III of the CPA Canada Handbook – Accounting. Learn how this initiative can benefit both preparers and practitioners in practice, as well as the Board in standard-setting.

The AcSB is undertaking a project to improve Financial Statement Concepts in Parts II and III of the CPA Canada Handbook – Accounting. Learn how this initiative can benefit both preparers and practitioners in practice, as well as the Board in standard-setting.