AcSB

Accounting Standards Board

About the AcSB

The Accounting Standards Board (AcSB) is an independent body with the authority to establish accounting standards for use by all Canadian entities outside the public sector. We serve the public interest by establishing standards for financial reporting by all Canadian private sector entities and by contributing to the development of internationally accepted financial reporting standards.

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Contributions – Revenue Recognition and Related Matters Exposure Draft Feedback Statement

Read the feedback statement for the AcSB's 2023 Exposure Draft, “Contributions – Revenue Recognition and Related Matters” to learn how your feedback has shaped the future direction of the Contributions project.

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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, developed to help organizations in navigating climate-related matters using ASPE standards, for improved financial reporting.

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Upcoming meetings & events

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September 9-10, 2024 Virtual Roundtable Discussions: AcSB’s Exposure Draft, “Improvements to Presentation and Disclosure of Investments for Pension Plans” English roundtable – September 9, 2024 – 1:00 p.m. – 2:30 p.m. ET French roundtable – September 10, 2024 – 9:30 a.m. – 11:00 a.m. ET

The AcSB is holding roundtable discussions to seek your input on our Exposure Draft, “Improvements to Presentation and Disclosure of Investments for Pension Plans.” Join us for the English session on September 9, 2024, or the French session on September 10, 2024. Register now to share your feedback!

Meeting & event summaries

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May 22, 2024 AcSB Decision Summary – May 22, 2024

The AcSB discussed Application Questions, Contributions, Detailed Review of Accounting Standards for Private Enterprises, Carbon Credits Research, and more. Read the Decision Summary for full details.

May 14, 2024 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. Read the meeting report for full details!

May 9, 2024 Private Enterprise Advisory Committee Notes – May 9, 2024

The Committee held a meeting on May 9, 2024, and discussed relief from recognition of intangible assets and amortization of goodwill, insurance contracts with cash surrender, and more. Read the meeting notes for full details!

News

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June 17, 2024 News

IASB issues new IFRS® Accounting Standard – IFRS 19 Subsidiaries without Public Accountability: Disclosures

The IASB’s newly issued IFRS Accounting Standard, IFRS 19 Subsidiaries without Public Accountability: Disclosures, permits eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures. IFRS 19 is effective for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted.

The AcSB will ballot IFRS 19 and complete its endorsement process in Q2 2024. Find out more.

June 4, 2024 International Activity, Document for Comment, News

IASB Exposure Draft – Contracts for Renewable Electricity

The IASB has published its Exposure Draft, “Contracts for Renewable Electricity,” which proposes amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. Respond directly to the IASB with your feedback by August 7, 2024. Also, stay tuned for the AcSB's wraparound exposure draft. If you want the AcSB to consider your feedback before finalizing our comment letter, please respond by July 31, 2024.

June 1, 2024 Resource, Article

2023 Changes to Part I – AcSB Due Process – Endorsement Activities

How do new or amended IFRS^® Accounting Standards make their way into the CPA Canada Handbook – Accounting? Find out via this overview of the due process activities we completed in support of changes made to Part I of the Handbook in 2023.