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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IFRS® Accounting Standards Discussion Group Meeting – December 3, 2024

At its upcoming meeting, the Group will discuss IFRS 9 Financial Instruments, focusing on accounting for debt modifications amid falling interest rates, along with various year-end financial reporting reminders. Don’t miss out on the latest IFRS news! Register now to observe our meeting via livestream.

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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December 9 - January 15, 2025 Virtual Roundtable Discussions – IASB Exposure Draft, “Provisions – Targeted Improvements” December 9, 2024 – 1:00 p.m. - 2:30 p.m. EST January 15, 2025 – 1:00 p.m. - 2:30 p.m. EST

Join the AcSB for a virtual roundtable discussion (in English) to learn about the IASB’s Exposure Draft, “Provisions – Targeted Improvements.” Don’t miss this chance to share your feedback directly with us to help inform our response to the IASB. Register now to save your spot!

Meeting & event summaries

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December 3, 2024 IFRS® Accounting Standards Discussion Group Recording – December 3, 2024

Watch the video recording of our Group’s December meeting. Agenda topics included IFRS 9 Financial Instruments, focusing on accounting for debt modifications amid falling interest rates, along with various year-end financial reporting reminders. Don’t miss out on the latest IFRS news! Watch our meeting for a limited time, on demand.

November 26-27, 2024 AcSB Decision Summary – November 26-27, 2024

The AcSB discussed Subsequent Measurement of Goodwill and Acquired Intangibles, Contributions, Financial Statement Concepts, Improvements to Presentation and Disclosure of Investments for Pension Plans, and more. Read the Decision Summary for full details.

November 13, 2024 Private Enterprise Advisory Committee Notes – November 13, 2024

The Private Enterprise Advisory Committee held a meeting on November 13, 2024, and discussed Relief from the Recognition of Intangible Assets and Amortization of Goodwill, Detailed Review of Accounting Standards for Private Enterprises, the Annual Plan, and Agriculture. Read the meeting notes for full details!

News

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December 16, 2024 Document for Comment

AcSB Exposure Draft – Accounting for Common Control Combinations

The AcSB wants your feedback on its proposed amendments to Section 3840, Related Party Transactions. These proposed narrow-scope amendments address accounting for a combination between enterprises or businesses under common control. Submit your comments by February 14, 2025.

December 9 - January 15, 2025 Meeting, News

Virtual Roundtable Discussions – IASB Exposure Draft, “Provisions – Targeted Improvements”

November 8, 2024 News, Volunteer Opportunity

Volunteer Opportunity – AcSB Advisory Committees

Are you interested in helping shape accounting standards for private enterprises and/or not-for-profit organizations in Canada? The Accounting Standards Board (AcSB) is looking for new members to join its advisory committees! Apply to be a member of the Private Enterprise Advisory Committee, the Not-for-Profit Advisory Committee, or the Medium and Small Practitioners Advisory Committee (formerly Small Practitioners Working Group) by December 15, 2024.