This summary of Accounting Standards Board (AcSB) decisions has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussion on projects, which may change after further deliberations by the Board. Decisions to publish Handbook material are final only after a formal ballot process.
The AcSB will respond to change and reprioritize when necessary, ensuring we can address implementation challenges and provide the information users may need in these unique circumstances.
The AcSB values input and feedback from stakeholders and can be reached anytime through our online form.
IFRS® Standards
Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12
The AcSB discussed its draft response letter to the International Accounting Standards Board’s (IASB’s) Request for Information, “Post-implementation Review: IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, and IFRS 12 Disclosure of Interests in Other Entities,” providing staff with comments to incorporate into its final letter. The AcSB encourages stakeholders to share their views of the Request for Information by submitting their response letters to the IASB (and a copy to the AcSB) by May 10, 2021.
Insurance Contracts
The AcSB received an update on insurance developments from domestic and international perspectives. The Board discussed Canadian implementation issues to determine whether any issues warranted further action. The Board also discussed next steps on its Insurance Transition Resource Group, noting that while no meetings are currently scheduled, the Board stands ready to reconvene the Group should the need arise.
Due Process
AcSB’s Strategic Plan
The AcSB reviewed a revised draft of its next Strategic Plan and discussed feedback from the Accounting Standards Oversight Council (AcSOC). The Board also discussed the duration of the comment period to provide sufficient time for stakeholders to respond. The Board expects to issue the Draft Strategic Plan in May 2021, with a comment period ending in October 2021.
AcSB’s 2020-2021 Performance Report and Annual Report
The AcSB approved its performance report for the operating year ended on March 31, 2021, after considering input from the AcSOC’s Performance Review Committee. AcSOC will receive this report in June 2021 to assess the Board’s performance for the 2020-2021 operating year.
The AcSB also discussed and approved its 2020-2021 Annual Report. The Board expects to post the Annual Report on its website on May 14, 2021.
AcSB Capacity Analysis
The AcSB discussed various upcoming international documents for comment and assessed its priorities for the coming months.
The AcSB decided, based on feedback received to date, that it would not respond to the IASB’s Exposure Draft, Lack of Exchangeability as the proposals are not expected to have a significant impact on Canadian stakeholders. The AcSB will issue its wraparound exposure draft on the IASB’s document to provide interested stakeholders with an opportunity to comment directly to the AcSB in advance of the IASB’s September 1, 2021 deadline.