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.
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IFRS® Accounting Standards
Discussion of International Accounting Standards Board (IASB) Priorities
The AcSB met with IASB Chair, Andreas Barckow and IASB Vice-Chair, Linda Mezon-Hutter to discuss the IASB’s work plan, topics of importance to Canadians, and how national standard setters can further support the work of the IASB.
International Tax Reform – Pillar Two Model Rules (Amendments to IAS 12)
The AcSB discussed its draft response letter to the IASB’s Exposure Draft International Tax Reform – Pillar Two Model Rules (Amendments to IAS 12) and provided staff with comments to incorporate into the final response letter. The Board will submit its letter by the March 10, 2023, deadline.
The AcSB also discussed the domestic implications of the IASB’s proposals. The Board directed staff to further research the impact of the International Tax Reform on applying Part II of the Handbook, to determine next steps.
Standards for Not-for-Profit Organizations
Contributions
The AcSB discussed and approved an outreach and communications plan for the exposure draft on recognition of contributions and related matters. The Board plans to issue the exposure draft at the end of March 2023.
Relevance of Financial Reporting
Scaling the Standards
The AcSB discussed and approved an outreach and communications plan for its consultation paper on its strategic initiative related to scaling the standards, as set out in the 2022-2027 Strategic Plan.
The AcSB also gave permission to begin the balloting process. The Board plans to issue the consultation paper at the end of March 2023.
Due Process
AcSB’s Advisory Committees and Working Groups
Not-for-Profit Advisory Committee
The AcSB received an update on the January 1, 2023, Not-for-Profit Advisory Committee meeting. At this meeting, the Committee discussed contributions, reporting controlled and related entities, and insurance contracts with cash surrender value.
Pension Plan Working Group
The AcSB received an update on the February 1, 2023, Pension Plan Working Group meeting. At this meeting, the Group discussed investment presentation and disclosure issues.
Private Enterprise Advisory Committee
The AcSB received an update on the February 2, 2023, Private Enterprise Advisory Committee meeting. At this meeting, the Committee discussed insurance contracts with cash surrender value and agriculture.