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® Accounting Standards
IFRS 15 Post-implementation Review
The AcSB received an education session on the International Accounting Standards Board (IASB) Request for Information (RFI), “Post-implementation Review of IFRS 15 Revenue from Contracts with Customers.” The IASB’s RFI was issued on June 29, 2023, and comments are due to the IASB on October 27, 2023. The AcSB plans to gather feedback from interested and affected parties to inform its response. As part of its outreach in early September 2023, the Board will hold public roundtables in English and French, including targeted financial statement preparer and user events. Read more on the Board’s project page and register now.
Relevance of Financial Reporting
Sustainability
The AcSB discussed the key messages to include in its response letter to the International Sustainability Standards Board’s (ISSB) Request for Information, “Consultation on Agenda Priorities.” The Board reiterated the need for implementation support following the release of the ISSB’s first two standards while balancing the need to progress future priorities. The Board also emphasized the importance of connectivity between financial reporting and sustainability disclosures to ensure users have cohesive reporting for decision-making.
The AcSB encourages interested and affected parties to share their views on the Request for Information by submitting response letters to the ISSB by September 1, 2023.
Governance
Survey on Priorities
The AcSB provided feedback on a draft of the survey the Board will use to seek input on new domestic projects to explore in the 2024-2025 fiscal year and beyond. The Board thinks this survey will be an easy way for more interested and affected parties to get involved in the standard-setting process. The Board will discuss a final draft of the survey at its September 2023 meeting and expects to publish it in October 2023.
Due Process
AcSB's Annual Plan
The AcSB received a quarterly update on activities relating to its 2023-24 Annual Plan, including identifying any potential project-related risks and mitigating factors. The Board decided to continue with its activities as planned and will continue to monitor whether updates are required to the Annual Plan. The Board will consider the topic again at its September 2023 meeting.
AcSB’s Advisory Committees and Working Groups
Pension Plan Working Group
The AcSB received an update on the July 13, 2023, Pension Plan Working Group meeting. At this meeting, the Group continued discussions on investment presentation and disclosure issues in Part IV of the CPA Canada Handbook – Accounting. These issues include presentation and disclosure of investment management expenses, and disclosures of interests in investment funds. The Group also discussed feedback on the Exposure Draft, “2023 Annual Improvements to Accounting Standards for Pension Plans,” and provided feedback on the ISSB’s Request for Information, “Consultation on Agenda Priorities.”
Small Practitioners Working Group
The AcSB received an update on the July 17, 2023, Small Practitioners Working Group meeting. At this meeting, the Group discussed proposals in the “Consultation Paper I – Exploring Scalability in Canada” and proposals to address the accounting for insurance contacts that include cash surrender value.
IFRS® Accounting Standards Discussion Group
The AcSB received an update on the July 18, 2023, private meeting of the IFRS® Accounting Standards Discussion Group. At this meeting, the Group provided feedback on the Requests for Information from the IASB on its Post-implementation Reviews of IFRS 9 Financial Instruments – Impairment and IFRS 15 Revenue from Contracts with Customers. The Group also provided feedback on the ISSB’s Request for Information, “Consultation on Agenda Priorities.”