News Listings

With developments on sustainability standards continuing to unfold internationally, the Independent Review Committee on Standard Setting in Canada continues its work to ensure that Canadian standard setting is fit for the future. Get an update on discussions and the key matters identified, including public interest considerations and responsibilities to Indigenous peoples in the development of standards and recommendations on establishing a Canadian Sustainability Standards Board. The Committee will issue a Consultation Paper for the for public to comment on, in December. Read about the Committees’ progress to date and next steps.

The need for a Canadian Sustainability Standards Board is clearer than ever, says Edward J. Waitzer, Chair of the Independent Review Committee on Standard Setting in Canada. Learn more.

The Committee discussed contributions, recent amendments to other accounting frameworks, an update on public sector accounting standards and much more. Read the meeting notes for full details.

The formation of the new International Sustainability Standards Board (ISSB) was announced on Finance Day at COP26 in Glasgow, along with two other significant developments.

The IFRS Foundation also announced its commitment to consolidating the Climate Disclosure Standards Board and the Value Reporting Foundation with the new ISSB and will publish prototype climate and general disclosure requirements developed by the Technical Readiness Working Group (TRWG) – a group formed by the Trustees to undertake preparatory work for the ISSB.

The ISSB’s standards will enable companies to provide comprehensive sustainability information for the global financial markets. It will also have a global and multi-location presence with offices in Frankfurt and Montreal, responsible for key functions supporting the new Board, and enable deeper co-operation with regional stakeholders.

The Board discussed Cloud Computing, Disclosure Initiative – Targeted Standards-Level Review, Management Commentary, Post-implementation Review of IFRS 9, the Draft Strategic Plan, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

At its September 22, 2021 meeting, the Group discussed financial reporting hot topics such as the IFRS^® Interpretations Committee’s agenda decision on the costs necessary to sell inventories, accounting for crypto assets held on behalf of others, and an issuer’s accounting for green bonds. Read the meeting report for details.

The Board discussed Cloud Computing, Contributions, FASB Agenda Consultation, Framework for Reporting Performance Measures, Insurance, Leases, Pension Plans, Third Agenda Consultation, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

The 2022-2027 Draft Strategic Plan is open for comment, and the deadline is October 15, 2021. The AcSB wants to hear your views on its proposals to address the changing needs of stakeholders.

At its recent meeting, the Committee discussed the AcSB’s 2022-2027 Draft Strategic Plan and financial reporting by private enterprises during the COVID-19 pandemic. Read the meeting notes for full details. 

On July 26, 2021, the AcSB staff responded to the European Financial Reporting Advisory Group (EFRAG) Discussion Paper, “Accounting for Crypto-assets (liabilities): Holder and Issuer Perspective.” The AcSB staff strongly support EFRAG in its efforts to identify and raise awareness of the accounting issues for cryptoasset activities that are likely to be relevant to entities applying IFRS^® Standards. Read our letter to find out more about the AcSB staff’s views and suggestions on additional areas for consideration.