News Listings

COVID-19 continues to impact Canada and the world. We are each experiencing and navigating the challenges, and the standard-setting boards are no exception. We are reprioritizing work to adapt to our new environment, continuing to create helpful resources, and even launched a new online community platform to further pivot our operations to the digital environment.

Easily share your feedback on the Consultation Paper, Contributions – Revenue Recognition and Related Matters via quick polls, short surveys, or an open forum on our new online community platform, Connect.FRASCanada.ca. Register today!

The Board discussed its next Strategic Plan as well as its Mission Statement. Read the Decision Summary for full details.

Help the AcSB inform the development of IFRS® Standards by submitting academic papers for the IASB Research Forum. Topics of interest include better communication in financial reporting, extractive activities, equity accounting, goodwill and impairment, and effects analysis on new IFRS®  Standards. Submit papers through the Accounting and Finance Business Research online submission system by March 31, 2021.

Section 3462, Employee Future Benefits, was amended on November 2, 2020 to clarify the measurement of the defined benefit obligation for plans with a legislative, regulatory or contractual requirement to prepare a funding valuation. The amendments also remove the accommodation to allow the use of a funding valuation for defined benefit plans without a funding valuation requirement. The amendments are effective for annual financial statements relating to fiscal years beginning on or after January 1, 2022. 

The AcSB Chair is pleased to share that current Vice-Chair Armand Capisciolto’s term has been extended by AcSOC for two years to 2023. This extension reflects Armand’s strong contribution to the Board’s work to date and ensures a broad base of continuity in leadership for the AcSB in the current uncertain environment as the Board embarks on the preparation of its next strategic plan. 

The IFRS Foundation Trustees have published a Consultation Paper to assess demand for global sustainability standards and, if the demand for a global approach is strong, assess the extent to which the Foundation might contribute to the development of such standards. Read the full Paper to find out more and submit your comments by December 31, 2020.

The Board discussed topics such as Combinations, Goodwill and Impairment – plus much more. Read the Decision Summary for full details.

The amendments are now in Part I of the CPA Canada Handbook – Accounting. The amendments include deferring the effective date of IFRS 17 Insurance Contracts to January 1, 2023 and extending the temporary exemption of applying IFRS 9 Financial Instruments by two years to keep the effective dates aligned.

Section 3065, Leases was amended on November 2, 2020 to provide optional relief for both lessees and lessors on accounting for rent concessions received or granted as a result of the COVID-19 pandemic. These amendments are effective for fiscal years ending on or after December 31, 2020. Earlier application is permitted, including in financial statements not yet authorized for issue, so that the practical expedient is available for COVID-19-related rent concessions granted or received in 2020. Read more for further details on these amendments.