News Listings

This Annual Plan sets out the Board’s key activities and project milestones in 2020-2021, helping to achieve the objectives in the last year of its five-year strategic plan. Read the plan for full details.

At its recent meeting, the Committee discussed a number of application issues in practice and comments on the Employee Future Benefits Exposure Draft.

How can companies provide a financial statement user with better information about business combinations? The IASB’s Discussion Paper: Business Combinations—Disclosures, Goodwill and Impairment investigates this through possible improvements to IFRS 3 Business Combinations and IAS 36 Impairment of Assets. Don’t have time to read the Discussion Paper? The IASB’s Snapshot provides an easy-to-understand overview of this paper that can help support you as you form your views on the proposals. Read it today!

The IASB voted to defer the effective date of IFRS 17 to annual reporting periods beginning on or after January 1, 2023. It also voted to extend the temporary exemption of applying IFRS 9 by two years to keep the effective dates aligned. The AcSB welcomes these decisions as they support achieving a common global adoption date. The AcSB encourages Canadian stakeholders to continue with their implementation efforts to ensure a high-quality implementation of IFRS 17.

The Board discussed topics such as IFRS Standards, employee future benefits, related party transaction, standards for pension plans, and its next strategic plan, among others. Read the Decision Summary for full details.

Part of the non-authoritative guidance that was removed from Part V on March 1, 2020 was Section 4250, Future Oriented Financial Information. This guidance continues to be relevant to private enterprise financial statement preparers and practitioners, so it will be retained in the Handbook. Read more about this update.

The Board discussed topics such as contributions, ASPE implementation, and its next strategic plan, among others.

The IASB has published a Request for Information to seek views on whether and how to align the IFRS for SMEs Standard with the full IFRS Standards. Stakeholders are encouraged to respond by July 27, 2020.

The amendments clarify one of the criteria for classifying a liability as non-current – that is, the right to defer settlement for at least 12 months after the reporting date. The AcSB will incorporate the amendments into the CPA Canada Handbook upon completion of its due process activities.