News Listings

The Board discussed Rate Regulated Activities and Cloud Computing. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives. 

Access a recent presentation by Ann Tarca, member of the International Accounting Standards Board (IASB), outlining opportunities for academic researchers to contribute to the IASB’s work. This presentation took place on January 29, 2021 at the American Accounting Association’s International Accounting Section mid-year meeting, a joint virtual conference with the International Association for Accounting Education & Research.

The International Accounting Standards Board (IASB), together with Accounting in Europe and The British Accounting Review, has published a joint call for research papers on compliance with mandatory disclosure requirements, specific areas of interest to the IASB, and/or alternative research approaches. The deadline for submissions is January 31, 2022.

The Board discussed recent work performed by the Audits of Less Complex Entities Advisory Group and elements of a possible project proposal to revise or replace AuG-16, Compilation of a Financial Forecast or Projection. It also discussed its approach to issuing an exposure draft on conforming amendments to other Canadian standards as a result of its approval of CSQM 1. 

Predict the future? The AASB can’t do that, but it can work with you on what Canadian auditing and assurance standards should look like in the coming years. Join us for a short Zoom chat and take part in a quick survey on one (or all!) of our six proposed strategic topics this February and March. Talk to us about the issues that matter to you most, that the AASB can help solve.

The IASB is responding to the challenges facing lessees as a result of the ongoing effects of the COVID-19 pandemic. This new Exposure Draft amends IFRS 16 to extend the availability of the exemption for COVID-19-related rent concessions by one year to June 30, 2022. Canadian stakeholders are encouraged to submit their comments to the IASB by February 25, 2021.

Representatives of the AcSB and the Accounting Standards Board of Japan (ASBJ) met virtually on February 2, 2021. This meeting was the second bilateral meeting between the AcSB and the ASBJ. Both Boards introduced their respective responses to the COVID-19 pandemic and discussed agenda items in which they have common interest, including primary financial statements, goodwill and impairment, and rate regulated activities.

The Board discussed its Strategic Plan, Annual Improvements, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

At its December 17, 2020 meeting, the Group discussed many financial reporting hot topics such as the IFRS® Interpretations Committee’s tentative agenda decision on the classification of debts as current or non-current, disclosure of the impact of COVID-19, and impairment testing of right-of-use assets. Read the meeting report for details.

Did you conclude that your company did not have material uncertainties associated with its ability to continue as a going concern? Would small changes to the assumptions you used change that assessment? Read this joint resource issued by the AcSB and AASB on accounting and auditing considerations relating to close call going concern assessments.