News Listings

The Board reviewed draft response letters to the IAASB Discussion Paper on Fraud and Going Concern and the IFRS Foundation Trustees Consultation Paper on Sustainability Reporting. The Board also discussed the recommendations in the Monitoring Group publication Recommendations to Strengthen the International Audit and Ethics Standard Setting System.

The Council met on June 22-23, 2020 to receive an update on the Board’s draft Strategic Plan as well as the Board’s 2019-2020 Performance Report. Read the full report for more information.

At its recent meeting, the Board discussed the International Strategy project and PSAB’s response to the Consultation Paper on Sustainability Reporting by the Trustees of the IFRS Foundation. Read the Decision Summary for full details.

At its recent meeting, the Board discussed the Employment Benefits project, the 2021-2022 Annual Plan and Risk Assessment, and the Interim Performance Report. Read the Decision Summary for full details.

At its recent meeting, the Board discussed Public Private Partnerships and Financial Instruments. Read the Decision Summary for full details.

The Board discussed Goodwill and Impairment, and Sustainability Reporting. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives

Thinking about entering into a sale and leaseback transaction? Then this exposure draft could be important to you! The IASB has issued an Exposure Draft to amend IFRS 16 to specify the method a seller-lessee uses in initially measuring the right-of-use asset and liability in a sale and leaseback transaction. Canadian stakeholders are encouraged to submit their comments to the IASB by March 29, 2021.

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.

The Board discussed considerations related to the IAASB’s draft project proposal for Audits of Less Complex Entities and Audit Evidence and issues related to the IAASB’s project on Extended External Reporting and Group Audits. It also discussed Canadian specific considerations related to adopting the new firm-level Quality Management standard. Read the full Decision Summary for details.

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!