News Listings

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.

At its recent meeting, the Committee discussed accounting for cloud computing arrangements and combinations.

Hear about COVID-19-related financial reporting considerations under Parts II and III of the CPA Canada Handbook - Accounting and get an update on upcoming standard-setting proposals from the AcSB. Register today to attend a webinar on November 10, 2020 (English) or November 16, 2020 (French). 

Hear about the potential COVID-19 financial reporting considerations under IFRS® Standards and receive a brief update on upcoming international standard-setting documents for comment. Register today to attend this webinar on November 17, 2020 in English or French.

The Board discussed topics such as Combinations, Leases, Insurance Contracts – plus much more. Read the Decision Summary for full details.

The Board submitted its comment letter responding to the IAASB’s Exposure Draft of ISA 600 (Revised), Special Considerations - Audits of Group Financial Statements (Including the work of Component Auditors). Read the AASB’s full response.

Are you someone with an in-depth knowledge of financial reporting for pension or other types of post-retirement plans? Do you use financial information about pension plans for decision-making or providing advice? If so, the AcSB needs you in its Pension Plan Working Group! Learn more about this opportunity to inform accounting standard-setting and apply by November 20, 2020.   

The expectation gap between the public’s perception of the role of the auditor, the auditor’s current responsibilities, and how they may evolve are receiving heightened attention. Register for our new online community platform, Connect.FRASCanada.ca, to quickly and easily provide your input on this growing issue – as well as hear from others on these important topics.

The amendment, which defers the effective date of Classification of Liabilities as Current or Non-current (Amendments to IAS 1) by one year, is now in Part I of the CPA Canada Handbook. The amendments to IAS 1 are effective for annual reporting periods beginning on or after January 1, 2023. Earlier application is permitted.

At its recent meeting, the Board discussed Public Private Partnerships, Employment Benefits, and the International Strategy. Read the Decision Summary for full details.