News Listings

The Board discussed topics such as the IASB’s Goodwill and Impairment Discussion Paper, ASPE implementation issues, its response letter to the CSA’s Proposed National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure – plus much more. Read the Decision Summary for full details.

Need help with COVID-19 related financial reporting issues? Check out this meeting report summarizing the Group’s discussion on issues such as the accounting for COVID-19 related rent concessions and financial reporting considerations of COVID-19.  Check back this June for the complete summary of everything discussed at the May 27, 2020 meeting. 

This amendment permits lessees not to assess whether particular Covid-19-related rent concessions are lease modifications and, instead, account for those rent concessions as if they were not lease modifications. Effective for annual reporting periods beginning on or after June 1, 2020, this is now in Part I of the CPA Canada Handbook – Accounting. Earlier application is permitted, including in financial statements not yet authorized for issue at May 28, 2020. The Amendments to the Basis for Conclusions that accompany, but are not part of, IFRS 16 Leases are also now in Part I of the CPA Canada Handbook – Accounting.

The Board discussed topics such as its Exposure Draft, “Combinations – Initial Measurements and Related Disclosures”, its planned 2020-2021 activities in light of the COVID-19 pandemic – plus much more. Read the Decision Summary for full details.

The Board discussed issues related to the International Auditing and Assurance Standards Board (IAASB) projects on Audit Evidence, Audits of Less Complex Entities and Quality Management. It also continued discussions of its draft response letter to the IAASB Consultation Paper, Extended External Reporting (EER) Assurance. Read the full Decision Summary for details.

As the COVID-19 pandemic and its effects in Canada continue to evolve, the standard-setting boards have focused discussions on ensuring stakeholder needs are addressed. Read this statement from the Chairs of the AASB, AcSB and PSAB to get an update on decisions we’ve made on resource development, effective date deferrals, and comment deadline extensions.

This amendment permits lessees not to assess whether particular Covid-19-related rent concessions are lease modifications and, instead, account for those rent concessions as if they were not lease modifications. The AcSB will incorporate the amendment, as well as the amendments to the Basis for Conclusions, into the CPA Canada Handbook upon completion of its due process activities.

The Board discussed key points to raise in an AASB response letter to the IASB Exposure Draft, General Presentation and Disclosures. It also reviewed a draft response letter to the Canadian Securities Administrators Proposed National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure. Read the Decision Summary for full details.

The IASB recently issued several small amendments to IFRS Standards, effective January 1, 2022. The package includes its Annual Improvements and narrow-scope amendments to three standards – IAS 16 Property, Plant and Equipment, IFRS 3 Business Combinations, and IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The AcSB will review the final amendments and complete its endorsement process in Q3 2020.

The Board discussed topics such as IFRS® Standards on Interest Rate Benchmark Reform and Leases, stakeholder feedback on its Exposure Draft, “Employee Future Benefits – Use of a Funding Valuation”, and an appropriate comment deadline for its recently released Consultation Paper “Contributions – Revenue Recognition and Related Matters” – plus much more. Read the Decision Summary for full details.