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The AcSB wants your feedback on its proposed accounting guideline, AcG-21 Accounting for Life Insurance Contracts with Cash Surrender Value. The proposed Accounting Guideline provides guidance on accounting for insurance contracts with cash surrender value from the policy owner’s point of view. Read our Exposure Draft and submit your comments by January 31, 2024. 

International Public Sector Accounting Standards Board (IPSASB) has released its 2024-2028 Strategy and Work Program Consultation. To ensure that Canadian perspectives are considered, and future standards serve the Canadian public interest, PSAB encourages you to respond to this Consultation. Submit your comments to PSAB by January 15, 2024.

During its November 1-2, 2023, meeting, the Not-for-Profit Advisory Committee discussed Contributions, Reporting Controlled and Related Entities, Scaling the Standards, and more. Read the meeting notes for full details.

This FAQ addresses investigating exceptions and the concept of performance materiality when using automated tools and techniques while executing auditing procedures. Read for full details.

The AcSB discussed the Post-implementation Review of IFRS 15, Scaling the Standards, and more. Read the Decision Summary for full details, including how you can provide feedback on these initiatives.

Want to join a network of financial reporting experts and be ahead of the curve on IFRS Accounting Standards hot topics? If so, we need you on the AcSB’s IFRS Accounting Standards Discussion Group! Apply to be a volunteer member by November 3, 2023.

The Implementation Guide provides a summary of the revised CAS 600 requirements, practical considerations for complying with the requirements, and more. Reference this helpful resource for help understanding and applying the revised standard when involved in a group audit, whether as the group auditor or a component auditor for the group audit engagement. Read for full details.   

Check out our resources and non-authoritative guidance to better understand PSAB’s Reporting Model in Section PS 1202, Financial Statement Presentation. The Reporting Model is effective for fiscal years beginning on or after April 1, 2026 – refer to these resources to learn how to apply this foundational standard for the public sector.

The AcSB issued its Exposure Draft which corresponds to the IASB’s Exposure Draft on this topic. If you would like your feedback considered prior to our Board finalizing our comment letter, please respond by November 27, 2023.

Auditing and Assurance Standards Oversight Council met on September 28, 2023, to discuss the Auditing and Assurance Standards Board’s activities and related matters. Read the full report for more information.