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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.   

On September 27, 2023, the AcSB responded to the IASB’s Request for Information, “Post-implementation Review of IFRS 9 Financial Instruments—Impairment” issued in May 2023. The AcSB’s letter expressed that overall, the impairment requirements in IFRS 9 are working as intended. However, the AcSB highlighted some application issues that may indicate a need for clarification to the requirements.  Read our letter to find out more! 

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.

Read our In Brief, added to the resources, for an outline of the main concepts in the Conceptual Framework, what has changed, and how these amendments affect the user. PSAB’s new Conceptual Framework is effective for fiscal years beginning on or after April 1, 2026, and we have resources to help you prepare!

The AASB is seeking input on the CSSA 5000 Exposure Draft from all interested and affected parties, especially those who perform assurance engagements over sustainability information, preparers of sustainability disclosures, and other users of the assurance report. Respond to our short surveys today!

The IFRS Accounting Standards Discussion Group wants to hear about the challenges you face when applying IFRS Accounting Standards. Submit your issue by October 20, 2023, for consideration as a discussion topic at our December 12, 2023, meeting.

PSAB’s new Reporting Model is now available in the PSA Handbook. A significant milestone for financial reporting in the Canadian public sector, this new Reporting Model will help increase the accountability value and understandability of public sector entities’ financial statements for users.

The Board discussed updates related to the Director’s Report, the Due Process Review, Employee Benefits, Intangible Assets, Government Not-for-Profit, and more. Read the Decision Summary for full details.