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AcSOC is pleased to announce new members and re-appointed members to the Council, PSAB and the AcSB. As well, we wish to thank those retiring for their dedicated service. Read the appointments page for full details.

Share your views on the proposed Accounting Guideline applicable to private enterprises and not-for-profit organizations. The proposals take a pragmatic approach by providing accounting policy choices to address a range of stakeholders’ concerns when accounting for cloud computing arrangements. They also clarify the application of existing Sections. Submit your comments by June 20, 2022. 

The Board discussed Non-current Liabilities with Covenants, Related Party Combinations, Cloud Computing Arrangements, Pension Plans, Independent Standard Setting Review, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

As we enter a busy time of year for our stakeholders, we want to highlight the importance of consultations being led by the Independent Review Committee on Standard Setting (IRCSS) in Canada. Read the joint statement from our Board Chairs to find out how you can contribute to the future of standard setting in Canada.

Are you a Canadian private enterprise, not-for-profit organization, pension plan or an advisor to one? Watch this webinar to learn about amendments in Part II, III and IV of the CPA Canada Handbook, including topics such as accounting for retractable or mandatorily redeemable shares, not-for-profit combinations, and amendments to pension plan accounting.

The IPSASB released Exposure Draft 81, Proposed Update to Conceptual Framework. PSAB encourages stakeholders to send comments directly to the IPSASB by May 31, 2022. If you would like PSAB to consider your feedback in its response, please reply by May 16, 2022.

Section 3856, Financial Instruments was amended on February 1, 2022, to provide relief to debt modification accounting and hedge accounting during the benchmark interest rate reform. These amendments are effective for fiscal years ending on or after February 1, 2022. Earlier application is permitted, including in financial statements not yet authorized for issue. Find out more.

The AASB discussed stakeholder feedback on Quality Management – Conforming Amendments and received a presentation of feedback from stakeholders related to AASB’s Discussion Paper on Audits of Less Complex Entities. The Board also discussed the IAASB Work Plan for 2022-2023 and provided input to the IAASB’s Working Group project proposal to revise ISA 240 on Fraud as well as issues related to ISA 600 on Group Audits. Read the summary for more details!

The Board discussed Contributions, Subsidiaries without Public Accountability, PIR of IFRS 9, Cloud Computing, the Draft Strategic Plan, the Annual Plan, the Performance Report, the Communications Strategy, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

The Board discussed the 2022-2027 Draft Strategic Plan, Risk Assessment, 2021-2022 Interim Performance Report, 2022-2023 Draft Annual Plan and the Conceptual Framework. Read the Decision Summary for full details.