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In collaboration with the ACCA, CPA Canada, and CA ANZ, the AASB issued a joint report – Closing the expectation gap in audit – The way forward on fraud and going concern: A multi-stakeholder approach. The report provides recommendations on how to narrow the expectation gap in the areas of fraud and going concern, based on feedback from virtual roundtables held across the globe. Read the report for full details.

The AASB discussed issues related to Technology, Future-oriented Financial Information, Quality Management, the evolution of assurance, CUSP, AASB processes, and the IESBA’s “public interest entity” definition. Read the Summary for more.

Help the AASB develop new guidance on the implementation of KAM reporting. We want to better understand the 2020 experience and develop guidance for our stakeholders on lessons learned. Find out more about this exciting research opportunity and apply by October 31, 2021!

The Board discussed the Public Sector Accounting Discussion Group, the International Strategy – IPSASB Documents for Comment, and the Draft CPA Competency Map Response. Read the Decision Summary for full details.

The Board discussed Cloud Computing, Contributions, FASB Agenda Consultation, Framework for Reporting Performance Measures, Insurance, Leases, Pension Plans, Third Agenda Consultation, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

Learn more about key proposals in PSAB’s Exposure Draft “Employee Benefits, Proposed Section PS 3251,” by watching our on-demand webinar in English or French. Comments for the Exposure Draft are due November 25, 2021.

At its recent meeting, the Committee discussed the AcSB’s 2022-2027 Draft Strategic Plan and financial reporting by private enterprises during the COVID-19 pandemic. Read the meeting notes for full details. 

The AcSB wants your feedback on its proposal to provide an optional expedient for applying modification accounting and an exception to certain hedge accounting requirements in Section 3856 Financial Instruments. 

Applying to both private enterprises and NFPOs using Parts II and III of the CPA Canada Handbook – Accounting, these amendments aim to ease financial reporting burdens related to market-wide interest rate benchmark reform. Submit your comments by October 17, 2021.

The AASB discussed issues related to the IAASB’s projects on Group Audits and Auditor Reporting. The Board also received an update on its Future-oriented Financial Information project. Read the Summary for full details.

The Council met on February 11-12, 2021 to receive an update on the Boards’ activities. Read the full report for more information.