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The AASB’s 2022-2025 Strategic Plan considers our changing environment – with a focus on understanding and responding to the related emerging issues and needs of our stakeholders. Key areas of our new Strategic Plan include: addressing the needs of less complex entities, the impact of new technologies, and continuing our prioritization of enhancing stakeholder engagement to develop solutions together. 

Effective April 1, 2021 to March 31, 2022, this Annual Plan is the first under the 2022-2025 Strategic Plan – meaning the activities undertaken this year will set a strong foundation for the next four years.

The AcSB wants your feedback on its proposal to extend the relief period for both lessees and lessors on accounting for rent concessions received or granted as a result of the COVID-19 pandemic. The Leases Exposure Draft proposes to extend the optional relief by one-year for lease payments originally due on or before December 31, 2022. This amendment applies to private enterprises and NFPOs using Parts II and III of the CPA Canada Handbook – Accounting. Submit your comments by July 30, 2021.

At its recent meetings, the Board discussed such topics as Rate Regulated Accounting, International Strategy, the Consultation Paper of IFR4NPO, and Financial Instruments. Read the Decision Summary for full details.

The AASB discussed issues related to the IAASB’s project on Group Audits and the anticipated exposure draft of a separate standard for audits of less complex entities. The Board approved its 2021-2022 Annual Plan and 2022-2025 Strategic Plan. 

The Council met on October 29-30, 2020 to receive an update on the Boards’ activities. Read the full report for more information.

Although the external audit is only one element within the broader financial reporting ecosystem, the auditor’s role in audits of financial statements continues to receive heightened public attention. We’re working to better understand the expectation gap between the perception of the auditor’s role and their responsibilities in a financial statement audit. Read this article to learn more about our outreach initiatives, and watch a video excerpt from our recent presentation on this topic!

The IAASB issued a survey on its Work Plan for 2022-2023. Help shape the IAASB’s future work by replying via the Board’s online tool. We encourage Canadian stakeholders to respond to the IAASB by August 5, 2021.

The IAASB released a new video for firms preparing to implement its new quality management standards. Watch this video for information on what may be retained from current quality control systems, the time and resources needed, and various ways to approach implementation.

Over the last year, the AASB responded to standard setting issues in the midst of a global pandemic with resilience, flexibility, and creativity. We ensured that our Annual Plan targets were appropriately addressed. Read about the AASB’s 2020-2021 activities and accomplishments in this year’s Annual Report.