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The Board discussed issues related to the International Auditing and Assurance Standards Board (IAASB) projects on Audit Evidence, Audits of Less Complex Entities and Quality Management. It also continued discussions of its draft response letter to the IAASB Consultation Paper, Extended External Reporting (EER) Assurance. Read the full Decision Summary for details.

The Board discussed topics such as its Exposure Draft, “Combinations – Initial Measurements and Related Disclosures”, its planned 2020-2021 activities in light of the COVID-19 pandemic – plus much more. Read the Decision Summary for full details.

As the COVID-19 pandemic and its effects in Canada continue to evolve, the standard-setting boards have focused discussions on ensuring stakeholder needs are addressed. Read this statement from the Chairs of the AASB, AcSB and PSAB to get an update on decisions we’ve made on resource development, effective date deferrals, and comment deadline extensions.

The IAASB issued guidance on audior reporting in light of the changing environment due to the COVID-19 pandemic, including: modifications to the auditor’s opinion, material uncertainty relating to going concern;inclusion of key audit matters and/or emphasis of matter paragraphs, reporting implications for interim review engagements, and other issues.

The Board discussed key points to raise in an AASB response letter to the IASB Exposure Draft, General Presentation and Disclosures. It also reviewed a draft response letter to the Canadian Securities Administrators Proposed National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure. Read the Decision Summary for full details.

The Board discussed topics such as IFRS® Standards on Interest Rate Benchmark Reform and Leases, stakeholder feedback on its Exposure Draft, “Employee Future Benefits – Use of a Funding Valuation”, and an appropriate comment deadline for its recently released Consultation Paper “Contributions – Revenue Recognition and Related Matters” – plus much more. Read the Decision Summary for full details.

The International Auditing and Assurance Standards Board (IAASB) issued guidance on auditor considerations relating to subsequent events in light of the changing environment due to the COVID-19 pandemic. Auditors will likely require greater focus on events occurring between the date of the financial statements and the date of the auditor’s report (subsequent events) and the effect, if any, on the entity’s financial statements.

To account for COVID-19’s impact on the IAASB’s work, its staff capacity to deliver, and the capacity of the IAASB’s stakeholders to participate in consultations and to implement new standards, the IAASB has reconsidered the timelines for its projects in 2020.

The AASB discussed a portion of its draft response letter to the IAASB Consultation Paper, Proposed Non-Authoritative Guidance Extended External Reporting (EER) Assurance. It also approved revisions to its Due Process Manual.

AASB Exposure Draft – Audits of Group Financial Statements (Including the Work of Component Auditors)

The AASB issued an Exposure Draft proposing the adoption of ISA 600 (Revised), with appropriate Canadian amendments. Stakeholders are invited to comment until September 11, 2020. For full details, visit the Document for Comment page.