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Jointly presented by the AASB, CPA Canada and CPAB, this webinar explores considerations related to COVID-19 that could impact going concern assessments. Now available to view on-demand. Watch it today!

The International Auditing and Assurance Standards Board (IAASB) issued guidance on general audit considerations, and specific considerations relating to going concern in light of the changing environment due to the COVID-19 pandemic. 

At its recent meeting, the Board discussed, reviewed, and made a final decision on its International Strategy project, voting to approve Option 2 – Adapt IPSAS principles when developing future standards. Read the Decision Summary for full details.

This Introduction provides an overview of the changes the IAASB made to ISA 315, Identifying and Assessing the Risks of Material Misstatement, and related conforming and consequential amendments.

The International Auditing and Assurance Standards Board (IAASB) issued its Exposure Draft, ISA 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors). Comments are due to the IAASB on October 2, 2020.

At its recent meeting, the Board discussed, reviewed, and made decisions on the Financial Instruments – Narrow Scope Amendments project. Read the Decision Summary for full details.

The Board discussed the evolving situation related to the COVID-19 pandemic. A number of decisions were made in order to best support our stakeholders during this challenging and uncertain time, including: deferring January 1, 2020 and 2021 effective dates by one year for Part II standards and maintaining our current comment deadline of May 15, 2020 for the Exposure Draft, Combinations - Initial Measurements and Related Disclosures. Read the Decision Summary for more details.

The Board discussed the implications of COVID-19 on its 2020-2021 Annual Plan activities. It also approved an exposure draft of Canadian Auditing Standard (CAS) 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors). Read the Decision Summary for full details.

At its recent meeting, the Board discussed, reviewed, and made decisions on several topics, including the Conceptual Framework and Reporting Model, Annual Plan, 2019-2020 Performance Report, and the need for a Post Implementation Review for PS 2200 Related Party Disclosures. Read the Decision Summary for full details.

In light of the current uncertainty resulting from COVID-19 pandemic, the AcSB commends the International Accounting Standards Board for issuing application guidance on accounting for expected credit losses under IFRS 9 Financial Instruments. The AcSB also welcomes the recent adjustments to capital and liquidity regulatory requirements provided by the Office of the Superintendent of Financial Institutions and its guidance on accounting for ECL, which is consistent with the requirements in IFRS 9.