Top Stories

The Board discussed its draft response to the IAASB’s Discussion Paper for Audits of Less Complex Entities and key issues related to Compilation Engagements. Read the summary for full details.

At its recent meeting, the Committee discussed accounting for contributions and combinations, as well as research on the NFP sector, amendments to other frameworks, and the Public Sector Accounting Board’s (PSAB’s) Government NFP Strategy Consultation paper.

The Board discussed topics such as IFRS^® Standards, Agriculture, Combinations, and ASPE implementation questions, among others.

On June 17, 2019, the AcSB responded to the IASB’s Exposure Draft, Interest Rate Benchmark Reform (Proposed amendments to IFRS 9 and IAS 39). This Exposure Draft focuses on the issues affecting financial reporting in the period before the replacement of an existing interest rate benchmark with an alternative interest rate. Read our letter to understand the matters we raised to the IASB for further consideration.

The AASB is investigating the challenges experienced by Canadian practitioners when auditing LCEs. Join the AASB Discussion Group where AASB Principal, Andrea Lee, will be sharing information, asking questions, and moderating discussion to help us understand what you, our stakeholders, need when performing audits of LCEs.

The Board discussed the draft responses to the IAASB’s Exposure Draft “Quality Management at the Firm and Engagement Level, Including Engagement Quality Reviews.” Read the Summary for full details.

The AASB is currently working on analyzing the feedback received on our Exposure Draft, Compilation Engagements to finalize a new standard. But we need your help to get to the finish line! Join the AASB Discussion Group - Finalizing the new Compilation Engagements standard, where AASB Principal, Svetlana Berger, will be sharing information, asking questions, and moderating discussion to help us get to a final standard that works for you, our stakeholders.

The way we manage our activities and meet challenges is constantly guided by ensuring that we serve the public interest. We do this by effectively responding to the needs of stakeholders. Read about the AASB’s 2018-2019 activities and accomplishments in this year’s Annual Report.

The Board discussed topics such as IFRS® Standards, Employee Future Benefits, Combinations, and Contributions, among others.

The Board discussed several topics during this two-day meeting including, Identifying and Assessing the Risk of Material Misstatement, Public Sector Auditing Standards, Compilation Engagements, and Quality Management. Read the Decision Summary for full details.