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Thank you for your response to the AASB’s Exposure Draft, “Proposed Canadian Standard on Sustainability Assurance (CSSA) 5000, General Requirements for Sustainability Assurance Engagements.” We are now reviewing the feedback we received as we work towards the approval of the new CSSA 5000. Read more about the results of our consultation, including main feedback themes, who we heard from, and what’s next.

The AASB approved two exposure drafts: Fraud and Listed Entity/Public Interest Entity Track-2. It discussed the draft 2024-2025 Annual Plan and the Compilations of Future-oriented Financial Information project. The Board received a presentation from the Practice Inspection Programs Standing Committee. Read the decision summary for full details.

The AcSB discussed Contributions, Subsequent Measurement of Goodwill and Acquired Intangible Assets, Scaling the Standards, the AcSB’s Annual Plan, and more. Read the Decision Summary for full details, including how you can provide feedback on these initiatives.

The Committee discussed Contributions, Recognition of intangible assets and amortization of goodwill and more. Read the meeting notes for full details.

Are you an accounting academic with an in-depth knowledge of research and theoretical concepts relevant to accounting standards? Want to help bridge the gap between academic research and accounting standard setting? If so, the AcSB needs you on its Academic Advisory Committee! Apply by February 23, 2024. 

Are you part of the financial statement user community? Do you value decision-useful and reliable financial information? We want to hear from you! Help the AcSB better understand how users of financial statements make informed decisions. Apply to be a new member of the User Advisory Committee by February 29, 2024!

Auditing and Assurance Standards Oversight Council met on December 20, 2023, to discuss the Auditing and Assurance Standards Board’s activities and related matters. Read the full report for more information.

Read our In Brief for an overview of the Exposure Draft, “Tangible Capital Assets, Proposed Amendments to Section PS 3150." The proposals are a result of the review of Section PS 4230, Capital Assets Held by Not-for-Profit Organizations, and Section PS 4240, Collections Held by Not-for-Profit Organizations, as part of the Government Not-for-Profit Strategy implementation.

Next steps are approved, and implementation plans are underway on the recommendations made by the Independent Review Committee on Standard Setting in Canada (IRCSS) in March 2023. Key approvals include setting up an independent legal entity to house standard-setting activities, putting a new funding model in place, and establishing a single oversight council.

The AcSB discussed Financial Instruments with Characteristics of Equity, Pension Plans, the AcSB’s Annual Plan, and more. Read the Decision Summary for full details, including how you can provide feedback on these initiatives.