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The Board discussed updates related to the Public Sector Accounting Discussion Group, Due Process review, GAAP Designations – Appendices, 2023-2024 Performance Report, 2024-2025 Annual Plan, International Public Sector Accounting Standards Board’s (IPSASB) Strategy and Workplan, an update from IPSASB, and more. Read the Agenda for full details. 

The Board discussed IAASB’s issues on Audit Evidence, Fraud, Listed Entity/Public Interest Entity – Track 2, and IAASB’s Strategy and Work Plan. The Board also discussed its Annual and Strategic Plan, Terms of Reference, Statement of Operating Procedures, and Due Process Manual. Read the Decision Summary for full details.

The IASB has published an Exposure Draft, Financial Instruments with Characteristics of Equity, which proposes amendments to IAS 32 Financial Instruments: Presentation. Respond directly to the IASB with your feedback by March 29, 2024. In addition, stay tuned for opportunities to participate in consultation activities to inform our Board’s response to the IASB.

At its November meeting, the Group discussed natural resources inventory, scalability of standards, accounting for extreme weather, tangible capital assets, reporting climate-related impacts, and more. Read the Meeting Report for full details. 

AcSB staff are participating in a global initiative to develop non-authoritative financial reporting guidance for not-for-profit organizations (NFPOs) in jurisdictions that, unlike Canada, currently do not have NFPO accounting standards. The second in a series of three Exposure Drafts on this project has recently been issued. Interested Canadians are encouraged to respond to the second Exposure Draft by March 31, 2024. Read our article for full details.

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

The Board discussed the Independence Standing Committee’s views on the “public interest entity” (PIE) definition and the Board’s next strategic plan. The Board also reviewed outreach and feedback summaries on the Exposure Draft, “General Requirements for Sustainability Assurance Engagements,” and its response letter to the IAASB. Read the Decision Summary for full details.

The AcSB is undertaking research to get a better understanding on the types of intangibles that are gaining prevalence in the Canadian market and the information required by financial statement users. Complete the Intangibles survey to provide your feedback on potential areas of focus in this evolving area.

On October 27, 2023, the AcSB responded to the IASB’s Request for Information, “Post-implementation Review of IFRS 15 Revenue from Contracts with Customers” issued in June 2023. The AcSB’s letter expressed that overall, the core principle and supporting the five-step revenue recognition model in IFRS 15 are working as intended for contracts with customers. However, the AcSB highlighted some application issues that may indicate a need for clarification to the requirements. Read our letter to find out more!

Want to help improve accounting standards for private sector not-for-profit organizations (NFPOs) in Canada? If you have an in-depth knowledge of these standards and their application for private sector NFPOs or regularly work with financial statements in this sector, we want to hear from you. Apply to be a new member of our Not-for-Profit Advisory Committee by January 8, 2024!