Recent Standards Updates

Recent Standards Updates

A number of standards updates and resources, including meeting reports, decision summaries, and Exposure Drafts, have recently been released that may be of interest to Alberta CPAs:

 

AcSOC Public Meeting Report

At its public meeting in Toronto, the Council discussed the activities of both the AcSB and PSAB and other related matters. The Council received presentations on Sustainability, Environmental, and Social Reporting, as well as a presentation from the Canadian Council of Comptrollers. Read the full report for more information.

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AcSB Decision Summary – April 15, 2020

The Board discussed the evolving situation related to the COVID-19 pandemic. A number of decisions were made in order to best support 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 current comment deadline of May 15, 2020 for the Exposure Draft, Combinations – Initial Measurements and Related Disclosures. Read the Decision Summary for more details.

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UPDATE – IASB amends workplan and timelines

On April 17, 2020, the IASB voted to issue an Exposure Draft with a 30-day comment period proposing to extend by one year the effective date of an amendment to IAS 1 Presentation of Financial Statements. The IASB also decided to extend by three months the comment period for: Exposure Draft, General Presentation and Disclosures, Request for Information Comprehensive Review of the IFRS for SMEs Standard and Discussion Paper, Business Combinations – Disclosures, Goodwill and Impairment. The IASB also deferred the timelines for various upcoming consultation documents and final amendments. See the IASB’s workplan for more.

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AcSB Exposure Draft – Interest Rate Benchmark Reform – Phase 2

The AcSB has issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by May 25, 2020.

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Comment Deadline Extended -– AcSB Exposure Draft, Combinations – Initial Measurement and Related Disclosures

In light of the evolving uncertainties created by the global COVID-19 crisis and its effects in Canada, AcSB has extended the deadline to submit a comment letter on its Exposure Draft, Combinations – Initial Measurement and Related Disclosures from April 14 to May 14, 2020.

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