Recent Standards Updates

Recent Standards Updates

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

 

Volunteer Opportunities – Accounting Standards Oversight Council (AcSoc)

Are you interested in working with other prominent members of the Canadian business community on issues of public interest and financial reporting? If so, AcSOC wants to hear from you!  Learn more about the two roles available and apply by September 14, 2020

Apply now


Volunteer Opportunities – Auditing and Assurance Standards Oversight Council

Are you interested in working with other prominent members of the Canadian business community on issues of public interest and assurance? If so, AASOC wants to hear from you!  Learn more about the four roles available and apply by September 14, 2020.

Apply now


AcSB – Potential Impact on Lease Accounting (UPDATED)

The COVID-19 pandemic is affecting the ability of organizations to collect and pay rent and other lease obligations. This means companies should use professional judgement and consider the potential implications that COVID-19 could have relating to the accounting for leases under IFRS 16 Leases.

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AcSB – Virtual Roundtable Discussions – Share your views on the IFRS® Standards Discussion Paper, Business Combinations—Disclosures, Goodwill and Impairment

Join the AcSB for a virtual roundtable discussion on the IFRS®Standards Discussion Paper, Business Combinations—Disclosures, Goodwill and Impairment. Events are being held in both English and French between now and September. Register for one today!

Register now


Public Sector Accounting Board (PSAB) –  Notice of Intent – Extension of PSAB’s 2017–2021 Strategic Plan

PSAB extended the end date of its current 2017–2021 Strategic Plan by one year to March 2022. This will provide the Board with more time to review and assess the impacts of COVID-19 on its strategic direction. Comments on this extension can be submitted by September 30, 2020.

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Public Sector Accounting Standards (PSAB) – Exposure Draft – Financial Instruments – Presentation Narrow Scope Amendments

PSAB proposes specific amendments to clarify the presentation of derivatives. Read the Exposure Draft and Basis for Conclusions for full details and respond by October 28, 2020.

Respond now


Exposure Draft – Financial Instruments – Presentation Narrow Scope Amendments

PSAB proposes specific amendments to allow all public sector entities to recognize exchange gains and losses directly in the statement of operations. Read the Exposure Draft and Basis for Conclusions for full details and respond by October 28, 2020.

Respond now


PSAB Decision Summary – July 3, 2020

At its recent meeting, the Board discussed the Financial Instruments – Narrow Scope Amendments project and its Basis for Conclusions on its International Strategy decision. Read the Decision Summary for full details.

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PSAB Decision Summary – June 26, 2020

At its recent meeting, the Board discussed the Employment Benefits Project and the Government Not-for-Profit Strategy. Read the Decision Summary for full details.

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PSAB Decision Summary – June 25, 2020

At its recent meeting, the Board discussed the Conceptual Framework and Reporting Model, Purchased Intangibles, and PSAB’s response to COVID-19. Read the Decision Summary for full details.

Read now