Centre for Financial Reporting

IFAC and IIRC set out a vision for accelerating integrated reporting assurance

Feb 26, 2021

On February 26, 2021, the International Federation of Accountants (IFAC) and the International Integrated Reporting Council (IIRC) launched a new joint initiative, “Accelerating Integrated Reporting Assurance in the Public Interest”.

IOSCO calls on IASB and FASB to collaborate on goodwill accounting

Feb 25, 2021

On February 25, 2021, the International Organization of Securities Commissions (IOSCO) released a statement urging the International Accouting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) to collaborate closely with each other on accounting for goodwill.

Canadian securities regulators publish findings of COVID-19 disclosure review

Feb 25, 2021

On February 25, 2021, the Canadian Securities Administrators (CSA) published key findings of recently completed reviews of issuers’ COVID-19 disclosure. Guidance and disclosure examples have been provided to assist issuers with reporting on the impacts of COVID-19 to their business and operations.

IOSCO calls for globally consistent, comparable, and reliable sustainability standards

Feb 24, 2021

On February 24, 2021, the International Organization of Securities Commissions (IOSCO) has released a statement noting the urgent need for global sustainability standards and supporting a Sustainability Standards Board (SSB) under the IFRS Foundation.

Global initiative to develop financial reporting guidance for Not-for-Profit Organizations

Feb 23, 2021

On February 23, 2021, the staff of the Accounting Standards Board (AcSB) announced that it is 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.

FRC Lab report on virtual and augmented reality

Feb 22, 2021

A new report from the Financial Reporting Lab of the UK Financial Reporting Council (FRC) considers how virtual and augmented reality are and might be used to expand the scope and audience for corporate reporting.

IAASB seeks public comment on exposure draft aligning existing standards with new, revised quality management standards

Feb 22, 2021

On February 22, 2021, the International Auditing and Assurance Standards Board (IAASB) issued an Exposure Draft addressing changes in some of its standards and framework resulting from the new and revised quality management standards. Comments are requested by May 24, 2021.

Updated IASB work plan — Analysis

Feb 19, 2021

On February 19, 2021, the International Accounting Standards Board (IASB) updated its work plan following its January 2021 supplementary meeting and February 2021 meeting.

AcSB Exposure Draft – Covid-19-Related Rent Concessions beyond June 30, 2021 (Proposed amendment to IFRS 16)

Feb 16, 2021

On February 16, 2021, the Accounting Standards Board (AcSB) issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Comments are requested by February 25, 2021.

IASB finalizes amendments to IAS 8 regarding accounting estimates

Feb 12, 2021

On February 12, 2021, the International Accounting Standards Board (IASB) published "Definition of Accounting Estimates (Amendments to IAS 8)" to help entities to distinguish between accounting policies and accounting estimates. The amendments are effective for annual periods beginning on or after January 1, 2023.

Quarterly accounting roundup: Q1 2021 update on important developments

published Mar 08, 2021

Do you know what issues the standard-setters, regulators, and stakeholders have been focused on lately?

CFO Insights: Mastering data for better insights—and competitive advantage

published Mar 02, 2021

In this issue of CFO Insights, we’ll discuss some of those steps, as well as suggest the questions finance leaders can ask when assessing the maturity of an organization’s data management abilities.

Deloitte comment letter on the IASB's proposal to extend the practical relief regarding COVID-19-related rent concessions

published Feb 24, 2021

We support the extension of the availability of the practical expedient so that it applies to rent concessions that affect payments originally due on or before June 30, 2022 instead of June 30, 2021, for the reasons stated in the basis of conclusions on the exposure draft. We also agree with the proposed effective date and transition provisions.

Clearly IFRS - IASB proposes amendment to IFRS 16 to extend the practical relief

published Feb 19, 2021

This IFRS in Focus outlines the proposed amendment to IFRS 16 Leases set out in ED/2021/2 Covid-19-Related Rent Concessions beyond June 30, 2021, published by the International Accounting Standards Board (Board) in February 2021.

IFRS in Focus — IASB amends IAS 1 and IFRS Practice Statement 2 with regard to the disclosure of accounting policies

published Feb 15, 2021

This IFRS in Focus outlines the amendments to IAS 1 and IFRS Practice Statement 2 titled Disclosure of Accounting Policies, published by the IASB in February 2021.

IFRS in Focus — IASB amends IAS 8 to clarify the definition of accounting estimates

published Feb 12, 2021

This IFRS in Focus outlines the amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors titled Definition of Accounting Estimates, published by the IASB in February 2021.

Professional skepticism in a remote working environment: Advice for auditors

published Feb 11, 2021

We know we need professional skepticism, but what does it mean for remote audits? Read this blog and listen to our podcast to learn what Karen Higgins, audit and assurance partner at Deloitte Canada, had to say.

Private companies going public: The rise of the SPAC

published Feb 09, 2021

Special-purpose acquisition companies (SPACs) are in vogue today as a way for investors and public companies to mitigate public market volatility and risk. But what risks and opportunities do they pose?

MD&A assessment tool

published Feb 01, 2021

This publication is designed to be an easy-to-use tool to assess your company’s MD&A. All of the current requirements, as per National Instrument 51-102 Continuous Disclosure Obligations, have been included, along with an area for users to include commentary specific to their company.

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