At its meeting on March 3-4, 2020, the AcSB approved the preliminary plan to respond to the IASB’s upcoming discussion paper related to this project. The Board also discussed the communication activities it will undertake related to this project.

Review the Executive Summary on the AcSB's Web site.

At its meeting on March 3-4, 2020, the AcSB received an update on international developments relating to this project. The AcSB is focused on achieving a common global adoption date for these amendments to IFRS 17. The AcSB explored what options could be available to support achieving a common global adoption date. The Board will discuss these further after the IASB’s meeting on March 17-19, 2020.

The AcSB also discussed its endorsement process for the IASB’s amendments to IFRS 17, as it expects the amendments to be issued mid-2020. IFRS 17, as endorsed by the AcSB and incorporated in the CPA Canada Handbook – Accounting, is currently effective for annual reporting periods beginning on or after January 1, 2021. Therefore, the Board plans to complete its endorsement of the amendments to IFRS 17 as issued by the IASB before the end of 2020.

Review the Executive Summary on the AcSB's Web site.

At its meeting on March 3-4, 2020, the AcSB received an education session on the IASB’s Exposure Draft together with an update on research conducted to date and planned outreach with stakeholders. Given the situation with COVID-19, the AcSB has suspended all in-person roundtables. The Board invites stakeholder to participate in its virtual roundtables in April or May 2020. The Board particularly encourages Canadian stakeholders to participate in these outreach events to inform its response to the IASB, which is due by June 30, 2020.

Review the Executive Summary on the AcSB's Web site.