At its meeting on May 5, 2021, the AASB reviewed a draft of its Exposure Draft addressing conforming amendments to Other Canadian Standards, resulting from the January 2021 approval of Canadian Standard on Quality Management 1. The AASB is expected to issue its final Exposure Draft in late June 2021, with comments due by September 30, 2021.The AASB also discussed its approach to responding to the IAASB’s Exposure Draft.

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

At its meeting on May 5, 2021, the AASB discussed the way forward in Canada related to the anticipated IAASB Exposure Draft of a proposed standard for audits of less complex entities. The AASB decided it would issue a Canadian discussion paper to obtain stakeholder feedback on the proposals in the IAASB’s Exposure Draft and other possible options the AASB could explore to address the public interest issues. The IAASB is expected to issue its Exposure Draft in July 2021. The AASB will issue its discussion paper soon thereafter.

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