At its meeting on May 25, 2023, the AASB discussed issues related to the project to develop a Canadian Standard on Related Services (CSRS) on compilations of future-oriented financial information that will replace AuG-16. Key issues discussed included the definitions of “best estimate,” “best estimate assumptions,” “hypothetical assumptions,” “forecast,” and “projection”; the practitioner’s responsibility when actual financial results of an expired period are incorporated into the compiled future-oriented financial information; the relationship between three key dates: the effective date of the underlying assumptions, the date management assumes responsibility for the compiled future-oriented financial information and the date of the compilation engagement report; the practitioner’s work effort when assisting management to compile future-oriented financial information, including the underlying assumptions; and the project’s timeline, including the planned issuance of the exposure draft in September 2024.

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