Start date:
End date:
Location: Toronto
In November 2019, the Accounting Standards Oversight Council released the minutes of its meeting.
The following topics were discussed at this meeting:
Review the meeting summary on the AcSOC's Web site.
At the AcSOC meeting on June 6-7, 2019, the AcSB Chair noted that the AcSB had received a letter from the Canadian Life and Health Insurance Association. It requested that the Board provide a Canadian-only deferral of the new insurance standard. The Board noted that it was too early to make this decision. The AcSB Chair will take part in a panel in Hong Kong on insurance hosted by the Hong Kong standard setter. She will also meet with the local executives of Sun Life Financial and Manulife Financial and will attend roundtables with the local standard setters. The AcSB Chair also advised that during his visit to Toronto in July 2019, Mr. Scott of the IASB will meet with stakeholders, industry groups, and regulators. The IASB plans to issue an exposure draft on insurance by the end of June 2019.
At the AcSOC meeting on June 6-7, 2019, the AcSB Chair noted that the AcSB had received a letter from the Canadian Life and Health Insurance Association. It requested that the Board provide a Canadian-only deferral of the new insurance standard. The Board noted that it was too early to make this decision. The AcSB Chair will take part in a panel in Hong Kong on insurance hosted by the Hong Kong standard setter. She will also meet with the local executives of Sun Life Financial and Manulife Financial and will attend roundtables with the local standard setters. The AcSB Chair also advised that during his visit to Toronto in July 2019, Mr. Scott of the IASB will meet with stakeholders, industry groups, and regulators. The IASB plans to issue an exposure draft on insurance by the end of June 2019.
Review the meeting summary on the AcSOC's Web site.
At the AcSOC meeting on June 6-7, 2019, the PSAB Chair noted that Canada is at the forefront of non-traditional pension plans. These are plans that involve employers sharing different degrees of risk related to pension benefits with other parties, including employees and other employers. The Board has received 46 comment letters to date on its third ITC relating to non-traditional plans. These letters voiced strong and diverse views from different stakeholder groups and reflected the complexity of some pension arrangements and the continuous evolution of public sector pension plans. The Employment Benefits Advisory Group met in late March 2019 and has scheduled three-day meetings in June, September, and November 2019. It will deliberate responses and develop a consultation paper. PSAB will receive an update on the Task Force’s discussions and approach at its June 2019 meeting.
At the AcSOC meeting on June 6-7, 2019, the PSAB Chair noted that Canada is at the forefront of non-traditional pension plans. These are plans that involve employers sharing different degrees of risk related to pension benefits with other parties, including employees and other employers. The Board has received 46 comment letters to date on its third ITC relating to non-traditional plans. These letters voiced strong and diverse views from different stakeholder groups and reflected the complexity of some pension arrangements and the continuous evolution of public sector pension plans. The Employment Benefits Advisory Group met in late March 2019 and has scheduled three-day meetings in June, September, and November 2019. It will deliberate responses and develop a consultation paper. PSAB will receive an update on the Task Force’s discussions and approach at its June 2019 meeting.
Review the meeting summary on the AcSOC's Web site.
At the AcSOC meeting on June 6-7, 2019, the AcSB Chair noted that Canada has more extractive entities than any other jurisdiction, the majority of which are dual listed. For these reasons, the IASB has requested some assistance from the AcSB on this project. The Board issued a report to the IASB on its updated work on extractive industries. The AcSB later summarized this report and posted it on its website. The AcSB Chair noted that concerns have been raised on the summarized report. She said that activities are underway to clarify concerns and take appropriate actions regarding this matter.
At the AcSOC meeting on June 6-7, 2019, the AcSB Chair noted that Canada has more extractive entities than any other jurisdiction, the majority of which are dual listed. For these reasons, the IASB has requested some assistance from the AcSB on this project. The Board issued a report to the IASB on its updated work on extractive industries. The AcSB later summarized this report and posted it on its website. The AcSB Chair noted that concerns have been raised on the summarized report. She said that activities are underway to clarify concerns and take appropriate actions regarding this matter.
Review the meeting summary on the AcSOC's Web site.