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News

IESBA (International Ethics Standards Board for Accountants) (lt gray) Image

IESBA releases technology initiative update

Apr 19, 2021

On April 19, 2021, the International Ethics Standards Board for Accountants (IESBA) released an update on its technology initiative.

In March 2021, the IESBA reflected on the progress made to date on its technology Initiative, and considered next steps and timing, also recognizing the increased burdens stakeholders have shouldered as a result of the pandemic.

Review the update on the IESBA's website.

IESBA (International Ethics Standards Board for Accountants) (lt gray) Image

IESBA launches post-implementation review of long association international independence standard

Apr 14, 2021

On April 14, 2021, the International Ethics Standards Board for Accountants' (IESBA) Long Association Post-Implementation Review (LAPIR) Working Group released a questionnaire seeking stakeholder feedback on key matters relating to Phase 1 of the LAPIR. Responses are required by May 31, 2021.

The questionnaire forms part of the Working Group’s information gathering and will help inform the IESBA’s review of the implementation of the five-year cooling-off requirement for engagement partners on audits of public interest entities. This review is being undertaken before the “jurisdictional provision” in the standard expires for audits of financial statements for periods beginning on or after December 15, 2023. The jurisdictional provision permits jurisdictions to apply a cooling-off period less than five years subject to specified conditions.

Review the press release and questionnaire on the IESBA's website.

PSAS - PSAB Image

COVID-19 and its potential effect on the financial self-sufficiency of government business enterprises

Apr 08, 2021

On April 8, 2021, the Public Sector Accounting Board (PSAB) released guidance on how to evaluate a government business enterprise's financial self-sufficiency or viability during the COVID-19 pandemic.

The COVID-19 pandemic may impair the viability of some GBEs, and/or their financial self-sufficiency from revenue outside their controlling government’s reporting entity. “How to Evaluate a GBE’s Financial Self-Sufficiency” examines factors affecting a GBE’s current and future financial performance, which could include the COVID-19 pandemic. It also:  

  • draws on and magnifies CPA Canada Public Sector Accounting Handbook guidance for meeting the financial self-sufficiency criteria in the GBE definition; 
  • outlines factors, changes in factors, and questions for controlling governments to consider; and 
  • represents an important new starting place for comprehensively evaluating a GBE’s financial self-sufficiency.

Review the press release and guidance on the PSAB's website.

CPAB - Assurance Image

A Year in Review: 2020 Audit Committee Forum Highlights

Apr 08, 2021

On April 8, 2021, the Canadian Public Accountability Board (CPAB) released highlights from their 12 forums held in 2020 for audit committee chairs and chief financial officers of Canadian reporting issuers to discuss the impact of COVID-19 on the financial reporting and audit quality in various industries, including real estate, mining, energy and financial institutions.

Review the audit committee forum highlights on the CPAB's website.

CPAB - Assurance Image

CPAB 2021 Audit Committee Forums

Apr 08, 2021

On April 8, 2021, the Canadian Public Accountability Board (CPAB) announced its annual audit committee forums that bring audit committee chairs and chief financial officers (CFOs) together to discuss current audit quality matters and to share experiences on common issues.

Here are the 2021 forum dates:

Audit Committee Forum (French - all industries)

  • June 10, 2021, 2 PM-3:30 PM

Audit Committee Forum (English - all industries)

  • June 17, 2021, 2 PM-3:30 PM

Cannabis Industry Forum

  • June 22, 2021, 2 PM-3:30 PM

Real Estate Industry Forum

  • September 14, 2021, 2 PM-3:30 PM

Mining Industry Forum

  • September 23, 2021, 2 PM-3:30 PM

Energy Industry Forum

  • September 29, 2021, 2 PM-3:30 PM

All forums will be held virtually. Register for these events on the CPAB's website.

IFRS - IASB Image

IASB pushes publication of management commentary ED to May

Apr 07, 2021

On April 7, 2021, the International Accounting Standards Board (IASB) released a statement that the exposure draft (ED) for a revised Practice Statement 1 "Management Commentary" is now expected to be published in May 2021.

Since the IASB's deliberations in the project have already been completed, the shift in publication date must be attributed to an attempt to balance out comment letter periods on different consultations.

During the March 2021 IASB meeting, which discussed the comment letter period for the management commentary ED, the IASB noted the difficult balance and the constraints on respondents' capacities:

  • The IASB has several consultation documents outstanding and plans to publish several more.
  • The COVID-19 pandemic has placed constraints on stakeholder resources.
  • Respondents to the ED may also develop responses to forthcoming proposals by the Trustees to change the Foundation’s Constitution to form an international sustainability reporting standards board within the existing governance structure of the IFRS Foundation and may find it difficult to respond to both documents at the same time.

Review the press release on the IASB's website.

IAASB - Assurance Image

New IAASB guidance helps advance assurance for non-financial reporting

Apr 06, 2021

On April 6, 2021, the International Auditing and Assurance Standards Board (IAASB) published "Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements". This marks a significant step forward in supporting assurance for non-financial reporting.

The Guidance responds to ten key stakeholder-identified challenges commonly encountered in applying International Standard on Assurance Engagements 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information. The guidance promotes consistent high-quality application of ISAE 3000 (Revised) in extended external reporting assurance engagements to:

  • strengthen the influence of such engagements on the quality of extended external reporting;
  • enhance trust in the resulting assurance reports; and
  • increase the credibility of extended external reports so that they can be trusted and relied upon by their intended users.

The Guidance addresses a number of overarching matters, including applying appropriate competence and capabilities, exercising professional skepticism and professional judgement, and the preconditions for an assurance engagement, as well as more specific technical matters. The Guidance also provides further explanation and examples to better understand the distinction between limited assurance and reasonable assurance engagements.

Review the press release and publication on the IAASB's website.

IFRS - AcSB Image

AcSB extends comment period on Exposure Draft, Regulatory Assets and Regulatory Liabilities

Apr 06, 2021

On April 6, 2021, the Accounting Standards Board (AcSB) updated its Exposure Draft that corresponds to the IASB’s Exposure Draft to reflect the extended deadline. The IASB extended the comment period for its Exposure Draft to July 30, 2021.

Stakeholders who would like their feedback considered prior to the AcSB finalizing its comment letter are encouraged to submit comments to the AcSB by July 15, 2021.

Review the exposure draft on the AcSB's website.

IESBA (International Ethics Standards Board for Accountants) (lt gray) Image

IESBA initiates first phase of the post-implementation review of its long association international independence standard

Apr 01, 2021

On April 1, 2021, the International Ethics Standards Board for Accountants (IESBA) released an update on its Long Association Post-Implementation Review (LAPIR).

This update provides an overview of Phase 1 of the LAPIR which will review the implementation of a specific partner rotation provision for engagement partners around the world with respect to audits of public interest entities. Phase 1 commences with information gathering activities. Phase 2 is due to commence in Q2 2023.

Review the press release and update on the IESBA's website.

PSAS - PSAB Image

In Brief – Public Private Partnerships, Section PS 3160

Apr 01, 2021

On April 1, 2021, the Public Sector Accounting Board (PSAB) released an overview of PSAB’s new standard on Public Private Partnerships issued in April 2021, which addresses the accounting and reporting of infrastructure procured through public private partnership arrangements.

Review the In Brief on the PSAB's website.

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