This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

News

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

IAASB seeks public comment on exposure draft of conforming amendments to the international standards as a result of the revised IESBA Code

Nov 15, 2019

On November 15, 2019, the International Auditing and Assurance Standards Board (IAASB) released an Exposure Draft focused on conforming amendments to the International Standards as a result of the revised International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code). Comments are requested by January 10, 2020.

The project aims to align the IAASB’s International Standards with the revisions to the IESBA Code by way of conforming amendments, thus ensuring that the IAASB's International Standards can continue to be applied together with the IESBA Code.

This project falls under the umbrella of IAASB-IESBA coordination, a strategic commitment of the two Boards, and builds on their overarching commitment for enhanced connectivity and coordination to better serve the public interest.

Review the press release and Exposure Draft on the IESBA's website.

Securities - CSA Image

Canadian securities regulators outline corporate governance disclosure expectations for cannabis issuers

Nov 12, 2019

On November 12, 2019, the securities regulatory authorities in Ontario, British Columbia, Quebec, New Brunswick, Saskatchewan, Manitoba and Nova Scotia (the participating jurisdictions) published guidance to help cannabis issuers strengthen their governance disclosures, including disclosure of financial interests in significant corporate transactions.

The cannabis industry has experienced significant growth, along with merger and acquisition transactions (M&A Transactions), over the past few years. As the market has expanded, many cannabis issuers and their directors and executive officers have participated in the financing of other cannabis issuers, resulting in higher than usual crossover of financial interests. These interests may include overlapping debt and equity, or other business relationships. Staff in the participating jurisdictions have found instances where the quality of cannabis issuers’ disclosure in this area can be improved.

While the guidance is intended for cannabis issuers, all reporting issuers, especially issuers in other emerging growth industries, should ensure that governance disclosures address potential conflicts of interests. CSA staff will continue to monitor these areas. 

The CSA’s guidance can be found in Multilateral Staff Notice 51-359 Corporate Governance Related Disclosure Expectations for Reporting Issuers in the Cannabis Industry.

Review the press release on the CSA's website and the Multilateral Staff Notice on the participating jurisdictions' website.

AASB Image

Update – AASB expands key audit matter reporting

Nov 08, 2019

On November 8, 2019, the Auditing and Assurance Standards Board (AASB) released an update following the feedback it received on its Exposure Draft, Communication of Key Audit Matters in the Auditor’s Report.

After reviewing the feedback received, the AASB agreed to require key audit matter reporting for other listed entities, excluding listed entities required to comply with National Instrument 81-106.

Review the update on the AASB's website.

IFRS - CMAC Image

Summary of the October 2019 CMAC meeting

Nov 06, 2019

On November 6, 2019, the International Accounting Standards Board (IASB) released a summary of the Capital Markets Advisory Committee (CMAC) meeting, which was held in London on October 10, 2019.

The topics discussed at the meeting included:

  • Rate regulated activities.
  • Post-implementation review of IFRS 10, IFRS 11, and IFRS 12.
  • Agenda consultation.

The next meeting will be held on March 26, 2020.

Review the press releasemeeting page and meeting summary on the IASB's website.

IFRS - IASB Image

IASB Chair discusses the future of financial reporting

Nov 05, 2019

On November 5, 2019, the International Accounting Standards Board (IASB) released a speech given at the Eumedion Annual Symposium, where IASB Chair Hans Hoogervorst discussed the Board’s projects on primary financial statements (PFS), management commentary and sustainability reporting.

Mr. Hooger­vorst began with an overview of the PFS project and provided comments related to new subtotals, such as operating profit and profit before financing and tax. He also discussed the need for greater transparency and discipline in the use of non-GAAP measures.

Next, Mr. Hooger­vorst commented on man­age­ment com­men­tary to provide broader financial in­for­ma­tion, such as the impact of in­tan­gi­ble assets. In addition, the project will revise the Practice Statement to accommodate the increase in interest in sustainability reporting.

Lastly, he agreed with the Eumedion’s green paper, Towards a global standard-setter for non-financial reporting, which called for the need for consolidation in non-financial reporting.

Review the tran­script of his speech on the IASB’s website.

IFRS - IASB Image

Recordings from the sixth IASB Research Forum

Nov 04, 2019

On November 4, 2019, the International Accounting Standards Board (IASB) hosted its sixth Research Forum on October 28–29, 2019 in Short Hills, New Jersey, with the Journal of International Accounting Research (JIAR). The IASB released audio recordings and slides from the presentations given at the forum.

The meeting saw the pre­sen­ta­tion on four academic papers, responses by academics and stan­dard-set­ters as well as a general dis­cus­sion with the audience. In addition, two case studies were discussed during breakout sessions.

Review the press release and access the slides and audio recordings on the IASB’s website.

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

Speech on ethics, professionalism and the public interest

Nov 04, 2019

On November 4, 2019, the International Ethics Standards Board for Accountants (IESBA) released a speech by Dr. Stavros Thomadakis, IESBA Chair given at the National Accounting Institute in Beijing, China.

In his speech, he discusses:

  • IESBA: An independent and authoritative standard setter
  • Restructuring and revision: The new code of 2018
  • The ecode: A valuable tool for users
  • Working for the future
  • Recognizing the synergy of ethics and ISAs
  • Technological revolution
  • From global ethical practice to ethical leadership

Review the full speech on the IESBA's website.

PSAS - PSAB Image

Exposure Draft, Public Private Partnerships

Nov 01, 2019

On November 1, 2019, the Public Sector Accounting Board (PSAB) released an Exposure Draft that proposes specific scope, recognition, measurement, presentation, and disclosure requirements for public private partnerships. Comments are requested by February 29, 2020.

This proposed guidance will have a significant impact in the public sector.

Review the press release and Exposure Draft on the PSAB's website.

PSAS - PSAB Image

In Brief – Public Private Partnerships Exposure Draft

Nov 01, 2019

On November 1, 2019, the Public Sector Accounting Board (PSAB) released a plain and simple overview of PSAB’s proposed accounting treatment for public private partnerships.

Learn how the specific scope, recognition, measurement, presentation, and disclosure requirements could have a significant impact in the public sector.

Review the In Brief on the PSAB's website.

ASPE_AcSB Image

Basis for Conclusions – Agriculture, Section 3041

Nov 01, 2019

On November 1, 2019, the Accounting Standards Board (AcSB) released this document which sets out how the AcSB reached its conclusions on the Agriculture project, and discussions on significant matters arising from comments received and issues raised in response to its Exposure Draft.

The Basis for Conclusions covers:

  • Background
  • Applicability to not-for-profit organizations
  • Effects analysis
  • Development of the standard
  • Scope
  • Recognition
  • Underlying measurement basis
  • Measurement of agricultural inventories
  • Measurement of productive biological assets
  • Classification and presentation
  • Disclosure
  • Transition
  • Effective date
  • Consequential amendments

The standard is effective for fiscal years beginning on or after January 1, 2021.

Review the Basis for Conclusions on the AcSB's website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.