2021

AcSB Exposure Draft – Financial Instruments

Sep 13, 2021

On September 13, 2021, the Accounting Standards Board (AcSB) released the exposure draft "Financial Instruments". The proposal provides an optional expedient for applying modification accounting and an exception to certain hedge accounting requirements in Section 3856, "Financial Instruments". Applying to both private enterprises and NFPOs using Parts II and III of the CPA Canada Handbook – Accounting, these amendments aim to ease financial reporting burdens related to market-wide interest rate benchmark reform. Comments are requested by October 17, 2021.

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

AcSB Exposure Draft – Leases

Jun 30, 2021

The Accounting Standards Board (AcSB) proposes, subject to comments received following exposure, to amend Section 3065, Leases in Part II of the CPA Canada Handbook – Accounting. This amendment would extend the relief period for both lessees and lessors on accounting for lease modifications received or granted as a result of the COVID-19 pandemic to December 31, 2022. This amendment would also apply to not-for-profit organizations (NFPOs) applying the standards in Part III of the Handbook, as relevant.

Stakeholders are asked to respond to this AcSB Exposure Draft, Leases by July 30, 2021.

Re­view the press release and copy of the Exposure Draft on the AcSB's web­site.

Handbook Update – 2021 Annual Improvements

Mar 26, 2021

On March 26, 2021, the Accounting Standards Board (AcSB) issued the 2021 annual improvements to accounting standards for private enterprises and accounting standards for not-for-profit organizations. These amendments are effective for fiscal years beginning on or after January 1, 2022 with earlier application permitted.

Review the amendments on the CPA Canada's website.

Handbook Update – Section 3065, Leases

Dec 01, 2021

on December 1, 2021, the Accounting Standards Board (AcSB) amended Section 3065, "Leases" to extend the optional relief by one year for both lessees and lessors on accounting for rent concessions received or granted as a result of the COVID-19 pandemic. This amendment is effective for fiscal years ending on or after December 31, 2021. Earlier application is permitted, including in financial statements not yet authorized for issue.

Review the amendments on the CPA Canada's website.

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