The proposals would reduce duplicative filing requirements by consolidating the Simplified Prospectus (SP) and Annual Information Form (AIF) for conventional mutual funds, as these contain overlapping disclosure in many places. The proposed rule amendments would also streamline regulatory processes by eliminating the filing of Personal Information Forms (PIFs) in connection with investment fund prospectus filings for individuals that are registered with securities regulators.

The proposals would eliminate the need for investment funds to apply for frequently granted exemptive relief to use the notice-and-access system, and from certain conflict of interest rules. The proposed amendments also introduce exemptions from the requirement to deliver a fund facts document for model portfolio products, portfolio rebalancing services and automatic switch programs, and would allow the use of a consolidated fund facts document under certain conditions. The proposals would repeal the need for regulatory approval for a change of manager or change of control of manager, given similar requirements in the registration system for investment fund managers. Furthermore, the proposed changes would broaden the pre-approval criteria for investment fund mergers.

In addition, the proposed rule amendments would formalize a common industry practice by mandating that investment funds have a designated website for posting regulatory disclosure. This change will allow the CSA to consider alternative methods for providing and delivering disclosure to investors.

Staff anticipate that these changes can be implemented in the near-term. Longer-term, the CSA will look for burden reduction opportunities in other areas, including, continuous disclosure obligations, securityholder meetings and information circular requirements, prescribed notices and reporting requirements and prospectus regime provisions.

Review the press release and notice and proposed rule amendments on the CSA's website.

Within its goodwill and impairment project, the Board is investigating how companies can provide users of financial statements with better information about mergers and acquisitions (business combinations) at a reasonable cost. This investigation includes the challenging question of how companies should account for goodwill after the business combination.

The six-page article discusses the Board's preliminary views that:

• "we should enhance disclosure objectives and requirements to improve the information provided to users about an acquired business and its subsequent performance, even if that information must be on a combined basis where the acquired business has been integrated into an existing business;
• it is not feasible to make the impairment test significantly more effective at recognizing impairment losses of goodwill;
• reintroducing amortization of goodwill would not provide significantly better information to users;
• we should reduce the cost and complexity of the impairment test by providing relief from the mandatory annual quantitative impairment test for goodwill;
• we should also reduce the cost and complexity of the impairment test by simplifying some of the requirements for estimating value in use;
• we should not allow more intangible assets to be included in goodwill; and
• we should enhance transparency by requiring companies to present total equity before goodwill in their balance sheets."

The article notes that the Board plans to issue a discussion paper on these issues at the end of 2019.

Review the press release and article on the Board's website.

Even when leaders make an effort to collect robust feedback, they only access about 25% of its potential value. This is because the process often stops too soon.

Review the full article on HBR's website.

The AcSB continues to strongly support the IASB in its efforts to identify and address standards implementation issues.

Overall, the letter agrees with most of the proposals but recommends that the IASB provide additional guidance to IFRS 16 Leases, to clarify when the reimbursement of leasehold improvements will be identified as a lease incentive.

Review the press release on the AcSB's website and the full letter on the IASB's website.

In today’s workplace, companies need to think strategically about their inclusion efforts in order to support their diversity; doing this can lead to a positive impact on company culture, innovation, and the bottom line. To get there, let’s start with identifying the difference between diversity and inclusion. We’ll also take a closer look at the concept of intersectionality.

Review the full article on the Conference Board of Canada's website.

The report highlights that fewer countries have introduced comprehensive tax reform packages in 2019 compared to previous years, with the most comprehensive reforms in the Netherlands. Other significant tax changes implemented were in Lithuania (labor taxes), Australia (personal income taxes), Italy (corporate income tax) and Poland (personal and corporate income taxes).

Other key findings include:

• Corporate tax rate cuts have continued but are less significant than those introduced in 2018. The countries introducing the most significant reductions tend to be those with higher initial tax rates, leading to further convergence in corporate tax rates across countries.
• Efforts to fight corporate tax avoidance have progressed with the adoption of significant reforms in line with the OECD/G20 Base Erosion and Profit Shifting (BEPS) project. The tax challenges arising from the digitalization of the economy continue to create concerns, with some countries adopting unilateral measures while global efforts to achieve a consensus-based multilateral solution continue. 
• Several countries have continued to lower personal income taxes, particularly for low- and middle-income earners and the elderly. Some also have expanded tax incentives to support pension savings and small savers. 
• Once again this year, there were very few changes to property taxes.
• Standard VAT rates continue to stabilize across countries, as observed in the last few years.
• The pace of environmentally-related tax reforms has slowed.

Review the press release and report on the OECD's website.

The proposed amendments aim to reduce regulatory burden and address certain concerns expressed by stakeholders by narrowing the circumstances under which a BAR must be filed.

Currently, a reporting issuer that is not a venture issuer must file a BAR after completing a significant acquisition if any one of the three significance tests set out in National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102) exceeds 20 per cent.

For reporting issuers that are not venture issuers, the proposed amendments will:

• alter the determination of significance such that an acquisition of a business or related businesses is significant only if at least two of the three existing significance tests set out in NI 51-102 are triggered; and
• increase the significance threshold from 20 per cent to 30 per cent.

Review the press release and Notice on the CSA's website.

Mr. Hoogervorst began by reflecting on the IASB's history with the KASB. He moved on to discuss the future of financial reporting and remaining relevant in a changing world. He noted, 'To remain relevant, we must adapt.' He reiterated his view that the IASB is unlikely to tackle sustainability reporting standards, but noted their importance. He also pointed to the work the KASB is doing to shrink the gap between book value and market value of companies — the KASB is researching the possibility of a separate 'Statement of Key Intangibles'. 

Review the transcript of Mr. Hoogervorst's speech on the IASB's website.

Specifically, this issue features insight into the proposed amendments related to commission paid on short-term insurance contracts with expected renewals and profit recognition on long-term insurance contracts with investment returns.

Review the press release and Investor Per­spec­tives article on the Board's website.

Below is an analysis of all changes that were made to the work plan since our last analysis on July 29, 2019.

Standard-setting projects

• No changes

Maintenance projects

• Amendments to IFRS 17 — Discussions on feedback received on the exposure draft is expected to occur in November 2019 (previously fourth quarter of 2019)
• Disclosure initiative — Accounting policies — An exposure draft was published on 1 August 2019, discussions on the feedback received on the exposure draft are expected begin in November 2019
• IBOR reform and its effects on financial reporting (Phase 1) — discussions on the feedback received on the exposure draft were concluded in August 2019, the staff will prepare the final amendments for publication (no date given)
• IBOR reform and its effects on financial reporting (Phase 2) — newly added to the work plan, no date given for the planned exposure draft

Research projects

• SME Implementation Group draft Q&A — newly added o the work plan, discussion of the feedback on the draft Q&A is expected to begin in the fourth quarter of 2019

Other projects

• Updated IFRS Foundation Due Process Handbook — Discussions on feedback received on the exposure draft is expected to occur in October 2019 (previously fourth quarter of 2019)

The revised IASB work plan is available on the Board's website.