The feedback included the Group’s recommendations to the Board to consider whether the issues related to cryptocurrencies, cloud-computing arrangements, lease incentives and interim period reporting of variable lease payments should be raised to the International Accounting Standards Board (IASB) or the IFRS Interpretations Committee. The Board will consider these issues at a future meeting.

Review the Executive Summary on the AcSB's Web site.

The summary is being published as part of the IASB's initiative to help constituents understand the requirements of IFRS 17. The summary explains different elements of the accounting model and how they will be displayed in certain financial statements.

For more information, see the IASB's website for the following:

• One-page summary of IFRS 17
• Press release
• Webcast guide of the summary
• Webcast without animation (link to the IASB's YouTube channel)

The tax will be based on the carbon emissions from combusting the fuel or waste and is set to start at $10 per tonne of greenhouse gas emissions on January 1, 2019, and then rise by $10 per tonne each year until it hits $50 per tonne in 2023.

The proposed law also includes an output-based pricing system for large carbon emitters where instead of paying the tax they will pay for carbon emissions that are above national averages in their industry.

Directors and officers of corporations can also face personal liability if they assent to or participate in a corporation committing an offence.

Review the proposals on the Department of Finance Canada's website and an article on Norton Rose Fulbright's website.

The next steps, in priority order, include:

1. Publishing Earnings Releases as human-and-machine readable Inline XBRL, with the information that is "the start of the food chain" being available in structured form.
2. Publishing Management Discussion and Analysis  ("MD&A", often called "management commentary" in Europe and Asia) numeric data in structured form.
3. Publishing MD&A textual data in block-tagged form.

Review the full article on XBRL's website.

On January 4, 2018, the U.S. Attorney General rescinded all previous guidance specific to federal law enforcement relating to marijuana, including the prior approach under the Cole Memorandum.

Issuers with no U.S. marijuana-related activities and that otherwise operate in compliance with applicable Canadian laws are not the focus.

The CSA will communicate more details about their position shortly.

Review the press release on the CSA's website.

This Taxonomy update includes elements to reflect the new presentation and disclosure requirements introduced by the recently-issued standard IFRS 17, Insurance Contracts.

Review the press release and Taxonomy update on the IASB’s website.

The AcSB suggests broadening the definition of accounting estimates, and defining that term independently from accounting policies to reduce unintended circularity. To improve application in practice, the AcSB strongly encourages the IASB to develop illustrative examples that cover a spectrum of complex situations.

Read the AcSB letter posted by the IASB.

The letter covers the following:

• Effectiveness of Rule to Shorten the Settlement Cycle, which took effect on August 28, 2017;
• Issuance of Material News in the Period Immediately After the Official Closing Time for the Exchange’s Trading Session, which took effect on December 4, 2017;
• Advance Notice of Dividend or Stock Distribution Announcements to the Exchange, which will take effect February 1, 2018;
• Annual Report Website Posting Requirement;
• Corporate Governance Requirements; and
• Important reminders for all issuers.

The letter is applicable to all listed issuers, with any rule or policy differences for Domestic vs. Foreign Private Issuers (“FPIs”) identified within.

Review the letter on the NYSE's website.

The working draft addresses selling and distribution fee revenue. Comments on the working draft are due by March 1, 2018.

For more information, see the revenue recognition resource page on the AICPA’s Web site.

The IPSASB also notes that the deadline for comments on the consultation paper is January 15, 2018.

View the video (approx. 30 minutes) on the IPSASB's website.