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News

Securities - ASC Image

Securities Regulators in Alberta, British Columbia, Manitoba, New Brunswick and Saskatchewan adopt new investment dealer prospectus exemption

Jan 14, 2016

On January 14, 2016, the Alberta Securities Commission (ASC) issued a press release in which the securities regulators in Alberta, British Columbia, Manitoba, New Brunswick and Saskatchewan announced that they are each adopting a prospectus exemption (exemption) that, provided certain conditions are met, will allow issuers listed on a Canadian exchange to more easily raise money by distributing securities without the need for a prescribed offering document.

Under the exemption, an investor must obtain advice regarding the suitability of the investment from an investment dealer. This is a key condition for investor protection, as the investment dealer must meet its know-your-client and know-your-product obligations when determining the suitability of the investment.

Review the press release on the ASC's Web Site.

IAASB - Assurance Image

IAASB Seeks Feedback On Standard-Setting Activities to Enhance Audit Quality

Dec 17, 2015

On December 17, 2015, the International Auditing and Assurance Standards Board (IAASB) released an Invitation to Comment, Enhancing Audit Quality in the Public Interest: A Focus on Professional Skepticism, Quality Control and Group Audits (the ITC). This ITC highlights the board’s discussions in these three topic areas and indicates potential standard-setting activities that could enhance audit quality.

The IAASB released a companion document, Overview of the ITC, which summarizes the key areas the IAASB is exploring and the direction it may take.

The IAASB’s Framework for Audit Quality, issued in 2014, explains the important role of auditors and their firms—as well as other stakeholders—in audit quality, and the contextual factors that affect it. It is an important reference document for this consultation.

Download the Invitation to Comment from the IAASB's Web site.

IASB (International Accounting Standards Board) (blue) Image

IASB updates work plan

Oct 26, 2015

On October 26, 2015, the International Accounting Standards Board (IASB) released an updated work plan.

Two projects have been added to the work plan:

  1. Annual improvements 2015–2017
  2. Remeasurement of previously held interests — obtaining control or joint control in a joint operation that constitutes a business

Next steps of several projects have been updated.

The updated IASB work plan is avail­able on the IASB's Web site.

PSAS - IPSASB Image

IPSASB publishes two exposure drafts

Oct 14, 2015

On October 14, 2015, the International Public Sector Accounting Standards Board (IPSASB) released for comment two Exposure Drafts (EDs): ED 57 "Impairment of Revalued Assets" and ED 58 "Improvements to IPSASs 2015."

ED 57, Impairment of Revalued Assets proposes to bring property, plant and equipment, and intangible assets on the revaluation model within the scope of IPSAS 21, Impairment of Non-Cash-Generating Assets and IPSAS 26, Impairment of Cash-Generating Assets. This intended to provide users with relevant information on impairments to these assets. The ED also proposes to clarify that an impairment to one or more individual assets within a class of property, plant, and equipment does not necessitate a revaluation of the entire class to which that impaired asset belongs.

ED 58, Improvements to IPSASs 2015 contains proposed minor changes that are consequential amendments arising from the first four chapters of the IPSASB Conceptual Framework, general improvements to IPSAS, improvements to increase consistency with Government Finance Statistics reporting guidelines, and improvements to maintain convergence with International Financial Reporting Standards (IFRSs).

Comments on both EDs are requested by January 15, 2016.

Review press release, ED 57 and ED 58 on the IPSASB's Web Site.

PSAS - IPSASB Image

Overview of the IPSASB's consultation paper on social benefits

Oct 12, 2015

On October 12, 2015, the International Public Sector Accounting Standards Board (IPSASB) released a multimedia presentation on its consultation paper on recognition and measurement requirements for social benefits.

The paper was published in July 2015; comments are due by January 31, 2016. The 30-minute presentation highlighting the key issues raised in the consultation paper is available on the IPSASB website.

PSAS - IPSASB Image

IPSASB announces strategy for 2015 forward

Sep 18, 2015

On September 18, 2015, the International Public Sector Accounting Standards Board (IPSASB) released its final strategy and work programme for 2015-2018. Among the projects to be taken up is also a revenue recognition project that will consider the extent to which the principles in IFRS 15 are appropriate for transactions in the public sector.

In April 2014, the IPSASB released a consultation document on its long term strategy and work plan.

In addition, the IPSASB approved eight projects to be added to the work plan starting in 2015 and 2016:

  1. Public Sector Measurement;
  2. Heritage Assets;
  3. Infrastructure Assets;
  4. Revenue;
  5. Non-Exchange Expenses;
  6. Limited scope review of the Cash Basis IPSAS
  7. Limited scope review of IPSAS 25, Employee Benefits; and
  8. Consequential amendments arising from Chapters 1-4 of the IPSASB Conceptual Framework.

Review the final strategy document Leading through Change on the IPSASB's Web Site.

IFRS - IASB Image

IASB issues work plan update, changes presentation

Aug 05, 2015

On July 31, 2015, following its July meeting, the International Accounting Standards Board (IASB) updated its work plan. It has also changed the presentation so that a direct comparison with the status as at June 30 is not easily possible as the attribution to quarters has been abandoned.

The following changes have been made:

  1. the new IFRS on insurance contracts is not expected until 2016;
  2. an exposure draft on changes in accounting policies and estimates (disclosure initiative) will also be delayed to 2016;
  3. discussion papers on macro hedging and on rate-regulated activities are not to be expected before 2016;
  4. the IASB expects to issue final amendments on the implementation projects on the unit of account (expected not before 2016) and on the recognition of deferred tax assets for unrealized losses (late 2015 or early 2016); and
  5. instead of finalizing the project on the elimination of gains or losses arising from transactions between an entity and its associate or joint venture the IASB intends to issue an exposure draft proposing to defer the effective date of the September 2014 amendments to IAS 28, IFRS 10 and IFRS 12.

The revised IASB work plan is available on the IASB's Web site. The IASB has also published a work plan guide that explains the new presentation format.

PSAS - IPSASB Image

IPSASB issues consultation paper on accounting for social benefits

Jul 30, 2015

The International Public Sector Accounting Standards Board (IPSASB) has issued a consultation paper that requests feedback on recognition and measurement requirements for social benefits, which the paper broadly defines as “benefits provided to individuals and households, in cash or in kind, to mitigate the effect of social risks.”

The paper proposes three approaches to accounting for social benefits:

  • Obligating event approach — Social benefits are considered in the context of the definition of a liability in the IPSASB’s conceptual framework for public-sector entities.
  • Social contract approach — The benefits are viewed from the standpoint of a social contract between a state and its citizens (e.g., because citizens have agreed to pay taxes).
  • Insurance approach — This approach is based on the assumption that “some social benefits are similar in practice to insurance contracts.”

Comments on the consultation paper are due by 31 January 2016.

For more in­for­ma­tion, see the press release and con­sul­ta­tion paper on IFAC’s Web site. On 21 September 2015, the IPSASB offers a webinar to discuss key issues in the consultation paper.

PSAS - IPSASB Image

IPSASB Publishes Exposure Draft 56, The Applicability of IPSASs

Jul 30, 2015

On July 30, 2015, the International Public Sector Accounting Standards Board (IPSASB) released for comment Exposure Draft (ED) 56, The Applicability of IPSASs.

ED 56 proposes to:

  • Revise the Preface to International Public Sector Accounting Standards to provide the characteristics of public sector entities for which IPSASs are intended;
  • Delete the definition of Government Business Enterprises (GBEs) in IPSAS 1, Presentation of Financial Statements; and
  • Amend the scope section of each International Public Sector Accounting Standard (IPSAS) and Recommended Practice Guideline (RPG) by removing the paragraph that states that these pronouncements do not apply to GBEs.

Read the press release and the exposure draft on the IPSASB's Web site.

IFRS - IASB Image

IASB issues work plan update

Jun 30, 2015

On June 30, 2015, following its June meeting, the IASB updated its work plan. The revised plan announces that the exposure draft (ED) on elimination of gains and losses arising from "downstream" transactions and the draft IFRIC interpretation on accounting for uncertainties in income taxes will now be issued in the third quarter of 2015 (delayed from the second quarter of 2015), and extends redeliberations for several projects to the third quarter of 2015.

The revised IASB work plan is available on the IASB's Web site.

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