The changes provide additional guidance on the interpretation of primary business including in what situations, and for which time periods, financial statements would be required. They provide guidance on the circumstances when additional information may be necessary for the prospectus to meet the requirement to contain full, true and plain disclosure of all material facts relating to the securities being distributed. The changes also clarify when an issuer can use the optional tests to calculate the significance of an acquisition, and when an acquisition of a mining asset would not be considered an acquisition of a business for securities legislation purposes.

Review the press release on the CSA's website and the changes on the OSC's website.

The proposals aim to simplify the accounting for cloud computing arrangements while ensuring entities can provide relevant information to their users.

Review the press release and publication on the AcSB's website.

The CSA continually monitors the mineral disclosure requirements in NI 43-101, and has gathered data showing deficiencies in technical report disclosure identified through continuous disclosure reviews, prospectus reviews, and targeted issue-oriented reviews. These deficiencies include:

• improper self-assessment by report authors of their independence, competence, expertise or relevant experience;
• poor quality of scientific and technical disclosure for early stage exploration properties related to new stock exchange listings;
• inadequate mineral resource estimation disclosure, including disclosure related to reasonable prospects for eventual economic extraction;
• misuse of preliminary economic assessments; and inadequate disclosure of all business risks.

The consultation paper is seeking general comments and asking specific questions touching on a wide range of issues, including:

• the application of innovative technologies to the requirement that a technical report author conduct a current personal inspection of a mineral project,
• verification of data from previous property owners,
• the broad, undefined range of precision of a preliminary economic assessment,
• the independence of and qualifications for technical report authors,
• disclosure requirements related to environmental matters, and
• disclosure of the risks and uncertainties that arise as a result of the rights of Indigenous Peoples.

Review the following additional information:

• Press release
• CSA Consultation Paper 43-401 Consultation on National Instrument 43-101 Standards of Disclosure for Mineral Projects
• National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) 

Review the article.

The webinar, hosted by ISSB Vice-Chair Sue Lloyd, will offer an overview of ED/2022/S1 General Requirements for Disclosure of Sustainability-Related Financial Information and ED/2022/S2 Climate-related Disclosures and will provide the opportunity to ask questions.

For the convenience of stakeholders in different time zones, there will be two sessions of the webinar, one a t 9:00 BST and one at 17:00 BST.

Registration for the webinar is now open on the IFRS Foundation's website.

Review the article

The PCAOB will evaluate comments received, along with other evidence obtained from the analysis, and consider whether additional guidance or other steps may be appropriate.

Review the following additional information on the PCAOB's website:

• Press release
• Request for Comment
• Auditing accounting estimates
• Using the work of specialists

The government has decided to adopt IFRS 17 for income tax accounting purposes but to make an exemption for the CSM so that tax revenue is not deferred. Again, the total tax revenue does not change. Insurers simply cannot defer tax revenue by applying the CSM under IFRS 17.

Review the article on the Globe and Mail's website.

To recognize diversity in jurisdictional contexts, the IESBA has taken a novel approach of expanding the PIE definition globally at a high level while providing guidance to regulators, national standard setters and other relevant local bodies on tailoring the broad definition for jurisdictional specificities. Among other matters, the revisions also:

• Articulate an overarching objective for additional independence requirements for audits of financial statements of PIEs.
• Provide guidance on factors to consider when determining the level of public interest in an entity.
• Replace the term “listed entity” with a new term “publicly traded entity,” providing a definition of the latter term.
• Recognize the essential role local bodies responsible for the adoption of the Code play in delineating the specific entities that should be scoped in as PIEs in their jurisdictions, encouraging them to properly refine the PIE categories and adding any other categories relevant to their environments.
• Introduce a transparency requirement for firms to publicly disclose the application of independence requirements for PIEs where they have done so.

The IESBA coordinated the development of these revisions closely with the International Auditing and Assurance Standards Board (IAASB) given that some of the terms and concepts that were considered are common to both Boards’ standards. The IAASB is pursuing a project to consider a number of matters relevant to its standards arising from the finalization of the IESBA’s PIE provisions, including whether and how to address the transparency requirement noted above in the IAASB’s standards.

The revised PIE definition and related provisions become effective for audits of financial statements for periods beginning on or December 15, 2024. Early adoption is permitted and encouraged.

Review the press release and revised provisions on the IESBA's website.

Among other things, Section 3.4 of the budget calls on the investment industry and federally regulated financial institutions to support the “transition economy” on the path to net-zero emissions. Here’s an excerpt:

Climate Disclosures for Federally Regulated Institutions

• The federal government is committed to moving towards mandatory reporting of climate-related financial risks across a broad spectrum of the Canadian economy, based on the international Task Force on Climate-related Financial Disclosures (TCFD) framework.
• The Office of the Superintendent of Financial Institutions (OSFI) will consult federally regulated financial institutions on climate disclosure guidelines in 2022 and will require financial institutions to publish climate disclosures—aligned with the TCFD framework — using a phased approach, starting in 2024.
• OSFI will also expect financial institutions to collect and assess information on climate risks and emissions from their clients.
• As federally regulated banks and insurers play a prominent role in shaping Canada’s economy, OSFI guidance will have a significant impact on how Canadian businesses manage and report on climate-related risks and exposures.
• Separately, the government will move forward with requirements for disclosure of environmental, social, and governance (ESG) considerations, including climate-related risks, for federally regulated pension plans.

This move follows a proposal last fall by the Canadian Securities Administrators to require TCFD-aligned reporting by issuers. That particular proposal is still under consideration.

Review the federal budget and climate chapter on the Government of Canada's website and summary on the Corporate Counsel's website.