Below is an analysis of all changes made to the work plan since our last analysis on October 31, 2020.

Standard-setting projects

• Disclosure initiative — Subsidiaries that are SMEs — the decision of whether to issue a discussion paper or an exposure draft is now expected in January 2021 (previously December 2020)
• Management commentary — the issuance of an exposure draft is now expected in the second quarter of 2021 (previously first half of 2021)
• Rate-regulated activities — the issuance of an exposure draft is now expected in January 2021 (previously first quarter of 2021)

Maintenance projects

• Accounting policies and accounting estimates (Amendments to IAS 8) — the issuance of final amendments is now expected in the first quarter of 2021 (previously December 2020)
• Deferred tax related to assets and liabilities arising from a single transaction — the issuance of final amendments is now expected in the second quarter of 2021 (previously no date given)
• Disclosure initiative — Accounting policies — the issuance of final amendments is now expected in the first quarter of 2021 (previously December 2020)

Research projects

• Dynamic risk management — the feedback on the core model is expected to be discussed in the second quarter of 2021 (previously first half of 2021)
• Extractive activities — a decision on the project direction is now expected in the first quarter of 2021 (previously first half of 2021)
• Post-implementation review of IFRS 9 — newly added to the work plan; next step in the project will be the issuance of a request for information (no date given)

Other projects

• IFRS Taxonomy Update — Amendments to IAS 1, IAS 8 and IFRS Practice Statement 2 — the issuance of a proposed IFRS Taxonomy Update is now expected in the first quarter of 2021 (previously December 2020)
• IFRS Taxonomy Update — Common practice (IAS 19) — the expected date for the issuance of a proposed IFRS Taxonomy Update has been dropped, however, the IASB announced in a press release that the proposed IFRS Taxonomy Update will be issued on 24 November 2020
• IFRS Taxonomy Update — Interest Rate Benchmark Reform — Phase 2 — the feedback on the proposed IFRS Taxonomy Update has been discussed and a final IFRS Taxonomy Update is now expected in December 2020

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

The proposed new self-certified investor prospectus exemption would allow investment by investors who certify to having certain financial and investing experience and education, and acknowledge certain investment considerations and risks. To reduce the risks to investors, investments would be limited in a 12-month period to $10,000 in any one business and $30,000 across multiple businesses.

Details of the proposal are set out in CSA Multilateral Notice 45-327 Proposed Prospectus Exemption for Self-Certified Investors available on the websites of the ASC and the FCAA. The comment period for the proposed new prospectus exemption is open until December 23, 2020.

Review the press release on the ASC's website.

The report provides issuers with guidance on trends and issues identified during compliance reviews. Key areas of focus in fiscal 2020 included MD&A disclosure, mining technical reports, the use of non-GAAP financial measures, forward-looking information and executive compensation. The report also outlines the Branch’s operational and policy work.

In addition, the report provides an update on the progress made on reducing burden for issuers, a key focus for the OSC. To date, eight of the 13 burden reduction recommendations for issuers have been completed and many of the remaining recommendations are on target for their estimated completion date. Key recommendations completed in 2020 include a program that allows issuers to file an entire prospectus confidentially for staff review and the adoption of a pre-filing review for mining reporting issuers seeking staff views on certain technical disclosure documents.

Review the press release and OSC Staff Notice 51-731 Corporate Finance Branch 2020 Annual Report on the OSC's website.

The consultation is intended to assess demand for global sustainability standards and what role the Foundation might play in the development of such standards.

Review the press release and access the recordings on the IASB's website. The introductory part in both sessions is the same, the questions put forward by the audience differ.

At its October 2020 meeting, the Board decided unanimously to separate the PIR of the IFRS 9 classification and measurement requirements (including FVOCI equity instruments) from the PIR of the rest of IFRS 9 and to start the PIR on classification and measurement as soon as possible.

One argument brought forward for a separation of classification and measurement was that this part of IFRS 9 did not have a transition resource group (TRG) and thus application issues have not been addressed since publication of the standard. It was also noted that there is not much overlap between classification and measurement and the rest of IFRS 9, so the PIRs can be done separately.

Review the press release on the IASB's website.

The Role and Mindset Revisions, released in early October, explicitly recognize that the accountancy profession is entrusted with public confidence in the wide-ranging roles it plays in society and that such confidence is based on the skills and values it brings to its professional activities. Importantly, they reaffirm the profession’s responsibility to act in the public interest and the fundamental role of the Code in meeting that responsibility.

Review the press release and fact sheet on the IESBA's website.

The IAASB recently approved the suite of new and revised quality management standards, which will be released following approval from the Public Interest Oversight Board of the due process later this year. The new and revised quality management standards will become effective on December 15, 2022.

Review the press release and watch the videos on the IAASB's website.

The publication assists auditors to understand the types of automated tools and techniques that can be used, and how they can be used, in performing risk assessment procedures. It also addresses considerations regarding the entity’s use of machine learning or artificial intelligence when performing risk assessment procedures.

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

These roundtables focused on:

1. The impact of technology advancements on fraud perpetration and detection;
2. The “expectation gap”, or differences between public perceptions and the auditor’s responsibilities for fraud and going concern; and
3. Fraud and going concern in audits of less complex entities.

Today’s publication details the roundtables and what we heard. The input from these roundtables comprise one aspect of the IAASB’s broader information-gathering activities related to fraud and going concern that will be considered in determining possible future actions.

The full roundtable recordings, including individual breakout sessions, are available on the IAASB’s YouTube channel:

• Fraud Technology Roundtable
• Expectation Gap Roundtable
• Fraud and Going Concern Procedures in Less Complex Entities Roundtable

Review the press release and key takeaways on the IAASB's website.

The Discussion Paper aims to gather perspectives from all our stakeholders across the financial reporting ecosystem about the role of the auditor in relation to fraud and going concern in an audit of financial statements, and to obtain input on matters about whether our standards related to fraud and going concern remain fit-for-purpose in the current environment. The input from this consultation, together with other information gathering and outreach activities, will inform IAASB decisions about possible further actions on these topics.

Review the press release in the IAASB's website.