These resources advance the PCAOB’s strategic priority of cultivating effective communications with stakeholders, as well as providing timely, relevant, and useful information to them.

In May, Erin Dwyer joined the PCAOB as a direct point of contact for and liaison to investors, audit committees, and preparers. Erin shares some additional information about her role and these CAMs-related resources in this short video.

Review the resources on the PCAOB's website:

• Investor Resource: Critical Audit Matters
• Audit Committee Resource: Critical Audit Matters

This update includes:

• Background on the Regulation and definition of virtual currency
• Dealers in virtual currency that offer services to Canadian clients will generally be considered MSBs under the PCMLTFA and therefore subject to similar customer due diligence, recordkeeping, monitoring and reporting requirements as other reporting entities
• Regulation of foreign cryptocurrency exchanges as foreign MSBs
• Reporting and recordkeeping requirements for virtual currency transactions

Review the regulation on the Canada Gazette's website and a summary on Osler LLP's website.

The International Accounting Standards Board (IASB) has also been discussing restoring amortization of goodwill. In December 2017, the Board decided tentatively not to reintroduce amortization and to focus on improving the impairment model instead. It confirmed this decision at its June 2019 meeting. However, the paper was the most heavily debated paper during the session as improving the impairment model has turned out to be very difficult, and the final decision was very close. The Board finally decided by a vote of 8 to 6 to confirm its preliminary view not to reintroduce amortization and to retain an impairment-only model.

The FASB's invitation to comment offers a comprehensive analysis of the subsequent accounting for goodwill as well as a comparison with the IASB approach and the approach of the Japanese standard-setter ASBJ.

Comments on the the FASB's invitation to comment are due by October 7, 2019.

Review the press release, a short explanatory video, and the invitation to comment on the FASB's website.

Starting in the summer of 2019, auditors will be required to communicate CAMs in their auditor’s reports. Investors with questions about CAMs may turn to a company’s IR group for answers.

Review the publication on the CAQ's website.

Listen to IAASB member and Task Force Chair, Marek Grabowski, discuss the extended external reporting (EER) Consultation Paper that includes the first part of the draft guidance for practitioners applying International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information, to EER assurance engagements.

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

Dr. Nicolas Peter, Chief Financial Officer of BMW AG, gave the keynote address at a stakeholder event in Munich on June 26, 2019, jointly hosted by the Trustees of the IFRS Foundation and the Deutsche Rechnungslegungs Standards Committee (DRSC, the German accounting standard-setter). In his speech, Dr. Peter outlines the importance of IFRS Standards to BMW AG and the global financial market, and discusses some of the challenges for the future.

Here is the link to the speech on the IASB web­site.

Listen to the first such podcast in which Vice-Chair of the Board and Chair of the Interpretations Committee Sue Lloyd joins Technical Staff member Patrina Buchanan for a discussion that focuses on the June 2019 meeting of the Interpretations Committee. Among the topics covered in this podcast are questions about applying the new financial instruments, revenue recognition and leases Standards—IFRS 9, IFRS 15 and IFRS 16—as well as the accounting for holdings of cryptocurrencies. 

Here is the link to the 24 minute podcast on the IASB web­site.

Re­view the article on the PSAB's web­site.

Ann Tarca, IASB Member and Anne McGeachin, IASB Technical Staff presented at two IFRS Foundation events at the annual congress, covering:

• IASB Technical Update
• Guide to new Standards—IFRS 9, IFRS 15, IFRS 16 and research opportunities
• IASB Technical Update: Primary Financial Statements

Here is the link to the presentations on the IASB web­site.

This recording took place to provide national standard-setters with an overview of the proposed amendments to IFRS 17. The presenters are Laura Kennedy and Roberta Ravelli, Technical Staff at the IFRS Foundation. 

Here is the link to the 25 minute webinar on the IASB website.