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News

PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image

PCAOB posts resource for audit committees regarding new requirements related to estimates and specialists

Nov 12, 2020

On November 12, 2020, the Public Company Accounting Oversight Board’s (PCAOB) released a resource for audit committees on their new requirements related to auditing accounting estimates, including fair value measurements, and using the work of specialists. The requirements will take effect for audits of financial statements for fiscal years ending on or after December 15, 2020.

To help audit committees enhance their understanding in this area, this resource provides the basics of the new requirements, key takeaways for audit committees, and questions to consider asking auditors.

Review the resource on the PCAOB's website.

IFRS - IASB Image

Trustees appoint Andreas Barckow to succeed Hans Hoogervorst

Nov 12, 2020

On November 12, 2020, the Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), announced the appointment of Prof Dr. Andreas Barckow as next chair of the IASB.

Dr. Barckow, currently the President of the Accounting Standards Committee of Germany (ACSG), will succeed Hans Hoogervorst on his retirement as chair of the IASB at the end of June 2021.

Dr. Barckow, a former Deloitte Partner, has been an active participant in numerous advisory bodies to the IFRS Foundation and the IASB, including membership of the IASB’s Accounting Standards Advisory Forum (ASAF) and the IFRS Advisory Council, and is a highly recognized expert on IFRSs at national, European and international level. He will step down from all his present positions in order to join the IASB.

Review the press release on the IASB's website.

ASPE_AcSB Image

Handbook Update – Section 3462, Employee Future Benefits

Nov 11, 2020

On November 11, 2020, the Accounting Standards Board (AcSB) announced that Section 3462, "Employee Future Benefits", was amended on November 2, 2020 to clarify the measurement of the defined benefit obligation for plans with a legislative, regulatory or contractual requirement to prepare a funding valuation.

The amendments also remove the accommodation to allow the use of a funding valuation for defined benefit plans without a funding valuation requirement. The amendments are effective for annual financial statements relating to fiscal years beginning on or after January 1, 2022.

Review the amendments on the CPA Canada's website.

Leaf - sustainability (green) Image

FRC (UK) review concludes that corporate reporting needs to improve to meet the expectations of investors and other users on the urgent issue of climate change

Nov 10, 2020

On November 10, 2020, the UK Financial Reporting Council (FRC) has published the results of a review that shows that corporate reporting needs to improve to meet the expectations of investors and other users on the urgent issue of climate change.

Please click to access the review through the press release on the FRC website.

PSAS - PSAB Image

Exposure Draft – Proposal to modify the Canadian Public Sector GAAP Hierarchy

Nov 10, 2020

On November 10, 2020, the Public Sector Accounting Board (PSAB) released an exposure draft proposing amendments to PS 1150, "Generally Accepted Accounting Principles", to clarify the GAAP hierarchy on matters not covered by primary sources of GAAP or for assistance in applying primary source of GAAP. Comments are requested by February 15, 2021.

PSAB expects to issue final amendments to Section PS 1150 in the first quarter of 2021. The amendments will be effective for years beginning on or after April 1, 2021.

Review the press release and exposure draft on the PSAB's website.

IFRS - IASB Image

Recordings of the second webinar on the goodwill and impairment DP

Nov 06, 2020

On November 6, 2020, the International Accounting Standards Board (IASB) made available the recordings of the recent second webinar on the goodwill and impairment discussion paper.

The webinar introduced in more detail the Board’s preliminary views about improving disclosures about acquisitions.

Listen to the recordings on the IASB's website.

PSAS - PSAB Image

New chair appointed to Canada’s Public Sector Accounting Board

Nov 06, 2020

On November 6, 2020, the Public Sector Accounting Board (PSAB) announced that former assistant auditor general Clyde MacLellan takes helm of the Public Sector Accounting Board, effective November 1, 2020 for a five-year term.

The Accounting Standards Oversight Council (AcSOC) unanimously approved his appointment at its October 2020 meeting, concluding an ongoing search that commenced this past summer.

MacLellan was serving as interim chair since July and assumed the role permanently as of November 1, 2020. He replaces former chair Charles-Antoine St-Jean, FCPA, FCA, who was appointed President and CEO of CPA Canada.

His initial term will be five years and five months ending March 31, 2026, with an option to renew at both parties’ discretion for three years.

Review the press release on the PSAB's website.

IFRS - IASB Image

Chairman of the IFRS Foundation Trustees presents sustainability consultation paper at ISAR 37, engages in panel discussion

Nov 05, 2020

On November 5, 2020, the International Accounting Standards Board (IASB) released a speech by Erkki Liikanen, Chairman of the IFRS Foundation Trustees, given at the thirty-seventh session of the United Nations Conference on Trade and Development (UNCTAD) Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR). Mr. Liikanen introduced the Trustees' consultation paper that was published in September to assess demand for global sustainability standards and what role the Foundation might play in the development of such standards.

During the introduction of the consultation paper Mr. Liikanen noted that when the challenges are global, the most optimal solution would be global. He explained that there have calls for the IFRS Foundation to play a role in this area as the Foundation has a well-established model of global standard-setting, working in close cooperation with both public and private stakeholders.

The presentation was followed by a lively panel discussion on "Climate-related financial disclosures in mainstream entity reporting: Good practices and key challenges", that among other speakers saw participation of representatives of TCFD, CDSB, CDP, and UNEP FI.

Review the following additional information:

IAASB - Assurance Image

IAASB communique: Audits of less complex entities

Nov 05, 2020

On November 5, 2020, the International Auditing and Assurance Standards Board (IAASB) published a new communique detailing its next steps to address complexity, understandability, scalability, and proportionality, including in the audits of financial statements of less complex entities.

The communique details the IAASB’s efforts to balance the needs of all its stakeholders by developing a separate standard focused on less complex entities while simultaneously addressing complexity, understandability, scalability and proportionality in the International Standards on Auditing more broadly.

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

IESBA (International Ethics Standards Board for Accountants) (lt gray) Image

Extension of time to participate in IESBA’s technology surveys

Nov 04, 2020

On November 4, 2020, the International Ethics Standards Board for Accountants' (IESBA) decided to extended the closing date for responses to its Technology Surveys to November 25, 2020.

Earlier last month, the IESBA’s Technology Task Force launched two online surveys to seek stakeholder input on key ethical questions arising from technology developments in relation to:

  • Technology and complexity in the professional environment; and
  • The impact of technology on auditor independence.

Responses to the surveys will help guide the IESBA’s consideration of next steps in relation to these two topics at its December 2020 Board meeting.

Review the press release on the IESBA's website.

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