The Chief Financial Officer’s role as an innovation leader

Securities: Standards

CSA adopts amendments related to reselling securities of foreign issuers

The amendments introduce a new prospectus exemption if the issuer is not a reporting issuer in any jurisdiction of Canada, and the resale is on an exchange or a market outside of Canada.

Securities: Report

CSA reports on climate change-related disclosure project

The report summarizes the findings of the CSA’s previously announced project to review the disclosure by reporting issuers of the risks and financial impacts associated with climate change, and outlines its plans for future work.

U.S. GAAP: Tool

Preparing for the Leases Accounting Standard: A Tool for Audit Committees

The Center for Audit Quality released a new tool designed to help audit committees exercise their oversight responsibilities as U.S. companies implement a new leases accounting standard that begins to take effect in January 2019.

Revised Conceptual Framework published
The International Accounting Standards Board published its revised Conceptual Framework for Financial Reporting. The new Conceptual Framework: (i) emphasizes the importance of reporting financial performance; (ii) improves the concepts for reporting assets, liabilities, income and expenses; (iii) introduces guidance on measurement; and (iv) helps the Board to set Standards, but is not itself a Standard.

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Proposed amendments to IAS 8 regarding agenda decisions published
The changes proposed in the exposure draft Accounting Policy Changes (Proposed amendments to IAS 8) are focused on a cost benefit analysis: If the entity's cost of determining the period-specific effects or the cumulative effect of the change exceeds the expected benefits to users of the financial statements, the new accounting policy need not be applied retrospectively. Comments are requested by July 27, 2018.

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CSA announces policy projects aimed to reduce regulatory burden in public markets
Specific initiatives the CSA intends to pursue include: (i) removing or modifying the criteria for reporting issuers to file a business acquisition report; (ii) facilitating at-the-market offerings; (iii) revisiting the primary business requirements to provide greater clarity to issuers preparing an IPO prospectus; (iv) considering a potential alternative prospectus model; (iv) reducing or streamlining certain continuous disclosure requirements; and (vi) enhancing electronic document distribution for investors.

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IFRS in Focus — More changes proposed to IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors
This issue discusses the Exposure Draft 2018/01, Accounting Policy Changes (Proposed amendments to IAS 8). The changes introduce a new, lower, threshold to getting relief from having to account for a change in accounting policy fully retrospectively, when that change is a consequence of an agenda decision issued by the IFRS Interpretations Committee.

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