• IAASB Seeks Public Comment on Exposure Draft on Agreed-Upon Procedures

  Nov 15, 2018

  On November 15, 2018, the International Au­dit­ing and As­sur­ance Stan­dards Board (IAASB) issued for public comment an Exposure Draft of proposed ISRS 4400 (Revised), Agreed-Upon Procedures Engagements. Comments are requested by March 15, 2019.

• PSAB issues materials relating to understanding the new Revenue standard, PS 3400

  Nov 15, 2018

  On No­vem­ber 15, 2018, the Pub­lic Sec­tor Accounting Board (PSAB) is­sued various materials to assist stakeholders in understanding its new Revenue standard, PS 3400. These include the Basis of Conclusions, two In Brief documents and a podcast. Section PS 3400, Revenue, will apply to fiscal years beginning on or after April 1, 2022. Earlier adoption is permitted.

• IASB tentatively decides to defer the IFRS 17 effective date

  Nov 14, 2018

  At its meeting being held in London today, the IASB discussed the effective date of IFRS 17 'Insurance Contracts' and ten­ta­tively decided to defer it to annual periods beginning on or after January 1, 2022. The IASB also ten­ta­tively decided to defer the fixed expiry date for the temporary exemption to IFRS 9 in IFRS 4 by one year so that all insurance entities must apply IFRS 9 for annual periods on or after January 1, 2022.

• Message from the AASB Chair: Update re the new auditor reporting standards

  Nov 14, 2018

  On Novem¬ber 14, 2018, the AASB Chair, Mr. Ken Charbonneau, issued a message that provides an update re the new auditor reporting standards. The update covers recent decisions and activities of the AASB on these standards. These include: (i) communication of key audit matters for audits of Toronto Stock Exchange (TSX)-listed entities, other than entities required to comply with National Instrument (NI) 81-106, Investment Fund Continuous Disclosure; (ii) auditor’s reports for audits of entities listed in both Canada and the United States (combined reports); and (iii) exposure draft development.

• Encouragement to Comment: 2018-2019 Annual Improvements Process

  Nov 13, 2018

  On November 13, 2018, the Public Sector Accounting Board (PSAB) issued a news item regarding its 2018 – 2019 Annual Improvements project. Noting that the PSAB approved its new annual improvements process in June 2018 to correct errors in the wording or clarify the CPA Canada Public Sector Accounting (PSA) Handbook or Statements of Recommended Practices, the news item encourages interested parties to participate in the project this coming January when the first Annual Improvements exposure draft is issued.

• Discussions at the 5th IASB Research Forum

  Nov 12, 2018

  The International Accounting Standards Board (IASB) hosted its fifth Research Forum on November 11 and 12, 2018 in Sydney. The meeting saw the presentation of six academic papers, responses by academics and standard-setters as well as panel discussions.

• Decision of the Supreme Court of Canada - The AMF will continue to fully assume its role as an integrated regulator

  Nov 09, 2018

  On November 9, 2018, the Autorité des marchés financiers (AMF) acknowledged the decision handed down by the Supreme Court of Canada today, which has validated the constitutionality of the system proposed by the federal government and certain provinces involving the establishment of a new capital markets regulatory body. The AMF reiterated the view of the Québec Minister of Finance in his news release issued earlier today in which he reaffirmed, in particular, that the proposed system is not in the interests of Québec and Québec investors.

• Supreme Court of Canada endorses legislation creating national securities regulator

  Nov 09, 2018

  On November 9, 2018, in a unanimous ruling, the Supreme Court of Canada endorsed legislation creating a unified, pan-Canadian securities regulator. The issue addressed by the Court relates to the constitutionality of a recent proposal by the federal government and the governments of Ontario, British Columbia, Saskatchewan, New Brunswick, Prince Edward Island and Yukon to implement a national cooperative capital markets regulatory system (the “Cooperative System”). The Court found that “the Cooperative System does not improperly fetter the legislatures’ sovereignty, nor does it entail an impermissible delegation of law-making authority.”

• IESBA Chairman’s Keynote Address at APESB Dinner in Sydney

  Nov 08, 2018

  On November 8, 2018, Dr. Stavros Thomadakis, Chairman of the IESBA, gave a keynote address at an APESB dinner in Sydney, Australia. In celebrating the news regarding the incorporation of the Restructured International Code of Ethics into the Australian ethical standards, Dr. Thomadakis shared his thoughts about the essentials of the Code, its global positioning, and the challenges that both standard setters and users of the Code face for the present and future.

• FRC Lab guidance on reporting performance metrics

  Nov 07, 2018

  In November 2018, the Financial Reporting Lab of the UK Financial Reporting Council (FRC) published guidance for companies on the presentation of performance metrics in their reporting following calls for clarity from investors.

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