• IOSCO calls for globally consistent, comparable, and reliable sustainability standards

  Feb 24, 2021

  On February 24, 2021, the International Organization of Securities Commissions (IOSCO) has released a statement noting the urgent need for global sustainability standards and supporting a Sustainability Standards Board (SSB) under the IFRS Foundation.

• Global initiative to develop financial reporting guidance for Not-for-Profit Organizations

  Feb 23, 2021

  On February 23, 2021, the staff of the Accounting Standards Board (AcSB) announced that it is participating in a global initiative to develop non-authoritative financial reporting guidance for not-for-profit organizations (NFPOs) in jurisdictions that, unlike Canada, currently do not have NFPO accounting standards.

• FRC Lab report on virtual and augmented reality

  Feb 22, 2021

  A new report from the Financial Reporting Lab of the UK Financial Reporting Council (FRC) considers how virtual and augmented reality are and might be used to expand the scope and audience for corporate reporting.

• IAASB seeks public comment on exposure draft aligning existing standards with new, revised quality management standards

  Feb 22, 2021

  On February 22, 2021, the International Auditing and Assurance Standards Board (IAASB) issued an Exposure Draft addressing changes in some of its standards and framework resulting from the new and revised quality management standards. Comments are requested by May 24, 2021.

• Updated IASB work plan — Analysis

  Feb 19, 2021

  On February 19, 2021, the International Accounting Standards Board (IASB) updated its work plan following its January 2021 supplementary meeting and February 2021 meeting.

• AcSB Exposure Draft – Covid-19-Related Rent Concessions beyond June 30, 2021 (Proposed amendment to IFRS 16)

  Feb 16, 2021

  On February 16, 2021, the Accounting Standards Board (AcSB) issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Comments are requested by February 25, 2021.

• IASB finalizes amendments to IAS 8 regarding accounting estimates

  Feb 12, 2021

  On February 12, 2021, the International Accounting Standards Board (IASB) published "Definition of Accounting Estimates (Amendments to IAS 8)" to help entities to distinguish between accounting policies and accounting estimates. The amendments are effective for annual periods beginning on or after January 1, 2023.

• IASB finalizes amendments to IAS 1 and the Materiality Practice Statement

  Feb 12, 2021

  On February 12, 2021, the International Accounting Standards Board (IASB) issued "Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)" with amendments that are intended to help preparers in deciding which accounting policies to disclose in their financial statements. The amendments are effective for annual periods beginning on or after January 1, 2023.

• Canadian securities regulators respond to the Modernization Taskforce Final Report and encourage a harmonized regulatory system that protects investors and reduces unnecessary burden

  Feb 12, 2021

  On February 12, 2021, the securities regulatory authorities of British Columbia, Alberta, Saskatchewan, Manitoba, Québec, Nova Scotia, Prince Edward Island, New Brunswick, Newfoundland and Labrador, Nunavut, Northwest Territories and Yukon (CSA members), published a response to the Ontario Capital Markets Modernization Taskforce (“Taskforce”) Final Report (“Report”) issued January 22, 2021.

• IASB proposes extending the practical relief regarding COVID-19-related rent concessions

  Feb 11, 2021

  On February 11, 2021, the International Accounting Standards Board (IASB) published an exposure draft “Covid-19-Related Rent Concessions beyond 30 June 2021 (Proposed amendment to IFRS 16)” that contains a proposed extension of the May 2020 amendment that provides lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. Comments are requested by 25 February 2021.

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