Financial Reporting

Updated: February 10, 2026

Accounting Standards for Private Enterprises (ASPE)

I have written about the importance of outreach activities and how the input we receive enhances the quality of the standards we issue in several of my previous posts. I highlighted the amount of outreach we undertook this past year in my Accounting Standards Board (AcSB)'s 2023-24 Annual Report Chair message.

What’s the issue?Climate is a topic that interested and affected parties are increasingly challenged with due to its potential effect on an entity’s business model, operations, and related financial information. For example, extreme weather events can disrupt operations and supply chain, damage infrastructure, and increase operational costs.


International Financial Reporting Standards (IFRS)

Canadian Public company reporting update November 2024

Need help understanding recent changes to Canadian financial reporting requirements? Join us for this one-hour webinar to stay current on today's financial reporting hot topics.

Event Details

This webinar is part of our IFRS webinar series and provides you with the latest updates on issues of relevance, including key changes to IFRS and Canadian securities legislation.

Topics include:

  • recently released accounting standards
  • proposed accounting standards
  • key accounting issues to consider when preparing financial statements
  • tips and traps in implementing new guidance
  • recent and proposed regulatory initiatives

Who should attend?

  • financial statement preparers
  • practitioners
  • directors
  • other users

Read more: Canadian Public company reporting update November 2024

Understand the new requirements and how they will affect your reporting, systems, processes and internal controls.

The International Accounting Standards Board (IASB) has today issued amendments to IFRS 16 Leases, which adds to requirements explaining how a company accounts for a sale and leaseback after the date of the transaction.

The International Accounting Standards Board (IASB) has today proposed amendments to IAS 12 Income Taxes. The proposed amendments aim to provide temporary relief from accounting for deferred taxes arising from the imminent implementation of the Pillar Two model rules published by the Organization for Economic Co-operation and Development (OECD).

IASB issues IFRS Accounting Taxonomy Update for Disclosure of Accounting Policies and Definition of Accounting Estimates

The International Accounting Standards Board (IASB) has today issued an update to the IFRS Accounting Taxonomy 2021 to reflect the amendments:

Disclosure of Accounting Policies, issued in February 2021, which amended IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements; and
Definition of Accounting Estimates, issued in February 2021, which amended IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.

The International Accounting Standards Board (IASB) today published a consultation document, proposing eight examples to illustrate how companies apply IFRS Accounting Standards when reporting the effects of climate-related and other uncertainties in their financial statements.

IFRS - IFRS Standards Navigator

The IFRS Foundation provides free access (through Basic registration) to the PDF files of the current year's consolidated IFRS® Standards and IFRIC® Interpretations (Part A of the Issued Standards—the Red Book), the Conceptual Framework for Financial Reporting and IFRS Practice Statements, as well as available translations of Standards.

IFRS 18 Presentation and Disclosure in Financial Statements.

IFRS Foundation webinars on Trustees' sustainability-related work-recordings now available

Recordings are now available of the live 7 July 2021 webinars discussing the IFRS Foundation Trustees’ work on creating a proposed new standard-setting board-International Sustainability Standards Board-that would develop sustainability-related disclosure requirements to meet investors' needs.

Investor Perspectives: Disclosures in financial statements to better reflect investor needs

Investors have been calling for better disclosures in financial statements, but delivering more useful disclosures to them proves to be a consistent challenge for companies.

IFRS 18 aims to improve financial reporting by:

• Requiring additional defined subtotals in the statement of profit or loss;
• Requiring disclosures about management-defined performance measures; and
• Adding new principles for grouping (aggregation and disaggregation) of information

This reference material comprises of a table of concordance and a table providing a mark-up of the requirements that the IASB has brought forward from IAS 18 Presentation of Financial Statements to IFRS 18 Presentation and
Disclosure in Financial Statements with only limited changes to the wording.

Reporting on risks, uncertainties, opportunities and scenarios: Closing the gap (Financial Reporting Council)

Our report highlights examples of current practice that were identified by the Financial Reporting Lab (Lab) team and investors.

Exposure Draft Third Edition of the IFRS for SMEs Accounting Standard.

Subsidiaries without Public Accountability: Disclosures

Exposure Draft ED/2021/7 Subsidiaries without Public Accountability: Disclosures is published by the International Accounting Standards Board (Board) for comment only.

Webcasts explaining the IASB’s Exposure Draft Supplier Finance Arrangements

International Accounting Standards Board (IASB) Member Zach Gast introduces the Exposure Draft Supplier Finance Arrangements in two short webcasts. In part 1, he provides the background to reverse factoring and other supplier finance arrangements. In part 2, he illustrates how the IASB’s proposals aim to enhance the transparency of supplier finance arrangements and sets out why it is important for stakeholders to respond to these proposals.

The Exposure Draft is open for comment until March 28, 2022.


Not-For-Profit Organizations (ASNPO)

The Accounting Standards Board (AcSB) invites input from the not-for-profit sector to help develop a new exposure draft on accounting for restricted contribution revenue and related matters.
Choose a short survey from our three separate surveys, tailored to align with your experience as a preparer, practitioner, or user:


Pension Plans


Public Sector Accounting Board (PSAB)

The Accounting Standards Board (AcSB) proposes, subject to comments received following exposure, to amend PENSION PLANS, Section 4600 in Part IV of the CPA Canada Handbook – Accounting. The amendments would affect pension plans applying the standards in Part IV of the Handbook, as relevant.
The proposals in this Exposure Draft would:

Evaluating the Financial Self-sufficiency of Government Business Enterprises

How to Evaluate the Financial Self-sufficiency of a Government Business Enterprise explains how financial self-sufficiency is a key factor in determining whether a government organization is a government business enterprise (GBE) and should therefore be included in the financial statements of a controlling government. This guidance sets out factors, changes in factors and questions to consider in evaluating a GBE’s financial self-sufficiency.

The Public Sector Accounting Board (PSAB) wants to hear from you! Share your thoughts and perspective on the International Public Sector Accounting Standards Board’s (IPSASB) Tangible Natural Resources Exposure Draft.

Your feedback will help ensure Canadian-specific issues and perspectives are considered by IPSASB as they finalize their guidance on the recognition, measurement and presentation of tangible natural resources in the public sector.

We look forward to reviewing these survey results as we prepare our formal response to IPSASB. Respond by January 3, 2025, so we can consider your valuable feedback while we write our response letter.

Read more: IPSASB Tangible Natural Resources Exposure Draft

 

Watch on Demand:
Watch the recorded English or French webinar to learn about PSAB’s Government Not-for-Profit (GNFP) Strategy Decision and Implementation Plan.

An Overview
This introductory workshop provides an overview of the International Public Sector Accounting Standards Board (IPSASB) and its International Public Sector Accounting Standards (IPSAS) related to various routine transactions. The Introduction to IPSAS Workshop includes five sessions – each consisting of a video accompanied with a transcript and slides.

Conceptual Framework and Basis for Conclusions Released

The new Conceptual Framework was issued in the CPA Canada Public Sector Accounting Handbook (PSA Handbook) on December 1, 2022.

Also available is the accompanying Basis for Conclusions to explain the rationale for PSAB’s decisions while developing each chapter of the Framework. It provides clarity on how the Conceptual Framework affects PSAB’s International Strategy and impacts future standard setting.

What are accounting standards for the Public Sector?

Accounting standards are authoritative standards for financial accounting and reporting developed through an organized standard-setting process and issued by a recognized standard-setting body. Accounting standards specify how transactions and other events are to be recognized, measured, presented and disclosed in a public sector entity’s financial statements. The objective of such standards is to meet the needs of users of financial statements by providing the information needed for accountability and decision making.

Share this page