IFRS Newsletter No. 06 – 2024
On April 1, 2024, the reporting and assurance oversight councils in Canada announced the establishment of the Reporting & Assurance Oversight Council. This initiative marks a significant step forward towards improving standard-setting efficiency and connectivity in Canada.
The new council will bring together the activities of three oversight bodies: the Auditing and Assurance Standards Oversight Council (AASOC), Accounting Standards Oversight Council (AcSOC) and the Canadian Sustainability Standards Board (CSSB). This consolidation will streamline the processes and activities in accounting, audit and assurance, and sustainability standard setting.
The Oversight Council is effective since April 1, 2024. Its official oversight activities will begin on July 1, 2024, while the current oversight bodies will end their activities on June 30, 2024.
The new council will bring together the activities of three oversight bodies: the Auditing and Assurance Standards Oversight Council (AASOC), Accounting Standards Oversight Council (AcSOC) and the Canadian Sustainability Standards Board (CSSB). This consolidation will streamline the processes and activities in accounting, audit and assurance, and sustainability standard setting.
The Oversight Council is effective since April 1, 2024. Its official oversight activities will begin on July 1, 2024, while the current oversight bodies will end their activities on June 30, 2024.
Contents
- Introduction
- IFRS Highlights
- Sustainability Reporting
- A Closer Look
- IASB continues redeliberations on Post-implementation Review (PiR) of IFRS 9, Phase 2 – Impairment
- Contracts for Renewable Electricity (PPAs and VPPAs): IASB publishes exposure draft of proposed amendments to IFRS 9 and IFRS 7
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