Accounting Standards Board

Canadian offer to host International Sustainability Standards Board well supported: CPA Canada

Retrieved on: 
Wednesday, July 28, 2021

TORONTO, July 28, 2021 /CNW/ -Chartered Professional Accountants of Canada (CPA Canada) is pleased to be among the private and public institutions, including the Government of Canada, backing this country's offer to host the global headquarters for the new International Sustainability Standards Board (ISSB).

Key Points: 
  • TORONTO, July 28, 2021 /CNW/ -Chartered Professional Accountants of Canada (CPA Canada) is pleased to be among the private and public institutions, including the Government of Canada, backing this country's offer to host the global headquarters for the new International Sustainability Standards Board (ISSB).
  • Known as Canadian Champions for Global Sustainability Standards, this is a national collaboration with a shared objective to locate the new board in Canada.
  • Backed by support from the country's public and private sectors, the Government of Canada has formally submitted the Canadian offer letter to the IFRS Foundation.
  • "The overwhelming support associated with the Canadian offer clearly demonstrates the breadth and depth of this collaborative effort," says Amanda Whitewood, chair, CPA Canada Board of Directors.

FASB Stakeholders Invited to Share Their Views on Future Agenda Priorities

Retrieved on: 
Thursday, June 24, 2021

The Financial Accounting Standards Board ( FASB ) today published an Invitation to Comment (ITC) that gives stakeholders the opportunity to provide feedback on its future standard-setting agenda.

Key Points: 
  • The Financial Accounting Standards Board ( FASB ) today published an Invitation to Comment (ITC) that gives stakeholders the opportunity to provide feedback on its future standard-setting agenda.
  • The ITC is a FASB staff document; it does not include Board views.
  • Rather, it is intended to solicit broad stakeholder feedback on what the FASBs future agenda priorities should be.
  • The Board will consider the feedback received from the ITC when making any changes to its agenda.

CPA Canada urges united effort domestically to support international sustainability standards board

Retrieved on: 
Monday, May 31, 2021

TORONTO, May 31, 2021 /CNW/ - Chartered Professional Accountants of Canada (CPA Canada) is encouraging leaders from the country's private and public sectors to weigh in on important steps toward establishing a new international sustainability standards board.

Key Points: 
  • TORONTO, May 31, 2021 /CNW/ - Chartered Professional Accountants of Canada (CPA Canada) is encouraging leaders from the country's private and public sectors to weigh in on important steps toward establishing a new international sustainability standards board.
  • The IFRS Foundation Trustees have launched a consultation relating to the governance and composition of a proposed International Sustainability Standards Board (ISSB).
  • Canada has a strong track record of working with global institutions on sustainability and standard setting, and Canada has an important role to play in shaping the future of sustainability reporting.
  • Chartered Professional Accountants of Canada (CPA Canada) works collaboratively with the provincial, territorial and Bermudian CPA bodies, as it represents the Canadian accounting profession, both nationally and internationally.

Alan Skelton Named Director of Research and Technical Activities of the Governmental Accounting Standards Board

Retrieved on: 
Friday, January 29, 2021

The Governmental Accounting Standards Board (GASB) today announced the appointment of Alan Skelton to the role of director of research and technical activities.

Key Points: 
  • The Governmental Accounting Standards Board (GASB) today announced the appointment of Alan Skelton to the role of director of research and technical activities.
  • Mr. Skelton has served on the GASBs advisory group, the Governmental Accounting Standards Advisory Council (GASAC), since 2015 and as its vice chair since 2018.
  • Im very pleased to welcome Alan to the GASB to serve as the director of research and technical activities, said GASB Chair Joel Black.
  • Alan shares my passion for the GASBs mission and brings to this role deep technical expertise and practical experience in governmental accounting and financial reporting.

Financial Accounting Standards Board (FASB) Spotlights Its “Quality Control” Process

Retrieved on: 
Wednesday, September 30, 2020

When the Financial Accounting Standards Board ( FASB ) issues a final standard, it means the FASB has concluded that the benefits derived from the standard justify the cost of preparing and using that information.

Key Points: 
  • When the Financial Accounting Standards Board ( FASB ) issues a final standard, it means the FASB has concluded that the benefits derived from the standard justify the cost of preparing and using that information.
  • View the full release here: https://www.businesswire.com/news/home/20200930005591/en/
    FASB's PIR process drives continuous improvement of accounting standards (Graphic: Business Wire)
    As illustrated by the attached infographic, stakeholder outreach and other research inform each phase of this important work.
  • In his recent LinkedIn article about the PIR process, FASB Chair Richard R. Jones noted, As with all standard-setting activities, quality input leads to quality standardseven after a standard is issued.
  • The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports.

SASB Initiates New Standard-Setting Project to Address Content Governance in the Internet Media & Services Industry

Retrieved on: 
Tuesday, September 22, 2020

San Francisco, Sept. 22, 2020 (GLOBE NEWSWIRE) -- The Sustainability Accounting Standards Board (SASB) unanimously voted to initiate a new standard-setting project to address content governance in the Internet Media & Services industry.

Key Points: 
  • San Francisco, Sept. 22, 2020 (GLOBE NEWSWIRE) -- The Sustainability Accounting Standards Board (SASB) unanimously voted to initiate a new standard-setting project to address content governance in the Internet Media & Services industry.
  • This project was approved at the September 18, 2020 public meeting of the Standards Board .
  • During the public meeting, the Standards Board also reviewed next steps on the standard-setting project related to Tailings Management in the Extractives sector.
  • The metrics presented by the staff were centered on the Metals & Mining industry and would be modified for the Coal Operations industry appropriately.

Hillary H. Salo Named Technical Director of the Financial Accounting Standards Board

Retrieved on: 
Wednesday, May 27, 2020

The Financial Accounting Standards Board ( FASB ) today announced the appointment of Hillary H. Salo to the role of director of technical activities and chair of the Emerging Issues Task Force (EITF).

Key Points: 
  • The Financial Accounting Standards Board ( FASB ) today announced the appointment of Hillary H. Salo to the role of director of technical activities and chair of the Emerging Issues Task Force (EITF).
  • Im very pleased to welcome Hillary Salo back to Norwalk as our next director of technical activities and chair of the Emerging Issues Task Force, said FASB Chairman Russell G. Golden.
  • Mr. Kuhaneck will assume the role of deputy director of technical activities and be a key member of FASBs leadership team.
  • The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports.

AM Best: Questions Remain About Impact of IFRS 17 (AM BestTV)

Retrieved on: 
Thursday, May 14, 2020

The International Accounting Standards Board (IASB) proposed amendments to IFRS 17 following a comment period, including a change to the effective date.

Key Points: 
  • The International Accounting Standards Board (IASB) proposed amendments to IFRS 17 following a comment period, including a change to the effective date.
  • Silverman said AM Best does not expect IFRS 17 to have a significant impact on its credit ratings.
  • AM Best expects the annual cohort data to be of considerable interest in the life sector to all external financial stakeholders.
  • To access the related commentary, titled, IFRS 17: IASB Decisions Impact Insurers and Users of Accounting Data, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=296643 .

Best’s Commentary: IASB Decisions on IFRS 17 to Impact Insurers and Users of Accounting Data

Retrieved on: 
Wednesday, April 29, 2020

The International Accounting Standards Board (IASB) has been considering amendments to the published IFRS 17 accounting standard for insurance contracts.

Key Points: 
  • The International Accounting Standards Board (IASB) has been considering amendments to the published IFRS 17 accounting standard for insurance contracts.
  • An exposure draft was published by the IASB in June 2019 which acted to re-open the standard.
  • In its new Bests Commentary, IFRS 17: IASB Decisions Impact Insurers and Users of Accounting Data, AM Best has reviewed some of the IASBs recent decisions to consider how they will affect (re)insurers reporting under IFRS 17 and their implications for users of (re)insurers financial reporting.
  • Consequently AM Best does not expect any near-term impact from IFRS 17 on credit ratings.

John W. Auchincloss Named Executive Director, Financial Accounting Foundation

Retrieved on: 
Thursday, February 27, 2020

The Board of Trustees of the Financial Accounting Foundation ( FAF ) today announced that it has appointed John W. Auchincloss as the executive director of the Foundation.

Key Points: 
  • The Board of Trustees of the Financial Accounting Foundation ( FAF ) today announced that it has appointed John W. Auchincloss as the executive director of the Foundation.
  • The FAF is the organization that oversees the Financial Accounting Standards Board ( FASB ) and the Governmental Accounting Standards Board ( GASB ).
  • In 2019, following the departure of then-president Terri Polley, he was appointed acting president while a national search was conducted for an executive director of the Foundation.
  • Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).