Update to Assurance and Accounting Standards and Resources

A recent update to the assurance and accounting standards and resources is now available on CPA Ontario’s knowledge hub and resources web page:

• The International Auditing and Assurance Board (IAASB) published a New Technology Position that will guide how the IAASB adapts its standard setting activities to embrace the intersection of audit, assurance, and technology. To deliver on this commitment, the IAASB will: 1) embrace technology driven innovations, 2) remove barriers in the standards, real or perceived to practitioners using technology, 3) introduce requirements and application material relating to using technology in engagements, 4) address the impact of technology used by reporting entities, 5) strike the right balance when referring to opportunities and risks associated with technology, 6) align with principles of ethics and ethical requirements, 7) ensure scalability and proportionality and 8) convene stakeholders and foster ongoing engagement.
• The Accounting Standards Board (AcSB) issued additional resources in its series, “What You need to Know about Effects of Climate-related Risks and Opportunities on ASPE Financial Statements”. These awareness documents have been developed to help organizations in navigating climate-related matters using ASPE standards. For not-for-profit organizations, the awareness documents can be adapted as necessary:
  • Property, plant and equipment, and intangible assets
  • Impairment of long-lived assets
  • Contingent liabilities
• New ASPE Accounting Guideline – Accounting for Life Insurance Contracts with Cash Surrender Value A new accounting guideline has been issued by the AcSB that provides guidance on recognition and measurement of cash surrender value of a life insurance policy, presentation and disclosure of policy premiums and changes in cash surrender value.
  The purpose of this Guideline is to address the diversity in the accounting for the cash surrender value of an insurance contract as ASPE previously did not specifically address the accounting for these contracts. The Guideline is effective for annual periods beginning on or after January 1, 2026, with earlier application permitted.

Check out CPA Ontario’s knowledge hub and resources web page regularly to stay up to date on the latest developments.