Updates to Accounting and Assurance Standards

The following updates to the accounting and assurance standards were recently added to the Chartered Professional Accountants of Ontario (CPA Ontario) knowledge hub and resources web page:

• Supplier Finance Arrangements – Amendments to International Accounting Standards (IAS) 7, Statement of Cash Flows and International Financial Reporting Standards (IFRS) 7, Financial Instruments: Disclosures have been issued, which require qualitative and quantitative information to be provided about supplier finance arrangements. The amendments to IAS 7 and IFRS 7 must be applied together and are effective for annual reporting periods beginning on or after January 1, 2024, with early application permitted.
• Income Taxes: International Tax Reform – Pillar Two Model Rules – IAS 12, Income Taxes has been issued to provide temporary relief from accounting for deferred taxes arising from the implementation of the Pillar Two model rules published by the Organisation for Economic Co-operation and Development (OECD). Companies can benefit from the temporary exception immediately but are required to provide the disclosures to investors for annual reporting periods beginning on or after January 1, 2023.
• PSAB – 2022-2023 Annual Improvements – The Public Sector Accounting Board (PSAB) approved and issued narrow-scope amendments to Sections PS 3160, Public Private Partnerships and PS 3420, Inter-entity Transactions, with the issuance divided into two phases. The remaining amendments will be included in a future Public Sector Accounting Handbook release as part of the second phase.
• New and updated accounting resources issued on the effects of climate-related matters on financial statements and preparing for PSAB’s new Conceptual Framework:
• Updated educational material: The effects of climate-related matters on financial statements prepared applying IFRS Standards (IASB)
• The Conceptual Framework: Resources to help you prepare (PSAB)

Check out CPA Ontario’s knowledge hub and resources web page regularly to keep you apprised of the latest developments in our profession.