Financial Reporting & Assurance Standards (FRAS) Canada Corner

Abstract

FRAS Canada Corner is your quarterly update on the key discussions and decisions from Canada's reporting and assurance standards-setting boards: the Accounting Standards Board (AcSB), the Auditing and Assurance Standards Board (AASB), the Public Sector Accounting Board (PSAB), and the Canadian Sustainability Standards Board (CSSB).

Each update provides insights from recent board meetings, highlighting progress on proposed standards and active projects. Organized by date, these summaries include direct links to project pages and full details, ensuring you have access to the most up-to-date information at the time of publication.

For deeper insights, explore our other resources at FRASCanada.ca.

Le Bulletin de NIFC Canada propose une mise à jour trimestrielle des principales discussions et décisions des organismes canadiens responsables de l'établissement des normes en matière d'information financière et de certification : le Conseil des normes comptables (CNC), le Conseil des normes d'audit et de certification (CNAC), le Conseil sur la comptabilité dans le secteur public (CCSP) et le Conseil canadien des normes de durabilité (CCND).

Chaque mise à jour offre un aperçu des plus récentes réunions de ces conseils et met en lumière les progrès réalisés sur les normes proposées et les projets en cours. Organisés par date, ces résumés contiennent des liens directs vers les pages des projets et l'information complète à leur sujet, pour vous permettre d'accéder à l'information la plus à jour au moment de la publication.

Pour en apprendre davantage, explorez nos autres ressources à l'adresse NIFCCanada.ca.

January 22, 2026—The AcSB discussed December 2025 meeting recommendations from the IFRS Accounting Standards Discussion Group; National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure; contributions; its annual and strategic plans; and more. Read the decision summary for full details.

February 18, 2026—The AcSB discussed the Risk Mitigation Accounting project, Guidance Framework topics including Cloud Computing and Agriculture, and more. Read the decision summary for full details.

March 11–12, 2026—The AcSB discussed the Detailed Review of Accounting Standards for Private Enterprises (ASPE) project, Guidance Framework topics, contributions, and more. Read the decision summary for full details.

January 19, 2026—The AASB completed a final read and resolution of issues prior to the anticipated approval of proposed Canadian Standard on Related Services (CSRS) 4250, Compilations of Future-oriented Financial Information and Pro Forma. The Board also discussed planned activities associated with its continuing work on the amendments related to Indigenous matters in Canadian Standard on Sustainability Assurance (CSSA) 5000, General Requirements for Sustainability Assurance Engagements. Read the decision summary for full details.

March 9–10, 2026—The AASB approved two new Canadian standards: CSRS 4250, Compilation Engagements on Future-oriented Financial Information and Pro Forma, and CSSA 5000, General Requirements for Sustainability Assurance Engagements. The Board also approved its 2025–2026 Performance Assessment and 2026–2027 Annual Plan and discussed several significant standard-setting initiatives currently underway. Read the decision summary for full details.

March 11–12, 2026—The PSAB approved projects to amend Section PS 2120, Accounting Changes, and to adapt International Public Sector Accounting Standard (IPSAS) 21, Impairment of Non-Cash Generating Assets, for the Canadian public sector. The Board also concluded that a post-implementation review of the financial instruments suite of standards is not required and discussed key updates across several other ongoing projects and advisory groups. Read the decision summary for full details.

January 14, 2026—The CSSB discussed its 2026 Performance Report, its 2026–2027 Annual Plan, and the International Public Sector Accounting Standards Board's (IPSASB) 2025 Work Program Consultation. The Board reviewed the first draft of an exposure draft proposing amendments to the Canadian Sustainability Disclosure Standard (CSDS) 2, Climate-related Disclosures, to correspond with the International Sustainability Standards Board's (ISSB) final amendments to IFRS S2. The Board also approved a project plan for its response to the ISSB's planned amendments to the Sustainability Accounting Standards Board (SASB) standards. Read the decision summary for full details.