UKEB and the Accounting Standards Board of Canada (AcSB) held a meeting on 17 April 2023.

The two organisations used the opportunity to understand their respective frameworks for adoption of IFRS, the key challenges faced by the two Boards and compare notes on financial reporting topics of mutual interest, including the international tax reform (Pillar Two model rules), supplier finance arrangements and the connectivity between sustainability and financial reporting.

The meeting was an important step towards developing a bilateral understanding of challenges faced by the two boards and finding areas of common interest.

The UKEB and the AcSB plan to continue exchanging views.

UKEB Chair Pauline Wallace said:

“I am delighted that we had the opportunity to meet with the AcSB to share views on the key topics of interest to both boards. It was particularly good to be able to meet so many of the AcSB members in person. This bilateral meeting was a great opportunity to strengthen our links with the AcSB. I am grateful to them for the warmth with which we were welcomed to Toronto and the Board’s willingness to share their views on bilateral topics. I look forward to our future discussions as new topics emerge.”

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Interim Chair of the AcSB Armand Capisciolto said: “We greatly appreciated the opportunity to welcome UK Endorsement Board representatives for an in-person meeting here in Toronto. As standard setters on different sides of the globe, our groups had an invaluable chance to discuss topics of mutual interest, including the implementation of upcoming final standards, approaches to stakeholder outreach, and our work with academics and research. I look forward to continuing to connect and collaborate as we remain attuned to our rapidly evolving global environment.”

Earlier this month, UKEB established the Standard-Setters (NSS) Sustainability Forum, while also revealing the inaugural members.