UKEB and Accounting Standards Board of Canada (AcSB) Hold Bilateral Meeting

Board members and staff of the UKEB and the Accounting Standards Board of Canada (AcSB) held a bilateral meeting on 25 March. It was a great opportunity for both national standard setters to share updates from their respective jurisdictions. The discussions covered accounting for provisions, respective research on cashflow statements and sharing views on the IASB’s upcoming Fourth Agenda Consultation. This meeting was a helpful step towards developing a bilateral understanding of the challenges facing 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 welcome the opportunity to discuss some of the more challenging recent technical topics with our colleagues from AcSB. With the imminent launch of the Fourth IASB agenda consultation and the start of some major new research projects at the IASB, this is the ideal time to share views with other National Standard Setters to ensure the UK perspective is heard and understood in the international accounting debate."

Chair of the AcSB, Armand Capisciolto, said:

"Our collaboration with the UKEB reflects AcSB’s commitment to ensuring that Canadian perspectives are considered in global standard-setting conversations. By sharing insights on key topics such as accounting for provisions and cash flow statements, we contribute to the development of standards that serve the evolving needs of financial statement users worldwide."