The UK Endorsement Board (UKEB) and the Accounting Standards Board (AcSB) of Canada have committed to further collaboration on international accounting issues, following a virtual meeting on 17 November.
The meeting, the first bilateral meeting between the UKEB and the AcSB following the formation of the UKEB in March 2021, allowed both boards to exchange views on International Accounting Standards Board (IASB) projects in which they have a common interest.
Projects discussed included Rate-regulated Activities and the IASB’s Third Agenda Consultation. The UKEB also updated the AcSB on its activities relating to its assessment of IFRS 17 Insurance Contracts for adoption for use in the UK.
UKEB chair Pauline Wallace said: “I am delighted that we have had the opportunity to exchange views with the members of the Accounting Standards Board of Canada on IASB projects, thus enhancing our understanding of the perspectives of other standard setters. The UKEB looks forward to more opportunities to discuss international accounting and reporting developments with the AcSB in future.”
AcSB chair Linda Mezon-Hutter said: “Our commitment to collaborating with organizations around the world to further the objective of harmonizing accounting standards internationally continues, even in this current virtual environment. In particular, sharing perspectives on international projects provides valuable insight into issues that are important to stakeholders in different jurisdictions.”