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

Date: 27 March 2024

The UKEB and the Accounting Standards Board of Canada (AcSB) held a bilateral meeting on 26 March 2024, in London. It was a great opportunity for the members and staff of both national standard setters to share updates from their respective jurisdictions. The discussions, covering rate-regulated activities, IFRS 18, IFRS 19 and carbon credits, were a helpful step towards developing a bilateral understanding of the challenges facing the two boards and to finding areas of common interest.

The UKEB and the AcSB plan to continue exchanging views.

UKEB Chair, Pauline Wallace, said:

“I was delighted to welcome AcSB to this bilateral meeting in London.  This provided us with a great opportunity to discuss the implications of new developments in accounting and to understand how these impact our respective stakeholders.  Meetings such as these help to ensure that international standards recognize the challenges arising in different jurisdictions whilst maintaining a common global information source for investors.”

Chair of the AcSB, Armand Capisciolto, said:

“With significant changes in standards, such as the introduction of IFRS 18 and the increase in the prevalence of the use of carbon credits, it is collaborative efforts like this meeting with the UKEB, that assists us in navigating these challenges, ensuring standards reflect the today’s demands.”