AC Insights provides audit committee members with a summary of financial reporting developments for public companies using IFRS, how those developments might affect their company and things they may want to think about when reviewing financial reports. The insights are provided for developments to the end of the current quarter-end. Developments may occur subsequent to the quarter-end which change the guidance issued or perspectives on the guidance. Such changes will be reflected in subsequent editions of AC Insights.

Audit reports of some SEC issuers will begin to include a section for critical audit matters (CAMs) for audits of financial years ending on or after June 30, 2019. The objective of reporting CAMs is to enhance the auditor's report by providing audit-specific information about challenging, subjective, or complex matters identified and addressed by the auditor.

During the Spring of 2019, the IASB met three times to consider various projects but did not issue any new standards or amendments to or interpretations of existing standards. The IASB discussed all three of its standard-setting projects as noted in this edition.

During the Spring of 2019, the FASB issued two ASUs, which amended various standards to clarify and improve recent guidance issued by the FASB on recognition and measurement of financial instruments, credit losses and hedge accounting. These changes resulting from stakeholder questions and concerns arising from implementation of these recently issued standards. A summary of these changes are outlined in this edition below.

The US edition also includes the CAMs, CSA, SEC and Auditing developments discussed in the Canadian edition.