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The COVID-19 pandemic has had a significant economic impact on Canadian businesses, including private enterprises applying ASPE. This resource highlights topics that may be relevant for private enterprises to consider when preparing financial statements in accordance with Part II of the CPA Canada Handbook – Accounting. 

On May 8, 2020, the AcSB submitted a comment letter responding to this Exposure Draft issued in April 2020. The letter agrees with the intent of the proposals, but recommends that the relief provided relate to all rent concessions that occur as a direct consequence of COVID-19, rather than limiting the proposal to lease payments due in 2020. The AcSB also recommends that the IASB provide the same relief from applying the lease modification guidance to lessors.

The COVID-19 pandemic has had a significant economic impact on Canadian businesses, including not-for-profit organizations. This resource highlights topics that may be relevant for organizations to consider when preparing financial statements in accordance with Part III of the CPA Canada Handbook – Accounting. 

Share your views – Exposure Draft, Combinations – Initial Measurements and Related Disclosures

The extended comment deadline for the AcSB’s Exposure Draft, “Combinations – Initial Measurements and Related Disclosures” is approaching on May 14, 2020. In light of these challenging times, we encourage stakeholders interested in commenting to contact AcSB staff directly to discuss your feedback if you are unable to submit a comment letter. Read more about our deadline extension of this document, and how to provide your feedback. 

COVID-19 pandemic affects insurance companies in many ways – from market volatility on investment portfolios to changes in cash flow estimates relating to insurance liabilities. Read this helpful resource to learn what you need to know when it comes to accounting considerations for insurers.

Are you negotiating a debt agreement with your lender? Debt modification versus extinguishment assessment under IFRS 9 can be tricky. Read this easy-to-understand overview, which provides some useful tips on performing this assessment and other key considerations on debt modification accounting for both borrowers and lenders.

AcSB Exposure Draft – Classification of Liabilities as Current or Non-Current – Deferral of Effective Date (Proposed Amendment to IAS 1)

The AcSB has issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. In response to COVID-19, the exposure draft proposes to defer the effective date of the amendments to annual reporting periods beginning on or after January 1, 2023. Stakeholders are encouraged to submit their comments by June 3, 2020.

To meet the needs of our stakeholders, this year we focused on striking the right balance between efforts to influence at an international level and our domestic standard setting activities. Read about the AcSB’s 2019-2020 activities and accomplishments in this year’s Annual Report.

Do you have questions about the implications of COVID-19 on your discount rates? Read this easy-to-understand overview on the potential effects the current situation may have on the discount rates used by companies in the various valuation techniques under IFRS® Standards.

Do you have questions about the implications of COVID-19 on the impairment of non-financial assets? Read this easy-to-understand overview, which includes a list of helpful resources, to support you as you navigate your impairment assessment.