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Do you have questions about whether the implications of COVID-19 need to be adjusted or disclosed on your private enterprise financial statements? Read this resource on subsequent events to support you when preparing your financial statements.

The AcSB has issued a Consultation Paper to seek input on accounting for contributions and related topics by NFPOs. The existing contributions standards were established in 1996. While the standards have remained largely unchanged since that time, research suggests the landscape for many NFPOs has evolved. This Consultation Paper was issued with an extended comment period to provide stakeholders more time to respond in light of COVID-19. The Board will continue to monitor the environment as it evolves. Stakeholders are encouraged to respond by December 15, 2020.

To account for COVID-19’s impact on the IAASB’s work, its staff capacity to deliver, and the capacity of the IAASB’s stakeholders to participate in consultations and to implement new standards, the IAASB has reconsidered the timelines for its projects in 2020.

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 AASB discussed a portion of its draft response letter to the IAASB Consultation Paper, Proposed Non-Authoritative Guidance Extended External Reporting (EER) Assurance. It also approved revisions to its Due Process Manual.

AASB Exposure Draft – Audits of Group Financial Statements (Including the Work of Component Auditors)

The AASB issued an Exposure Draft proposing the adoption of ISA 600 (Revised), with appropriate Canadian amendments. Stakeholders are invited to comment until September 11, 2020. For full details, visit the Document for Comment page.

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.