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The International Auditing and Assurance Standards Board (IAASB) issued its Exposure Draft, ISA 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors). Comments are due to the IAASB on October 2, 2020.

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.

The COVID-19 pandemic continues to evolve rapidly and market-based measures like fair value are likely to change significantly and perhaps in unpredictable ways as a result. Read this easy-to-understand overview, which includes helpful resources, to support you as you determine the fair value of your assets and liabilities.

At its recent meeting, the Board discussed, reviewed, and made decisions on the Financial Instruments – Narrow Scope Amendments project. Read the Decision Summary for full details.

Most companies, unless they are an essential service, are likely experiencing a material decline in their operations or are closed. This raises questions about whether they need to adjust their year-end or interim financial statements or provide additional disclosures for events after the reporting period. Read this helpful resource to understand what you need to know about events after the reporting period.

The COVID-19 pandemic is affecting the recoverability of deferred tax assets and has introduced new government relief measures. Entities should use professional judgment to assess how this will impact the accounting for income taxes in accordance with IFRS^® Standards.

How is the IASB responding to the challenges facing lessees as a result of the COVID-19 pandemic? The IASB has issued an Exposure Draft amending IFRS 16 to include an exemption for COVID-19-related rent concessions. Canadian stakeholders are encouraged to submit their comments to the IASB by May 8, 2020.

The Board discussed the evolving situation related to the COVID-19 pandemic. A number of decisions were made in order to best support our stakeholders during this challenging and uncertain time, including: deferring January 1, 2020 and 2021 effective dates by one year for Part II standards and maintaining our current comment deadline of May 15, 2020 for the Exposure Draft, Combinations - Initial Measurements and Related Disclosures. Read the Decision Summary for more details.

On April 17, 2020, the IASB voted to issue an Exposure Draft with a 30-day comment period proposing to extend by one year the effective date of an amendment to IAS 1 Presentation of Financial Statements. The IASB also decided to extend by three months the comment period for: Exposure Draft, General Presentation and Disclosures, Request for Information Comprehensive Review of the IFRS for SMEs Standard and Discussion Paper, Business Combinations – Disclosures, Goodwill and Impairment. The IASB also deferred the timelines for various upcoming consultation documents and fnal amendments.  See the IASB’s workplan for more information.