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Do you have questions about the implications of COVID-19 on your financial statements and your going concern or liquidity risk assessments? Read this easy-to-understand overview, which includes a list helpful resources, to support you when preparing your financial statements.

On April 17, 2020, the IASB voted to issue an Exposure Draft with a 14-day comment period proposing to amend IFRS 16 to include an exemption for lessees. This exemption will permit lessees to account for COVID-19 related rent concessions as if they were not lease modifications. The IASB is expected to issue the Exposure Draft by April 27, 2020.

The Board discussed the implications of COVID-19 on its 2020-2021 Annual Plan activities. It also approved an exposure draft of Canadian Auditing Standard (CAS) 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors). Read the Decision Summary for full details.

AcSB Exposure Draft – Interest Rate Benchmark Reform – Phase 2

The AcSB has issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by May 25, 2020.

Canada’s standard-setting boards are monitoring the COVID-19 pandemic closely. We are committed to providing information to help our stakeholders stay informed and address the challenges that may come during this time. Bookmark this webpage to stay up to date on our news and resources. 

At its recent meeting, the Board discussed, reviewed, and made decisions on several topics, including the Conceptual Framework and Reporting Model, Annual Plan, 2019-2020 Performance Report, and the need for a Post Implementation Review for PS 2200 Related Party Disclosures. Read the Decision Summary for full details.

What are the accounting implications when a IBOR-based benchmark is replaced? The IASB has issued an Exposure Draft relating to Phase 2 of the Interest Rate Benchmark Reform project focused on replacement issues. Canadian stakeholders are encouraged to submit their comments to the IASB by May 25, 2020.

On April 3, 2020, IOSCO released a Statement on Application of Accounting Standards during the COVID-19 Outbreak. IOSCO welcomed the IASB’s document on the application of IFRS 9. It further highlighted the need for issuers to apply professional judgment and to provide transparent disclosures to financial statements users.

Given the unprecedented global challenges related to COVID-19, PSAB has made the decision to postpone its March 2020 Board meeting to a later date. As a result, AcSOC made the decision to extend the terms of members originally set to retire on March 31, 2020. Read the updated appointments page for full details.

Given the unprecedented global challenges related to COVID-19, PSAB has made the decision to postpone its March 2020 Board meeting to a later date. As a result, AcSOC made the decision to extend the terms of members originally set to retire on March 31, 2020. Read the updated appointments page for full details.