The Accounting Standards Board (AcSB) is committed to helping our stakeholders address financial reporting challenges during this unprecedented time.
The resources we develop and listed here will answer key questions, reference other helpful resources, and assist to provide direction whenever possible.
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Part I – IFRS® Standards
Part II – Accounting Standards for Private Enterprises (ASPE)
Part III – Accounting Standards for Not-for-Profit Organizations (NFPOs)
Part I – IFRS® Standards
January 25, 2021
Close Call Going Concern Assessments
Did you conclude that your company did not have material uncertainties associated with its ability to continue as a going concern? Would small changes to the assumptions you used change that assessment? Read this joint resource issued by the AcSB and AASB on accounting and auditing considerations relating to close call going concern assessments.
January 6, 2021
Going Concern and Liquidity Risk (Updated January 2021)
Have you assessed whether your company will continue as a going concern in 2021? Read this updated Going Concern and Liquidity Risk resource to better understand the impact of going concern and liquidity risk on your financial statements. More guidance to come on this topic from an auditing perspective in January 2021.
October 20, 2020
Webinar – IFRS® Standards COVID-19 reporting considerations jointly presented by CPA Canada and the AcSB
Hear about the potential COVID-19 financial reporting considerations under IFRS® Standards and receive a brief update on upcoming international standard-setting documents for comment. Register today to attend this webinar on November 17, 2020 in English or French.
July 28, 2020
Potential Impact on Lease Accounting (UPDATED)
The COVID-19 pandemic is affecting the ability of organizations to collect and pay rent and other lease obligations. This means companies should use professional judgement and consider the potential implications that COVID-19 could have relating to the accounting for leases under IFRS 16 Leases.
July 2, 2020
IFRS® Discussion Group Meeting Report – May 27, 2020
Just in time for Q2 Interim Reporting! Check out this meeting report summarizing the Group’s discussion on issues such as the accounting for COVID-19 related rent concessions, financial reporting considerations of COVID-19, classification of liabilities as current or non-current, and accounting for leases in a business combination.
June 30, 2020
Accounting for Government Loan Programs
Have you applied for a loan from, or are a financial institution participating in, a government assistance program established because of COVID-19? Use this simple overview to help understand the accounting for a government loan program from the perspectives of both the borrower and the financial institutions.
June 12, 2020
IFRS® Discussion Group Meeting Report (COVID-19 Topics) – May 27, 2020
Need help with COVID-19 related financial reporting issues? Check out this meeting report summarizing the Group’s discussion on issues such as the accounting for COVID-19 related rent concessions and financial reporting considerations of COVID-19. Check back this June for the complete summary of everything discussed at the May 27, 2020 meeting.
May 6, 2020
Accounting Considerations for Insurers
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.
May 6, 2020
Debt Modification Accounting
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.
April 28, 2020
Impairment of Non-financial Assets
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.
April 28, 2020
Potential Impact on IFRS 13, Fair Value Measurement
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.
April 28, 2020
Discount Rates
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.
April 24, 2020
Income Taxes
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.
April 24, 2020
Events After the Reporting Period
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.
April 21, 2020
Going Concern and Liquidity Risk
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.
April 8, 2020
IOSCO’s statement on applying accounting standards during the COVID-19 outbreak
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.
April 6, 2020
IFRS 9 Expected Credit Losses and COVID-19
In light of the current uncertainty resulting from COVID-19 pandemic, the AcSB commends the International Accounting Standards Board for issuing application guidance on accounting for expected credit losses under IFRS 9 Financial Instruments. The AcSB also welcomes the recent adjustments to capital and liquidity regulatory requirements provided by the Office of the Superintendent of Financial Institutions and its guidance on accounting for ECL, which is consistent with the requirements in IFRS 9.
Part II – Accounting Standards for Private Enterprises (ASPE)
September 24, 2021
Private Enterprise Advisory Committee Notes – September 9, 2021
The Private Enterprise Advisory Committee discussed financial reporting issues arising from the COVID-19 pandemic. The Committee noted the following for the AcSB’s consideration:
- There is an increased demand in practice for audited and reviewed interim financial statements; and
- Practitioner members observe that the note disclosure related to the impact of the COVID-19 pandemic is generic in nature and may not be relevant to financial statement users.
The AcSB will consider the Committee’s comments at the Board meeting on September 15-16, 2021.
July 12, 2021
Private Enterprise Advisory Committee Notes – May 26, 2021
The Committee discussed financial reporting issues arising from the COVID-19 pandemic. The Committee provided input on:
- extending the relief for both lessees and lessors on accounting for COVID-19-related rent concessions;
- whether additional guidance or educational materials were needed on going concern; and
- the accounting for the COVID-19-related government assistance programs.
The Committee recommended the AcSB extend the relief on accounting for rent concessions by at least six months. The Committee did not recommend any additional standard setting on the other topics discussed.
October 20, 2020
Webinar – Domestic accounting standards update jointly presented by CPA Canada and the AcSB
Hear about COVID-19-related financial reporting considerations under Parts II and III of the CPA Canada Handbook - Accounting and get an update on upcoming standard-setting proposals from the AcSB. Register today to attend a webinar on November 10, 2020 (English) or November 16, 2020 (French).
May 21, 2020
Impairment of Long-Lived Assets
The COVID-19 pandemic has contributed to both an entities’ operating and forecasted losses. Read this easy-to-understand resource to help you consider if these changes indicate that long-lived assets are impaired in accordance with ASPE.
May 21, 2020
Impairment of Goodwill and Intangible Assets with an Indefinite Life
Do you have questions about the effect of COVID-19 on the impairment of goodwill and intangible assets with an indefinite life? Read this resource to support you when preparing your financial statements in accordance with ASPE.
May 19, 2020
Going Concern and Liquidity Risk for Private Enterprises
Most private enterprises, unless they are an essential service, are likely in a situation where they’ve had a significant drop in their operations or are closed. This may call into question their long-term viability or ability to continue as a going concern. So what the implications of COVID-19 on the going concern or liquidity risk assessment on your private enterprise financial statements? Read this resource for more information.
May 19, 2020
Debt Modification Accounting
To keep their businesses afloat, enterprises with reduced revenue and, in some cases, higher operating costs are working with their lenders to change terms of existing debt agreements or to obtain waivers for debt covenants. Borrowers applying ASPE should closely examine changes to their debt agreements to assess whether they are subject to modification or extinguishment accounting. Read this helpful resource to learn more.
May 19, 2020
Subsequent Events
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.
May 13, 2020
Effects of COVID-19 on the Financial Statements of Private Enterprises
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.
Part III – Accounting Standards for Not-for-Profit Organizations (NFPOs)
July 12, 2021
Not-for-Profit Advisory Committee Notes – June 22, 2021
The Committee discussed financial reporting issues arising from the COVID-19 pandemic, including going concern. The Committee recommended that no further implementation support is needed at this time.
The AcSB will consider the Committee’s comments at the Board meeting on July 21-22, 2021.
February 25, 2021
Implementation of Accounting Standards for Not-for-Profit Organizations during the COVID-19 Pandemic
The Committee discussed COVID-19-related financial reporting issues, including impairment, accounting for government relief programs, and going concern. The Committee recommended that no further implementation support is needed at this time.
The AcSB will consider the Committee’s comments at the Board meeting on March 23-24, 2021.
October 20, 2020
Webinar – Domestic accounting standards update jointly presented by CPA Canada and the AcSB
Hear about COVID-19-related financial reporting considerations under Parts II and III of the CPA Canada Handbook - Accounting and get an update on upcoming standard-setting proposals from the AcSB. Register today to attend a webinar on November 10, 2020 (English) or November 16, 2020 (French).
July 21, 2020
Not-for-Profit Advisory Committee Notes – July 21, 2020
At its recent meeting, the Committee discussed a number of topics including financial reporting issues related to the COVID-19 pandemic, cloud computing arrangements, and combinations.
May 8, 2020
Effects of COVID-19 on the Financial Statements of Not-for-Profit Organizations
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.