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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. 

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.

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 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. 

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.

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.

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.