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.
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Need support on specific standards? We are developing helpful resources regularly to help.
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
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.
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.
July 6, 2021
Standard-setting Update – Readying for the Future
As Canada moves through the third wave of COVID-19 with the hope that comes with vaccinations and economic re-opening, we in standard setting have also been progressing in new areas and initiatives. From sustainability standards to strategic planning, read this statement from our Board Chairs about what we’ve been up to and what’s to come this year.
May 20, 2021
COVID-19 and Going Concern: What the accounting standards require
The COVID-19 pandemic continues to cause considerable deterioration in economic conditions for many organizations. With significant organizations profiled in news stories for insolvencies, bankruptcies, and other financial difficulties, it’s more important than ever to keep going concern top of mind. Use our going concern resources to help navigate potential challenges associated with going concern assessments.
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.
December 2, 2020
Fall 2020 Standard-setting Update – Prioritizing, supporting, and maintaining community during COVID-19
COVID-19 continues to impact Canada and the world. We are each experiencing and navigating the challenges, and the standard-setting boards are no exception. This statement from the board Chairs shares details on how we continue to reprioritize work to adapt to our new environment, our helpful new resources, and the recent launch of our new online community platform, Connect.FRASCanada.ca, to further pivot our operations to the digital environment.
July 10, 2020
IAASB issues review engagements on interim financial information COVID-19 resource
The IAASB issued review engagements on interim financial information guidance in light of the changing environment due to the COVID-19 pandemic, providing areas of focus to consider in the review, as well as guidance on the requirements of ISRE 2410.
July 7, 2020
IAASB issues COVID-19 resource on auditing accounting estimates
The IAASB issued guidance on auditing accounting estimates in light of the changing environment due to the COVID-19 pandemic, focusing on risk assessment and responding to assessed risks of material misstatement, disclosures, implications for the auditor’s report, and management bias and fraud.
June 2, 2020
June 2020 Update – Standard setting during the COVID-19 pandemic
As the COVID-19 pandemic and its effects in Canada continue to evolve, the standard-setting boards have focused discussions on ensuring stakeholder needs are addressed. Read this statement from the Chairs of the AASB, AcSB and PSAB to get an update on decisions we’ve made on resource development, effective date deferrals, and comment deadline extensions.
May 18, 2020
IAASB releases revised work plan table for 2020-2021
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.
May 7, 2020
AASB Decision Summary – April 20, 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.
April 23, 2020
AcSB Decision Summary – April 15, 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.
April 21, 2020
UPDATE – IASB amends workplan and timelines
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 final amendments. See the IASB’s workplan for more information.
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
Standard setting during the COVID-19 pandemic
Like you, we are monitoring the COVID-19 pandemic closely and evaluating daily how to respond to, and operate in, this environment. Read this statement from the Chairs of the AASB, AcSB and PSAB to learn how we are continuing our standard-setting operations during this unprecedented time.
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.