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June 2020 Update – Standard setting during the COVID-19 pandemic

June 2, 2020 News

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. 

Recent decisions have focused on alleviating pressure as you navigate these challenging and uncertain times. We are also taking a measured approach to moving forward with new projects and decisions that affect you.

Resources to support your work are being developed. Each board is working hard to develop resources to support stakeholders’ application of standards, with materials released such as:

Effective dates have been, and will continue to be, discussed. For example, the Accounting Standards Board (AcSB) deferred effective dates by one year for several accounting standards for private enterprises at its April 15, 2020 meeting. The Public Sector Accounting Board (PSAB) is set to make a final decision on the deferral of upcoming effective dates at its June 2020 meeting. The Auditing and Assurance Standards Board (AASB) also continues to actively monitor the environment and, reviewed effective dates of all recently approved standards at its April 20, 2020 meeting. It stands ready to take action should there be further developments.

Comment deadlines for documents are being carefully considered. We want to ensure stakeholders have sufficient time to consider proposals while ensuring projects continue to move forward. The recent releases of the Consultation Paper, “Contributions – Revenue Recognition and Related Matters” and the Exposure Draft, “Audits of Group Financial Statements (Including the Work of Component Auditors)” each provide stakeholders with an extended comment deadline. 

We continue to serve the public interest. As the decision we shared with you in April to adapt to completely remote operations continues, our board meeting schedules have adapted as well. Our previous all-day, in-person meetings are replaced with shorter duration but more frequent meetings, allowing us to maintain our commitment to setting standards in the public interest while remaining agile and responsive in this constantly changing environment. 

And we continue to be accessible to you via the email addresses and phone numbers you see on our webpages. (Contact us anytime through our online form as well, monitored Monday through Friday during regular business hours.) 

We are committed to continuing our part to support Canada through this challenging time. Be well and stay safe.

Ken Charbonneau
Ken Charbonneau, FCPA, FCA, ICD.D
Chair, AASB
Linda Mezon
Linda Mezon, FCPA, FCA, CPA (MI), CGMA
Chair, AcSB
Charles-Antoine St-Jean
Charles-Antoine St-Jean, FCPA, FCA
Chair, PSAB