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The IASB recently issued several small amendments to IFRS Standards, effective January 1, 2022. The package includes its Annual Improvements and narrow-scope amendments to three standards – IAS 16 Property, Plant and Equipment, IFRS 3 Business Combinations, and IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The AcSB will review the final amendments and complete its endorsement process in Q3 2020.

The Board discussed topics such as IFRS® Standards on Interest Rate Benchmark Reform and Leases, stakeholder feedback on its Exposure Draft, “Employee Future Benefits – Use of a Funding Valuation”, and an appropriate comment deadline for its recently released Consultation Paper “Contributions – Revenue Recognition and Related Matters” – plus much more. Read the Decision Summary for full details.

The International Auditing and Assurance Standards Board (IAASB) issued guidance on auditor considerations relating to subsequent events in light of the changing environment due to the COVID-19 pandemic. Auditors will likely require greater focus on events occurring between the date of the financial statements and the date of the auditor’s report (subsequent events) and the effect, if any, on the entity’s financial statements.

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.

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.

The AcSB has issued a Consultation Paper to seek input on accounting for contributions and related topics by NFPOs. The existing contributions standards were established in 1996. While the standards have remained largely unchanged since that time, research suggests the landscape for many NFPOs has evolved. This Consultation Paper was issued with an extended comment period to provide stakeholders more time to respond in light of COVID-19. The Board will continue to monitor the environment as it evolves. Stakeholders are encouraged to respond by December 15, 2020.

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.

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.