News Listings

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. 

Jointly presented by the AASB, CPA Canada and CPAB, this webinar explores considerations related to COVID-19 that could impact going concern assessments. Now available to view on-demand. Watch it today!

The International Auditing and Assurance Standards Board (IAASB) issued guidance on general audit considerations, and specific considerations relating to going concern in light of the changing environment due to the COVID-19 pandemic. 

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.

The impact of the COVID-19 crisis is unprecedented and we recognize the challenges we all face in continuing our regular operations. Entities that apply public sector accounting standards will need to assess how COVID-19 will impact their year-end financial statements. Jointly presented by CPA Canada and PSAB, this webinar explores specific accounting matters that government entities should consider during this unprecedented time.

At its recent meeting, the Board discussed, reviewed, and made a final decision on its International Strategy project, voting to approve Option 2 – Adapt IPSAS principles when developing future standards. Read the Decision Summary for full details.

To meet the needs of stakeholders, this year we focused on moving major projects forward and making decisions that will lead to Canada’s public sector accounting future. Read about PSAB’s 2019-2020 activities and accomplishments in this year’s Annual Report.

How do you ensure the relevance and credibility of financial reporting while navigating pervasive global issues? It is a discussion taking place across the profession, the country, and internationally as we try to understand what these megatrends mean for standard setting. Read more about the work we did over the past year and our oversight of the AcSB and PSAB.