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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 AASB discussed a portion of its draft response letter to the IAASB Consultation Paper, Proposed Non-Authoritative Guidance Extended External Reporting (EER) Assurance. It also approved revisions to its Due Process Manual.

AASB Exposure Draft – Audits of Group Financial Statements (Including the Work of Component Auditors)

The AASB issued an Exposure Draft proposing the adoption of ISA 600 (Revised), with appropriate Canadian amendments. Stakeholders are invited to comment until September 11, 2020. For full details, visit the Document for Comment page.

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.