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2020

Accounting considerations for insurers

May 06, 2020

On May 6, 2020, the Accounting Standards Board (AcSB) released a publication on the implications of COVID-19 for insurers.

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.

Review the publication on the AcSB's website.

AcSB endorses Covid-19-Related Rent Concessions (Amendment to IFRS 16)

Jun 12, 2020

On June 12, 2020, the Accounting Standards Board (AcSB) announced that it endorses the amendment that permits lessees not to assess whether particular Covid-19-related rent concessions are lease modifications and, instead, account for those rent concessions as if they were not lease modifications.

Effective for annual reporting periods beginning on or after June 1, 2020, this is now in Part I of the CPA Canada Handbook – Accounting. Earlier application is permitted, including in financial statements not yet authorized for issue at May 28, 2020. The Amendments to the Basis for Conclusions that accompany, but are not part of, IFRS 16 Leases are also now in Part I of the CPA Canada Handbook – Accounting.

Review the announcement on the AcSB's website.

AcSB Exposure Draft – Covid-19-Related rent concessions (Proposed amendment to IFRS 16)

Apr 24, 2020

On April 24, 2020, the Accounting Standards Board (AcSB) issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Comments are requested by May 8, 2020.

The AcSB would like input from Canadian respondents on the following additional question regarding the proposed amendments:

The IASB has developed the proposed amendment in accordance with its due process for application around the world. Assuming the Exposure Draft proposal is finalized and approved by the IASB in accordance with its due process, do you think that the proposal is appropriate for application in Canada? If not, please specify which aspects of the proposal, and what circumstances, make the accounting requirements proposed in the Exposure Draft inappropriate.

Review the press release and exposure draft on the AcSB's website.

AcSB issues two resource documents to assist ASPE preparers with possible accounting issues as a result of COVID-19

May 21, 2020

On May 21, 2020, the Accounting Standards Board (AcSB) released two COVID-19 resource documents to assist preparers in preparing financial statements in accordance with Part II of the CPA Canada Handbook – Accounting.

AcSB Response – IASB Exposure Draft, Covid-19-Related Rent Concessions (Proposed Amendment to IFRS 16)

May 08, 2020

On May 8, 2020, the Accounting Standards Board (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.

Review the letter on the IASB's website.

Canadian securities regulators remind issuers of importance of disclosure in financial reporting

May 29, 2020

On May 29, 2020, given the significant impacts that the COVID-19 pandemic continues to have on Canadian public companies, the Canadian Securities Administrators (CSA) is reminding reporting issuers of the importance of disclosing high quality financial information to investors.

The CSA encourages issuers to visit the CSA COVID-19 Information Hub for further guidance and information, including COVID-19: Continuous Disclosure Obligations and Considerations for Issuers that discusses a number of important issues, and to consider this information when preparing financial reports and other disclosure documents.

Also, the International Organization of Securities Commissions (IOSCO) issued IOSCO Statement on Importance of Disclosure about COVID-19. The CSA supports the IOSCO Statement.

Review the press release on the CSA's website.

Canadian securities regulators provide update on changes to regulatory work in light of COVID-19

Apr 09, 2020

On April 9, 2020, the Canadian Securities Administrators (CSA) stated that it is currently focusing its regulatory efforts on helping market participants and investors address challenges created by COVID-19.

On March 18, the CSA announced that all CSA proposals currently out for comment would have their comment periods extended by 45 days. Until at least May 30, 2020, the CSA will also not publish any new proposals for comment.

CSA members continue to be in close contact with the companies and firms they regulate, and based on these discussions, will consider proceeding with burden reduction initiatives if they are immediately helpful to businesses in responding to COVID-19.

As the situation evolves, the CSA will consider whether additional relief for market participants is warranted. We will also consider actions to support investors and ensure they are treated fairly during this difficult time. The needs of both stakeholder groups are important, and CSA members will consider and balance these needs as we fulfil our mandates.

Review the press release on the CSA's website.

Canadian securities regulators provide temporary relief to public companies with delayed annual meetings due to COVID-19

May 01, 2020

On May 1, 2020, the Canadian Securities Administrators (CSA) announced it is providing public companies with temporary blanket relief from certain filing and delivery requirements, which are generally tied to the sending of materials for annual general meetings (AGMs).

With this conditional temporary relief, the CSA is giving public companies until December 31, 2020 to file their executive compensation disclosure. The CSA is also providing companies with temporary relief from the requirements to send, or send upon request, copies of their annual or interim financial statements and management’s discussion and analysis (MD&A) to investors within certain time periods.

Under securities legislation, public companies must meet several deadlines tied to sending investors a management information circular for their AGM. These include requirements to file executive compensation disclosure within 140 days (non-venture companies) or 180 days (venture companies) of their year end. Additionally, public companies that have not sent an annual request form must, within 140 days of their year end, send copies of their annual financial statements and MD&A. Upon request, public companies must also send copies of their annual or interim financial statements and MD&A to investors.  

The CSA is implementing the relief through local blanket orders that are substantially harmonized across the country. Market participants can view these orders on CSA members’ websites.

Companies that intend to delay filing their executive compensation disclosure must first issue a news release disclosing that they intend to do so and should consult the blanket orders to ensure that they comply with the conditions for the relief. Companies are expected to provide investors with sufficient lead time to review executive compensation disclosure before their AGM.

Review the press release and publication on the CSA's website.

Canadian securities regulators to provide blanket relief for market participants due to COVID-19

Mar 18, 2020

On March 18, 2020, in light of recent COVID-19 developments and their impact on market participants, the Canadian Securities Administrators (CSA) will provide temporary relief from some regulatory filings required to be made on or before June 1, 2020.

The blanket relief will provide a 45-day extension for periodic filings normally required to be made by issuers, investment funds, registrants, certain regulated entities and designated rating organizations on or before June 1, 2020. This will include financial statements, management’s discussion and analysis, management reports of fund performance, annual information forms, technical reports, and certain other filings.

The extension applies to all issuers. For those with a December 31 year-end, the extensions are as follows:

TSX-listed issuers

   Original Deadline New deadline 
Annual filing deadline (year-end financials, MD&A and AIF) March 30 May 14
Q1 filing deadline May 15 June 29

TSX-Venture and CSE-listed issuers

   Original Deadline New deadline 
Annual filing deadline (year-end financials, MD&A and AIF) April 29 June 15
Q1 filing deadline June 1 July 14

Issuers choosing to rely on this exemption and that are complying with the conditions of the relief will not need to file applications for management cease trade orders as they will not be noted in default.

The CSA expects to publish further details about the relief shortly.

Review the press release on the CSA's website.

Canadian securities regulators publish blanket relief for market participants due to COVID-19

Mar 23, 2020

On March 23, 2020, further to its announcement on March 18, the Canadian Securities Administrators (CSA) published temporary blanket relief for market participants from certain regulatory filings, as a result of COVID-19.

The blanket relief provides a 45-day extension for periodic filings normally required to be made by issuers, investment funds, registrants, certain regulated entities and designated rating organizations on or before June 1, 2020 and for certain other requirements outlined in the orders. Market participants need to comply with the conditions in the blanket relief to use the extension.

The CSA is implementing the relief through local blanket orders that are substantially harmonized across the country. Market participants can view these orders on CSA members’ websites and are encouraged to contact their principal regulator with any questions.

The CSA is closely monitoring the situation and will consider whether further relief or extension is necessary.

Review the press release on the CSA's website.

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