The FAQs discuss the SEC’s March 25, 2020, COVID order (which enables entities to defer the date by which they file certain reports — including Form 10-K and Form 10-Q) as well as the interaction with Form S-3 and the ability to issue prospectus offerings.

In addition, the SEC’s Division of Corporation Finance issued its current views regarding disclosure considerations and other securities law matters related to COVID-19.

Review the press release and modified exemptive order on the SEC's website.

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.

Review the statement on the AcSB’s website.

As many public companies now prepare for their next reporting cycle (e.g., second quarter financial reporting), we emphasize that the participants in the financial reporting system continue to play an important role in the functioning of our markets and in our collective national effort to mitigate the COVID-19 pandemic. We look forward to our financial reporting system continuing to provide a steady flow of timely, decision-useful information to investors and our public capital markets.

Read the statement

For investment funds, the blanket relief provides a 60-day extension for certain filing, delivery and prospectus renewal obligations normally required to be made during the period from June 2, 2020 to September 30, 2020.

For non-investment fund issuers, the blanket relief provides a 45-day extension for certain filing, delivery and base shelf prospectus renewal obligations normally due or required to be made during the period from June 2, 2020 to August 31, 2020.

Investment funds and non-investment fund issuers that have already used the prior relief announced on March 23, 2020 to extend any filing, delivery and prospectus renewal deadline occurring on or before June 1, 2020 cannot use this relief to further extend the deadline.

Additionally, to rely on the relief, non-investment fund issuers must issue a news release before the required filing deadline and comply with other conditions. Issuers and their counsel are encouraged to review the respective orders to ensure compliance with these conditions.

Re­view the press re­lease on the CSA's web­site.

The conditions of the relief are substantially the same as the temporary relief announced on March 23 (prior relief), but the relief is only applicable to registrants and unregistered capital markets participants with filing deadlines in the periods described below.

The blanket relief provides a 60-day extension for periodic filings normally required to be made between June 2, 2020 and September 30, 2020 by registrants and, in Ontario, unregistered capital markets participants that rely upon certain registration exemptions. These unregistered capital markets participants include unregistered investment fund managers and unregistered exempt international firms. Registrants and unregistered capital markets participants that have already used the prior relief to extend their deadline for any financial statement or information delivery requirements occurring on or before June 1, 2020, cannot use this relief to further extend that deadline.

The CSA is implementing the relief through local blanket orders by the participating jurisdictions. Registrants who are registered in multiple jurisdictions will need to ensure that they satisfy the applicable filing deadlines in those jurisdictions where the relief does not apply.

The securities regulatory authorities in Québec and Manitoba separately published temporary blanket relief from certain financial statement and information delivery requirements for registrants whose principal regulator is one of the participating jurisdictions.

Review the press release on the CSA's website.

The statements covers:

• Detailed discussion of the importance of disclosure, particularly forward-looking disclosure, for investors, markets and our fight against covid-19
• Discussion of investor protection, market integrity and legal risk

Review the statement on the SEC's website.

Below is an analysis of all changes made to the work plan since our last analysis on March 27, 2020.

Standard-setting projects

• The Board extended the consultation period for the Exposure Draft General Presentation and Disclosures until September 30, 2020
  

Maintenance projects

• Changes in accounting policies and estimates — Final amendments are now expected in the fourth quarter of 2020 (previously no date given)
• Amendments to IFRS 17 "Insurance Contracts" — Final amendments are now expected in June 2020 (previously second half of 2020)
• Deferred tax related to assets and liabilities arising from a single transaction — The discussion of exposure draft feedback is now expected in June 2020 (previously second quarter of 2020)
• Disclosure initiative — Accounting policies — The last work plan stated that feedback to the exposure draft would be discussed (no date given); this has now changed to final amendments to be expected in  the fourth quarter of 2020 without redeliberations having occurred yet
• Disclosure initiative — Disclosure review — An exposure draft is now expected in the first half of 2021 (previously second half of 2020)
• IBOR reform and its effects on financial reporting — Phase 2 — An exposure was published on 9 April 2020; discussion of the feedback received is expected to occur in the third quarter of 2020
• IFRS 16 and COVID-19 — A project newly added to the work plan; an exposure draft is expected "by 27 April 2020"
• The Board extended the consultation period for the Request for Information Comprehensive Review of the IFRS for SMEs Standard until October 27, 2020

Research projects

• Business combinations under common control — A discussion paper is now expected in the third quarter of 2020 (previously second quarter of 2020)
• Dynamic risk management — Outreach on the core model is now expected in the second half of 2020 (previously second quarter of 2020)
• Extractive Activities — Research findings will now be discussed in June 2020 (previously second quarter of 2020)
• Goodwill and impairment — The feedback received on the discussion paper will be discussed in the first half of 2021 (previously second half of 2020); the consultation period for the Discussion Paper Business Combinations—Disclosures, Goodwill and Impairment has been extended until 31 December 2020
• Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12 — in the last work plan, the research review was announced for April 2020; this has now been given an entry "fourth quarter of 2020" although the Board will actually discuss the feedback at the upcoming Board meeting

Other projects

• 2020 Agenda Consultation — A request for information is now expected in the first half of 2021 (previously second half of 2020)

Review the press release and the revised IASB work plan on the Board's website.

However, to effectively oversee financial reporting, the audit committee would still need to have access to all relevant risk management information—but maybe some of the detailed oversight can shift to allow the audit committee more time to focus on its core role.

Review the blog on the NACD's website.

More and more employees are working remotely by the day, and companies may eventually face the prospect of functioning with little to no personnel on-site or skeleton crews in IT and other important support functions.

Against this backdrop, both employers and employees need to take the utmost care to protect themselves as well as confidential company information.

Review the full article on the HBR's website.