2020

United States Image

COVID-19’s Impact on executive compensation

Apr 07, 2020

On April 7, 2020, the National Association of Corporate Directors (NACD) released a blog on how boards can and should get involved in issues related to workforce recruitment, retention, and safety during this crisis. Addressing such issues at the board level can help ensure business continuity and mitigate financial and talent risks.

For executives, some changes in pay have been drastic, and how boards handle executive compensation through this crisis can draw either praise or scorn. The following sections look at some key trends in this arena, coupled with predictions for what’s to come, to help boards make more informed decisions.

Review the blog on the NACD's website.

CPAB - Assurance Image

CPAB COVID-19 Audit implications

Mar 27, 2020

On March 27, 2020, the Canadian Public Accountability Board (CPAB) released a message that acknowledges the implications of COVID-19 on Canadian public company audits. They recognize that the situation is highly fluid, and that new issues and risks will emerge.

The COVID-19 pandemic is impacting employees, the economy, mobility and financial systems. It is likely that auditors may encounter scope limitations or complex auditing and accounting issues.

Review the message and audit implications on the CPAB's website.

IFRS - AcSB Image

Debt modification accounting

May 06, 2020

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

Are you negotiating a debt agreement with your lender? Debt modification versus extinguishment assessment under IFRS 9 can be tricky. This overview provides some useful tips on performing this assessment and other key considerations on debt modification accounting for both borrowers and lenders.

Review the publication on the AcSB's website.

IFRS - AcSB Image

Discount rates

Apr 28, 2020

On April 28, 2020, the Accounting Standards Board (AcSB) released a publication on the implications of COVID-19 on your discount rates.

This publication provides an overview on the potential effects the current situation may have on the discount rates used by companies in the various valuation techniques under IFRS® Standards.

Review the publication on the AcSB's website.

United States Image

Don’t let opportunism compromise your corporate mission

Jun 03, 2020

As we come out of the pandemic, chasing any opportunity will obviously be a temptation for many cash-hungry businesses. But be careful. That way lies ruin. You don’t want to go out of business just as work picks up. Now’s the time to clarify your mission statement for the resurgence that lies ahead.

Review the article on the Harvard Business Review's website.

ASNPO_AcSB Image

Effects of COVID-19 on the Financial Statements of Not-for-Profit Organizations

May 08, 2020

On May 8, 2020, the Accounting Standards Board (AcSB) released a publication on the implications of COVID-19 on the financial statements of not-for-profit organizations.

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.

Review the publication on the AcSB's website.

ASPE_AcSB Image

Effects of COVID-19 on the Financial Statements of Private Enterprises

May 13, 2020

On May 13, 2020, the Accounting Standards Board (AcSB) released a publication on how the COVID-19 pandemic has had a significant economic impact on Canadian businesses, including private enterprises applying ASPE.

This resource highlights topics that may be relevant for private enterprises to consider when preparing financial statements in accordance with Part II of the CPA Canada Handbook – Accounting.

Review the publication on the AcSB's website.

ESMA (European Securities and Markets Authority) Image
covid1 Image

ESMA statement on the accounting implications of the COVID-19 economic support and relief measures

Mar 25, 2020

On March 25, 2020, the European Securities and Markets Authority (ESMA) issued a public statement on some accounting implications of the economic support and relief measures adopted by EU Member States in response to the COVID-19 outbreak. The measures include moratoria on repayment of loans and have an impact on the calculation of expected credit losses in accordance with IFRS 9.

ESMA has issued the statement in order to promote consistent application of IFRSs in the EU and avoid divergence in practice on the application of IFRS 9 Financial Instruments in the specific context of the COVID-19 outbreak, specifically as regards the calculation of expected credit losses and related disclosure requirements. In ESMA’s view, the principles-based nature of IFRS 9 includes sufficient flexibility to faithfully reflect the specific circumstances of the COVID-19 outbreak and the associated public policy measures.

Review the statement on the ESMA website.

The European Banking Authority (EBA) also issued a related statement regarding the prudential framework and accounting implications of COVID-19. The two statements are consistent as regards financial reporting.

Review the statement on the EBA's website.

IFRS - AcSB Image

Events after the reporting period

Apr 24, 2020

On April 24, 2020, the Accounting Standards Board (AcSB) released a publication on how most companies, unless they are an essential service, are likely experiencing a material decline in their operations or are closed. This raises questions about whether they need to adjust their year-end or interim financial statements or provide additional disclosures for events after the reporting period.

This resource will help you to understand what you need to know about events after the reporting period.

Review the publication on the AcSB's website.

All - AcSB Image

Fall 2020 Standard-setting Update – Prioritizing, supporting, and maintaining community during COVID-19

Dec 02, 2020

On December 2, 2020, the Accounting Standards Board (AcSB) announced that they are reprioritizing work to adapt to the new environment.

The AcSB continue to create helpful resources and have even launched a new online community platform to further pivot their operations to the digital environment.

Review the press release on the AcSB's website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.