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COVID-19 and Going Concern: What ASPE requires

Published on: May 20, 2021

When preparing annual financial statements in accordance with Part II of the CPA Canada Handbook, management needs to assess whether there is material uncertainty about the enterprise’s ability to continue as a going concern. 

This process includes many factors, some of which will be subject to significant judgment during these uncertain times. Considerations may include the degree of expected government support, and management’s best estimate of the pandemic’s duration and magnitude. 


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