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Beyond Compliance – Promoting Excellence in Financial Reporting in Canada
  • IFRS - IASB Image
  • IASB updates work plan in view of COVID-19 developments

    Mar 27, 2020

    On March 27, 2020, the International Accounting Standards Board (IASB) updated its work plan. The IASB postponed to May 2020 the publication of several narrow-scope amendments to IFRS Standards originally planned for March and April 2020. This consolidation of publications is intended to facilitate more efficient post-publication procedures by the stakeholders. The work plan has been updated accordingly.

  • IFRS - IASB Image
  • IASB publishes statement on IFRS 9 and COVID-19

    Mar 27, 2020

    On March 27, 2020, the International Accounting Standards Board (IASB) published a document responding to questions regarding the application of IFRS 9, "Financial Instruments" during the period of enhanced economic uncertainty arising from the COVID-19 pandemic.

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  • CARES Act would provide optional temporary relief from CECL accounting

    Mar 27, 2020

    On March 27, 2020, US President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides relief from certain accounting and financial reporting requirements under U.S. GAAP. However, until actions are taken by the SEC or the FASB, the provisions of the CARES Act are not amendments to US GAAP.

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  • 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.

  • ESMA (European Securities and Markets Authority) Image
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  • 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.

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  • SEC modifies Covid-19 exemptive order

    Mar 25, 2020

    On March 25, 2020, the Securities and Exchange Commission (SEC) announced that it is extending the filing periods covered by its previously enacted conditional reporting relief for certain public company filing obligations under the federal securities laws, and that it is also extending regulatory relief previously provided to funds and investment advisers whose operations may be affected by COVID-19.

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  • Covid-19 Disclosures: Guidance From Corp Fin

    Mar 25, 2020

    On March 25, 2020, the SEC Division of Corporation Finance issued "CF Disclosure Guidance Topic No. 9", which addresses disclosure and other securities law obligations relating to the Covid-19 crisis.

  • IFRS - IASB Image
  • IASB releases podcast on IFRS 17

    Mar 23, 2020

    On March 23, 2020, the International Accounting Standards Board (the Board) released a podcast featuring IASB member Darrel Scott and technical staff member Chalani Mohotti as they discuss the developments at the March 2020 Board meeting related to the amendments to IFRS 17, "Insurance Contracts".

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  • COVID-19: Accounting and reporting implications of the outbreak

    published Mar 30, 2020

    Business entities must carefully consider their unique circumstances and financial reporting and disclosure issues related to conditions that may result from the outbreak of coronavirus disease 2019 (COVID-19). Each business may be challenged in different ways, and financial reporting functions may need to address a variety of accounting, reporting, and internal control challenges.

  • Canadian Tax Alert March 30: COVID-19 – Update on fiscal measures Image
  • Canadian Tax Alert March 30: COVID-19 – Update on fiscal measures

    published Mar 30, 2020

    Attached is our most recent Canadian Tax Alert which provides updates to the previously announced wage subsidy, renamed the Canada Emergency Wage Subsidy (CEWS). The 10% wage subsidy measure previously announced on March 18, 2020, and then enhanced to 75% on March 27, 2020, has been clarified today and its scope has been expanded. The government announced that the Minister of Finance will provide more details on this tomorrow.

  •  COVID-19: Managing cash flow during a period of crisis Image
  • COVID-19: Managing cash flow during a period of crisis

    published Mar 27, 2020

    This point of view highlights tactical solutions organizations can implement to actively evaluate their cash flow requirements, develop appropriate actions under various scenarios, and assess potential risks in and to their customer base and supplier network.

  • COVID-19: Managing supply chain risk and disruption Image
  • COVID-19: Managing supply chain risk and disruption

    published Mar 27, 2020

    This point of view highlights short-term actions companies can take to respond to business disruption and supply chain challenges from the global spread of COVID-19, and looks ahead to the longer-term solution of digital supply networks.

  • Canadian Tax Alert March 27: COVID-19 – U.S. update Image
  • Canadian Tax Alert March 27: COVID-19 – U.S. update

    published Mar 27, 2020

    Over the past few days, the U.S. federal government and the state governments have introduced measures to support U.S. taxpayers. In this update, we highlight the recent tax-related announcements from the federal and state governments.

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