COVID-19: Financial reporting implications and resources
COVID-19 will have a significant impact on the preparation of interim and annual financial statements. Some of the specific areas impacted by COVID-19 include, but are not limited to:
- going concern assessments
- evaluation of subsequent events
- impairments of financial and non-financial assets (including goodwill)
- fair value measurements
- loan covenants, modifications and debt classification (short and long-term)
- lease modifications
- government assistance
- restructuring provisions and employee termination benefits
- pension obligations
- financial statement and Management's Discussion & Analysis (MD&A) disclosures
To help you navigate this new environment, we have compiled an inventory of resources which highlight important financial reporting considerations and the latest updates from regulators and accounting standards setters.
Our latest resources
Climate-related reporting conditions accompany federal government's Large Employer Emergency Financing Facility (LEEFF)
Recipients of the LEEFFwill be subject to strict conditions including a requirement to commit to publish annual climate-related disclosure reports consistent with the Financial Stability Board's Task Force on Climate-related Financial Disclosures (TCFD) as well as details on how their future operations will support environmental sustainability and national climate goals.
COVID-19 and Interim Reporting (May 2020)
This blog highlights some important interim reporting considerations for management and auditors in light of COVID-19.
ASPE Alert: Subsequent events and going concern considerations related to COVID-19 (April 2020)
Learn about whether companies applying Accounting Standards for Private Enterprises (ASPE) in Part II of the CPA Canada Handbook – Accounting should adjust annual financial statements issued in 2020 for the effects of COVID-19.
ASNPO Alert: Subsequent events and other considerations related to COVID-19 (April 2020)
Learn about whether not-for-profit organizations applying Accounting Standards for Not-for-Profit Organizations (ASNPO) in Part III of the CPA Canada Handbook – Accounting should adjust annual financial statements issued in 2020 for the effects of COVID-19.
ASPE Alert: Assessing potential COVID-19 impacts on financial statements: Questions to ask under ASPE (June 2020)
Learn about COVID-19 related questions financial statement preparers and practitioners should ask under Accounting Standards for Private Enterprises (ASPE) in Part II of the CPA Canada Handbook – Accounting.
COVID-19: MD&A disclosures in volatile and uncertain times (April 2020)
Are you preparing the Management's Discussion & Analysis (MD&A) during the COVID-19 pandemic? This alert sets out some considerations when preparing MD&A disclosures in this environment.
COVID-19 and Application of Public Sector Accounting Standards (May 2020)
Listen to this special edition webinar where the Public Sector Accounting Board (PSAB) answer some frequently asked questions around accounting and reporting implications of COVID-19 to the public sector.
Special Edition Practitioner's Pulse: Understanding your client — COVID-19 implications for internal controls (August 2020)
Hear representatives from the AASB, CPAB, and a practitioner from BDO share their perspectives on audit challenges in understanding and evaluating internal controls as a result of COVID-19 and related changes to clients' operations.
ASNPO Alert: Assessing potential COVID-19 impacts on financial statements — Questions and considerations under ASNPO (September 2020)
Learn about COVID-19-related questions and considerations for financial statement preparers and practitioners under Accounting Standards for Not-for-Profit Organizations (ASNPO).
Domestic Accounting Standards Update (November 2020)
In this webinar, hear about COVID-19-related financial reporting considerations under Accounting Standards for Private Enterprises and Accounting Standards for Not-for-Profit Organizations and get an update on upcoming standard-setting proposals from the Accounting Standards Board.
COVID-19 and Application of International Financial Reporting Standards (IFRS) (November 2020)
Listen to the Canadian Accounting Standards Board discuss potential COVID-19 financial reporting considerations under IFRS and provide an update on current international standard-setting initiatives.
ASPE Alert: Accounting for lease modifications due to the COVID-19 pandemic (November 2020)
Learn about the amendments to Section 3065, Leases, under Accounting Standards for Private Enterprises (ASPE) in Part II of the CPA Canada Handbook — Accounting in our latest ASPE Alert.
Canadian Public Company Financial Reporting Update: Q4 2020 (January 2021)
This webinar for the fourth quarter of 2020 is part of our IFRS webinar series and provides you with the latest updates on issues of relevance, including COVID-19 reporting matters and key changes to IFRS and Canadian securities legislation.
CSA COVID-19 Information
Canadian Securities Administrators
ESMA Our Response to COVID-19
European Securities and Markets Authority
IIROC COVID-19 Summary
Investment Industry Regulatory Organization of Canada
Mutual Fund Dealers Association
OSFI COVID-19 Updates
Office of the Superintendent of Financial Institutions
TMX COVID-19 Updates
SEC Coronavirus (COVID-19) Response
U.S. Securities and Exchange Commission
FRAS COVID-19 News and Resources
Financial Reporting & Assurance Standards Canada
The Coronavirus and the Foundation's Work
International Financial Reporting Standards (IFRS) Foundation
COVID-19: Relevant IPSASB accounting guidance
International Public Sector Accounting Standards Board
AICPA Coronavirus (COVID-19) Audit and Accounting Resources
American Institute of Certified Public Accountants
ICAEW Coronavirus (COVID-19)
The Institute of Chartered Accountants in England and Wales
IFAC Summary of COVID-19 Financial Reporting Considerations
International Federation of Accountants
Accounting & advisory firms
Note: Resources created by external organizations were not reviewed, developed or approved by CPA Canada. CPA Canada accepts no responsibility or liability that might occur directly or indirectly as a consequence of the use, application or reliance on these external resources.