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October 2020 - PP News & Views

COVID-19 and Application of Public Sector Accounting Standards (PSAS)

The Public Sector Accounting Standards Board (PSAB) has issued this publication to provide non-authoritative guidance to public sector entities in the form of a plain and simple discussion on how they can apply PSAS to financial reporting issues that arise as a result of the COVID-19 pandemic. Content includes, among others, a discussion on: going concern, government transfers, impairment, guarantees, measurement uncertainty, retirement benefits, risk disclosures, and subsequent events.

COVID-19-related Part II and III Financial Reporting Considerations

Are you a Canadian private enterprise or not-for-profit organization, an advisor to one, or a user of financial reports? On November 10, 2020, attend a free 1 hour CPD course offered by CPA Canada to learn about financial statement implications of COVID-19 and get an update on future changes to Part II and Part III of the CPA Canada Handbook – Accounting.

Auditor Reporting Post-implementation Review

The AASB has initiated a post-implementation review on Auditor Reporting Standards and is inviting stakeholders to contribute their views and input, which will be shared with the IAASB, by participating in an online survey. The survey is open until October 23, 2020.

Compilations of Future-oriented Financial Information (FOFI)

The AASB staff is undertaking information gathering activities to inform the AASB of issues to be considered in revising or replacing AuG-16, Compilation of a Financial Forecast or Projection. The information gathering activities include a survey for practitioners who assist management in preparing future-oriented financial information (such as budgets, forecasts or projections). Survey period: September 21 – October 23.

If you are a practitioner who performs these engagements, keep an eye out for CPABC communications on how you can participate in the revision or replacement of the standard.

Assessing Potential COVID-19 Impacts on ASNPO Financial Statements

Learn about COVID-19 related questions and considerations for financial statement preparers and practitioners under Accounting Standards for Not-for-Profit Organizations (ASNPO) in Part III of the CPA Canada Handbook – Accounting. This ASNPO alert provides questions to ask and other considerations to help you identify potential impacts on the financial statements of not-for-profit organizations resulting from the global pandemic.

Fraud and Going Concern

The AASB are undertaking information gathering activities on expectations gap relating to fraud and going concern to be shared with the IAASB. The information gathering activities include:

  • A discussion paper on fraud and going concern released on September 15, 2020 for which comments are due by January 12, 2021;
  • Various online consultation sessions during the comment period; and
  • A community platform to support the information gathering activities.

Watch for CPABC communications on how you can participate in these outreach initiatives.

Elections BC Updated Auditor’s Guide

BC’s 42nd Provincial General Election will be held on Saturday, October 24, 2020. To provide guidance to auditors appointed under the Elections Act, Elections BC is updating their auditor’s guide. The auditor’s guide will be available on the Provincial Guides page. Please note that in order to be appointed as an auditor under the Elections Act an audit license is required. Contact ProfessionalAdvisory@bccpa.ca for questions related to public practice licensing.

The Data-driven Audit: AI and Automation's Impact on Audit and Auditors' Roles

Learn how automation and artificial intelligence (AI) will change the audit and the role of the auditor. This is the second publication in a series from CPA Canada that explores AI and its impact on the CPA profession.

2019 Study of Climate-related Disclosures by Canadian Public Companies

Learn what leading Canadian public companies are disclosing about climate-related risks and opportunities in this summary report from CPA Canada.