Financial Reporting and Assurance

IMPORTANT

Ethics Reminder regarding Government Subsidy Applications: With the array of both federal and provincial government assistance, CPA members are being asked by their clients or employer to provide guidance as to their eligibility of these programs and/or to prepare application forms for these benefits. As they provide services to their clients or their employers regarding these government programs, all CPA members are encouraged to read our ethics reminder when preparing government subsidy applications for their clients or employer.

Assessing potential COVID-19 impacts on financial statements - Questions and considerations under ASNPO: 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.
Financial Reporting Alert - Assessing Potential COVID-19 Impacts on Financial Statements: Questions and Considerations under ASPE: For financial statements preparers and practitioners regarding various sections of Part II of the Handbook and to identify potential impacts on financial statements resulting from the COVID-19 pandemic. Topics include going concern, impairment of assets, and revenue.
ASPE Alert - Assessing COVID-19 Effects on Financial Statements: Subsequent Events and Other Considerations: For companies applying Accounting Standards for Private Enterprises (ASPE) in Part II of the CPA Canada Handbook – Accounting decide whether they should adjust annual financial statements issued in 2020 for the effects of COVID-19.
ASNPO Alert – Assessing COVID-19 Effects on Financial Statements: Subsequent Events and Other Considerations: For not-for-profit organizations applying Accounting Standards for Not-for-Profit Organizations (ASNPO) in Part III of the CPA Canada Handbook – Accounting determine whether they should adjust annual financial statements issued in 2020 for the effects of COVID-19.
Corporate Reporting Alert: COVID-19: MD&A disclosures in volatile and uncertain times: Provides considerations when preparing management’s discussion and analysis (MD&A) disclosures.
COVID-19: Special edition practitioner’s pulse (April 2, 2020): A special edition Practitioner’s Pulse webinar from CPA Canada on FAQs around practice management issues and some key financial reporting and auditing implications of COVID-19.
CPA Canada has compiled a summary of external resources to help you understand the potential financial reporting implications of the COVID-19 pandemic. There are publications from regulators, professional bodies, standard setters, international accounting and advisory firms, and law firms.
- Read CPA Canada’s article on auditing and financial reporting during the COVID-19 pandemic and this Q&A from CPA Quebec on the potential impact of the COVID-19 pandemic on financial reporting by private enterprises and on assurance for guidance on subsequent events and going concern.
The Accounting Standards Board has developed various guidance to address financial reporting challenges resulting from COVID-19. These resources are intended to answer key questions, reference other helpful resources, and assist to provide direction whenever possible.
- This resource page is now organized by different parts of the CPA Canada Handbook. Under IFRS (Part I), you will find guidance on topics such as impairment, fair value, and discount rates. Under ASPE (Part II), there are guidance on topics such as impairment of long-lived assets and goodwill, going concern, and subsequent events.
The International Accounting Standards Board has created Application of IFRS 16 (Leases) in the light of the covid-19 uncertainty to provide guidance on accounting for COVID-19-related rent concessions in leases.

CPA Professional Liability Plan Inc. shares its resource, Risk management for accountants – The impact of covid-19 on assurance engagements.
The Accounting Standards Board share its resource, Going Concern and Liquidity Risk.
Learn how the receipt of government assistance by your clients may impact your audit engagements. This CPA Canada article shares important reminders and considerations for auditors.
Read this Q&A from CPA Quebec: COVID-19 – Challenges of physical inventory counts on March 31, 2020 for guidance related to conducting inventory counts during the pandemic.
Read this Q&A from CPA Quebec: Potential impact of the COVID-19 pandemic on financial reporting by private enterprises and on assurance for guidance on subsequent events and going concern.
Read a March 2020 article by CPA Canada on auditing and financial reporting during the COVID-19 pandemic for more information.
Review CPA Canada’s Audit Considerations Related to the COVID-19 Pandemic for key considerations to relevant standards such as audit evidence, accounting estimates, professional skepticism, subsequent events, going concern, fraud, and auditor reporting. Additional COVID-19: Key audit considerations and resources are also available here.
CPA Canada has compiled a summary of external resources to help you understand the potential financial reporting implications of the COVID-19 pandemic. There are publications from regulators, professional bodies, standard setters, international accounting and advisory firms, and law firms.
The International Auditing and Assurance Standards Board has published a number of Staff Alerts to provide guidance to auditors during the pandemic. Topics include auditor reporting, going concern, subsequent events, and other audit considerations.
The International Auditing and Assurance Standards Board has published Audit Considerations Arising from Changes Due to COVID-19 to provide guidance to auditors on considerations to bear in mind while auditing during the pandemic.
The Centre for Audit Quality in the US has developed resources to help navigate through the uncertainty and changes to the financial reporting ecosystem while maintaining the high audit quality standards that protect the capital markets.
Topics of guidance include going concern and auditing accounting estimates.

The Canada Revenue Agency provides the Dedicated Telephone Service (DTS) for small and medium income tax service providers. By using this service, income tax service providers can connect with experienced CRA officers from the Income Tax Rulings Directorate who will be able to help them interpret the provisions of the Income Tax Act.
The BC Securities Commission has made available its slide presentation, COVID-19: Continuous Disclosure Obligations and Considerations for Issuers.
The International Ethics Standards Board for Accountants has released a Staff Questions and Answers on COVID-19: Ethics and Independence Considerations to help professional accountants around the world navigate ethics and independence issues that might arise during the COVID-19 pandemic.
The Canadian Public Accountability Board also put together a FAQ on COVID-19’s implications on public company audits.
The Canadian Securities Administrators is providing temporary relief from some regulatory filings required to be made on or before June 1, 2020. The blanket relief will provide a 45-day extension for periodic filings normally required to be made by issuers, investment funds, registrants, certain regulated entities and designated rating organizations on or before June 1, 2020. This will include financial statements, management’s discussion and analysis, management reports of fund performance, annual information forms, technical reports, and certain other filings.
The US Securities and Exchange Commission has issued various guidance, directives and staff notices for reporting issuers impacted by COVID-19.
For those who have US reporting issuers, the Public Company Accounting Oversight Board is providing PCAOB-registered audit firms an up to 45-day relief period from inspections, with the exception of providing the Board access to audit documentation for certain engagements. Inspections are expected to resume beginning May 11, 2020.
Amid the COVID-19 pandemic, FINTRAC continues its work on fighting money laundering and has recently released pandemic guidelines for all reporting entities.
The Canadian Tax Foundation has consolidated the latest updates from the Canada Revenue Agency and other latest news for tax professionals.
The Canadian Association of Government Financial Officers (CAGFO) has a COVID-19 resource page with curated, timely and relevant publications (including webinars, articles, blogs).
CPABC offers member savings on various resources that can assist you during the COVID-19 pandemic, including savings on E-Courier, Clearly Payments, and Staples Canada.

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