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ASPE and ASNFPO − COVID-19 Accounting Implications

ASPE-ASNFPO – COVID-19: Accounting Implications for Years Ended On or After March 31, 2020

The novel coronavirus (COVID-19) pandemic continues to have a significant impact on our economy, including consumption, production and supply chain disruptions. Despite encouraging signs, the business environment remains highly uncertain. Entities need to carefully consider the accounting implications resulting from this still uncertain situation.

This edition of Flash presents accounting implications and identifies key financial reporting areas that entities should consider when determining the potential impact of the COVID-19 pandemic on their business and, on the results, financial position and disclosures in their financial statements prepared in accordance with accounting standards for private enterprises (ASPE) or accounting standards for not-for-profit organizations (ASNFPO). It also discusses the recent decision of the Accounting Standards Board of Canada (AcSB) to defer the effective dates of several amendments to standards in light of the COVID-19 pandemic.

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