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As the global business community continues to respond to the COVID-19 outbreak, it’s more important than ever that CPAs provide the strategic leadership and expertise expected of our profession. To help support you during this uncertain period, CPA Ontario has compiled a collection of resources that addresses the global situation and the impact to our profession. Topics include: financial reporting, tax, audit and regulatory, practice management, and adapting to new working conditions and tips to stay healthy.

In addition to these resources, the Advisory Services team offers thoughtful, objective and timely feedback that can help you navigate this unprecedented climate. Consultations are strictly confidential and informal, and they are available whether you are working in industry, in public practice, retired or volunteering. Have a question? Our advisors, who are seasoned CPAs, are here to help. Email practiceadvisory@cpaontario.ca or phone: 416 204.3106 or 1 800 387.0735 x4456.

CPA Ontario remains steadfast in its commitment to protect the public trust. We will continue to provide additional resources as they become available and we look forward to staying connected.

DISCLAIMER: Certain links on this Site take you to other websites, resources or tools maintained by third parties over whom CPA Ontario has no control. CPA Ontario provides these links only as a convenience and is not responsible for the contents of any linked website. CPA Ontario makes no representations or warranties regarding, and does not endorse, any linked website, the contents thereof, the information appearing thereon or any of the products or services described thereon. Links do not imply that CPA Ontario sponsors, endorses or is affiliated or associated with the entity that owns or is responsible for any linked website. If you decide to visit any linked websites, you will do so at your own risk. CPA Ontario bears no responsibility whatsoever for the content, accuracy or security of any websites that are linked (by way of hyperlink or otherwise).

COVID-19 RESPONSE

LEARN ABOUT THE STEPS CPA ONTARIO IS TAKING AND HOW THEY AFFECT MEMBERS AND STUDENTS.
READ MORE

FINANCIAL REPORTING

The recent and rapid spread of COVID-19 has affected the business activity of many entities. The following resources can help preparers of financial statements manage the accounting implications of the COVID-19 outbreak.

 

External Resources

 

Clearly IFRS — Accounting considerations related to coronavirus

Deloitte, March 17, 2020

Key issues to be considered by entities in preparing their financial statements applying IFRS Standards for periods ending on or after December 31, 2019.

 


EY, February 2020 

An overview of the existing accounting requirements that should be considered when addressing the financial impacts of the COVID-19 outbreak when preparing IFRS financial statements for the year ended December 31, 2019. It covers events after the reporting period, going concern, fair value measurement, expected credit loss assessment, assets impairment, other financial statement disclosure requirements, and other accounting estimates. 

KPMG, March 2020 
 
Implications of the COVID-19 outbreak on disclosures and on other financial reporting and accounting matters.


Implications of the COVID-19 outbreak from a financial instruments accounting perspective.

PwC, February 12, 2020  

Addressing whether the emergence and spread of COVID-19 should be accounted for as an adjusting or non-adjusting event under IAS 10, Events after the reporting period. It also highlights going concern considerations and disclosure requirements.

TAX

The Government of Canada is taking action to help Canadians and businesses facing hardship as a result of the COVID-19 outbreak. A new set of economic measures were announced to help stabilize the economy during this challenging period.

 

External Resources 

 

Canada’s COVID-19 economic response plan

Important changes to tax-filing and payment deadlines

Canada Revenue Agency (CRA) Tax Filing

The CRA announced that the filing due date for 2019 tax returns will be deferred. Returns for individuals will be deferred until June 1, 2020. Return filing dates for trusts having a taxation year ending on December 31, 2019, will be deferred until May 1, 2020. For all charities with a return due between March 18, 2020 and December 31, 2020, the filing deadline is extended to December 31, 2020.

 

CRA payment extensions   

All taxpayers (including businesses and self-employed individuals) will be allowed to defer the payment of any income tax amounts due after March 18, 2020 and before September 1, 2020 to the new deadline of September 1, 2020. This relief will apply to tax balances due, as well as installments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period..

 

Economic plans

The Government of Canada has introduced a stimulus package to provide support to workers and businesses. Some of the initiatives are temporary income support for certain groups, increase in the Goods and Services Tax credit and annual Canada Child Benefit payments, longer-term income support for workers, help for businesses to keep their workers and ensuring businesses have access to credit.

 

Other tax related News

No post-assessment GST/HST or Income Tax audits of small or medium businesses will be initiated by the CRA until mid-April. The CRA will temporarily suspend audit interaction with taxpayers and representatives for the vast majority of businesses.

 

Ongoing discussions between the federal government and the profession on COVID-19 tax relief

CPA Canada, March 23, 2020

Discussions are ongoing between the profession and the CRA on the issues related to COVID-19 and the relief that the government announced.

AUDIT AND REGULATORY

The current outbreak of COVID-19 has an impact on the completion of the audits and compliance with regulatory requirements. The following list includes Canadian and international resources that provide guidance with respect to the audit and regulatory implications of the COVID-19 outbreak.

 

External Resources 

 

CSA provides guidance on conducting Annual General Meetings
The Canadian Securities Administrators, March 20, 2020
The Canadian Securities Administrators provides guidance to reporting issuers planning to conduct virtual or hybrid Annual General Meetings (AGM) and who would like to change the date, time and location of an in-person AGM during the COVID-19 outbreak.

CSA publishes temporary relief from some regulatory filings
The Canadian Securities Administrators, March 23, 2020 (CSA original announcement available here)
The Canadian Securities Administrators offer a 45-day extension for periodic filings made by issuers, investment funds, registrants, certain regulated entities and designated rating organizations on or before June 1, 2020.

The Canadian Securities Administrators, March 16, 2020
The Canadian Securities Administrators asks reporting issuers to apply for a management cease-trade order (MCTO) if they foresee not being able to file their annual or interim financial statements by their prescribed deadline, due to COVID-19. 

Canadian Public Accountability Board, March 18, 2020
The Canadian Public Accountability Board provides audit firms with high level guidance on Canadian public company audits.

PCAOB offers audit firms relief from inspections during coronavirus outbreak

Public Company Oversight Board, March 23, 2020
The Public Company Oversight Board is giving firms a break on inspections until May 11, 2020, given the difficulties businesses are facing from COVID-19.

SEC to provide regulatory relief for public companies

The Securities Exchange Commission, March 4, 2020
This order allows public companies that have difficulty meeting SEC filing deadlines due to COVID-19 concerns to qualify for regulatory relief under certain conditions.

FCA requests delay of preliminary financial statements

Financial Reporting Council, March 23, 2020
This news release from the Financial Reporting Council notes that the Financial Conduct Authority has requested listed companies to delay the release of preliminary financial statements expected to be published within the next two weeks in order to consider the implications of COVID-19.

FRC guidance on audit issues arising from the COVID-19 pandemic

Financial Reporting Council, March 16, 2020
The Financial Reporting Council provides guidance around the implications of COVID-19 when conducting audits.

FRC advice on risk disclosures

Financial Reporting Council, February 17, 2020
The Financial Reporting Council provides advice to companies and auditors on disclosure of risks and other reporting consequences arising from the emergence of COVID-19.

PRACTICE MANAGEMENT

The current outbreak of COVID-19 is affecting how practitioners operate their practices and interact with clients. This guidance provides a list of Canadian and international resources that practitioners should consider when operating their practices and responding to the COVID-19 outbreak.

 

External Resources


Ontario Human Rights Commission’s policy statement on COVID-19
Ontario Human Rights Commission, March 13, 2020
The Ontario Human Rights Commission addresses how public and private companies must recognize their human rights obligations and consider the impacts of COVID-19 on the vulnerable groups they employ or serve.

Ontario orders mandatory closure of all non-essential workplaces
Government of Ontario, March 23, 2020
Ontario’s government ordered the mandatory closure of all non-essential workplaces for at least 14 days effective March 24, 2020 at 11:59 p.m. Non-essential businesses that can continue operations with employees working remotely were given approximately 36 hours to prepare and adapt. The list of essential workplaces announced by the Ontario Government included professional services such as lawyers and paralegals, engineers, accountants, and translators.

Government of Ontario protecting workers who take leaves from work
Government of Ontario, March 16, 2020
The Government of Ontario will provide job protection for workers that have been impacted by COVID-19.

Government of Canada employment insurance
Government of Canada, March 19, 2020
This government website provides up-to-date information on how COVID-19 impacts Employment Insurance.

WHO’s advice for getting your workplace ready for COVID-19
World Health Organization, February 27, 2020
The World Health Organization provides guidance on how businesses and employers can play a role to stop the spread of COVID-19.

Preparedness and response guide for Canadian businesses
Mondaq, March 19, 2020
Guidance on how Canadian businesses can prepare and respond to COVID-19.

Legal considerations for Canadian boards
Mondaq, March 19, 2020
The legal duties of corporate boards in responding to the COVID-19 pandemic.

The following resources will help you adapt to new working conditions and provide tips to stay healthy during this pandemic.

WORKING REMOTELY

Consistent with global efforts to mitigate the spread of this virus, many organizations have directed employees to work from home. While moving to a fully remote scenario is new to some, great work can happen anywhere.

 

External Resources

 

Working remotely? LinkedIn provides resources that can help

LinkedIn, March 12, 2020

How to maximize the efficiency and productivity of remote work.

 
Social distancing can carry a heavy psychological price tag

Psychology Today, March 18, 2020

Psychologists discuss the importance of staying connected while maintaining physical distance.

PROTECT YOURSELF

Coronaviruses are spread mainly from person to person through close contact, for example, in a household, workplace or health care centre. The best way to prevent infection is to avoid being exposed to the virus. The Government of Ontario provides information on how you can protect yourself here Ontario.ca.

TRAVEL RESTRICTIONS

To limit the spread of COVID-19, the Government of Canada advises that you avoid all non-essential travel outside of Canada until further notice. If you have plans to travel, contact your airline or tour operator to determine options for cancelling or postponing your trip.

Federal and provincial public health leaders have recommended that all travelers from outside of Canada self-isolate for 14 days. These efforts will slow the spread of COVID-19 in Canada.

For more information and resources, please visit: Canada.ca and COVID-19 Travel Advisory.

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