AC Insights provides audit committee members with a summary of financial reporting developments for public companies using IFRS, how those developments might affect their company and things they may want to think about when reviewing financial reports. The insights are provided for developments to the end of the current quarter-end. Developments may occur subsequent to the quarter-end which change the guidance issued or perspectives on the guidance. Such changes will be reflected in subsequent editions of AC Insights.

"That's all I hear about now. … COVID, COVID, COVID, COVID, COVID, COVID."

As we head into 2021, all of us are likely feeling the same sentiment as expressed by one national leader in October 2020. COVID-19 is still here and strong. We wonder, how much longer? Will the vaccine work on the new strains? When will we recover? There are many unknowns. However, we do know we should not let up our guard until we cross the finish line. This same message rings true as issuers prepare their annual financial reports; we must stay the course.

Over the last quarter of 2020, standard-setters, accounting organizations, and regulatory agencies have been thinking about how the consequences of COVID-19 affect financial reporting. These groups have provided tips and best practices for companies to consider when preparing their annual financial reporting for 2020 and 2021. We have reviewed the various materials and summarized the various observations by topic for your review. For each topic, the source of the comments has been indicated at the beginning of each set of paragraphs. The references for these comments are outlined at the end of this article.

The US edition has a FASB update section along with the COVID-19 article and CSA, SEC, Auditing and Corporate reporting update sections included in the Canadian edition.