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.

The Chair was commenting on the findings of a review of disclosures by the CSA staff, indicating that the majority of issuers provided detailed, quality disclosures in their financial statements, MD&A, and other disclosure documents. These findings are encouraging, but we are not through the pandemic yet.

For over a year now, businesses have faced many challenges as they managed the health and economic crises. These challenges continue as we face variants of concern, potentially causing a third challenging wave, and questions about the supply, efficacy, and acceptance of vaccines. While many businesses have innovated and adapted to these challenges, some have not been as fortunate. The containment of the virus, reducing containment measures and the economic recovery are intricately linked; however, some businesses may not benefit from the recovery. Just as the pandemic has been a major disruptor, many economists expect that there will continue to be geopolitical, technological, and societal disruptors as we move into a period of economic recovery. Public companies will have to keep up their vigilance and provide robust entity-specific disclosures about the consequences of COVID-19 and the post-COVID economic recovery.

The US edition includes a US GAAP update section along with the COVID-19 article amended to provide US GAAP context.  CSA, SEC, Auditing and Corporate reporting update sections are included in both editions as well.