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Overview: This Newsletter contains the Winter 2023 edition of AC Insights.
AC Insights provides audit committee members with a summary of financial reporting developments for public companies using IFRS and US GAAP, 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 International Monetary Fund reports, “Global economic activity is experiencing a broad-based and sharper-than-expected slowdown, with inflation higher than seen in several decades. The cost-of-living crisis, tightening financial conditions in most regions, Russia’s invasion of Ukraine, and the lingering COVID-19 pandemic all weigh heavily on the outlook. Global growth is forecast to slow from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023. This is the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the COVID-19 pandemic.”
The IMF’s World Economic Outlook Report paints a picture of uncertain economic times caused by several factors. Politicians and other economists have expressed similar sentiments in their year-end messages. Many Canadian companies have or will face economic challenges during the final quarter of 2022 and into 2023. Several factors continue to affect Canadian and global economies — the lingering impacts of COVID-19, supply chain constraints, tight labour markets, inflationary pressures, tightening monetary and fiscal policies, rising interest rates, collateral impacts of the conflict in Ukraine and other geopolitical tensions, and energy shortages and costs.
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