COVID-19 Updates
Welcome to IFIAR’s dedicated page for sharing public information relating to the ongoing COVID-19 pandemic. Please see below for latest information, updates, and developments from IFIAR Members and other regulators. While all Members’ mandates include audit oversight, some Members also have responsibilities related to financial reporting or corporate governance. To ensure the effectiveness of this resource, all publications on this page have been grouped by general type.
This page will be updated on an ongoing basis so please check back regularly for the latest information.
Announcements about Regulators’ Operations and other announcements
Australia
2021
- June 10: ASIC highlighted key focus areas for financial reporting
2020
Austria
Belgium
2020
Brazil
2020
Canada
2020
Chinese Taipei
- June 3: SFB published its press release which says that Public companies should consider the possible impact of COVID-19 epidemic on business operations and make appropriate disclosures on the footnotes of financial reports.
Denmark
2020
Dubai
2020
Finland
2020
France
2020
- April 8: H3C Press Release – information on deadlines for auditors
- April 3: H3C Press Release
Greece
2020
Japan
2020
Korea
2021
- February 3: FSC announced its specific policy agenda for this year, which aims to support COVID-19 recovery and ensure financial stability while seeking innovation in the financial industry.
2020
- April 14: FSC’S response to COVID-19 pandemic
Luxembourg
2020
2021
- August 30: CSSF announced an update on operational working arrangements
Malaysia
2020
- March: Capital Market Frequently Asked Questions Related to Covid-19
- March 24: SC Announces Further Relief Measures for Capital Market Licensed Entities
- March 20: SC Remains Operational and Continues to Support Its Stakeholders
- March 17: SC: Capital Market to Operate as Usual
Norway
2020
South Africa
2020
- March 23: IRBA response to COVID- 19 and Alignment to State of National Disaster Declared by the President
Sweden
2020
Switzerland
2020
- FAOA Reaction to the Coronavirus: Many FAOA employees are currently working from home to prevent the spread of the Coronavirus. During this time, the FAOA remains fully functional and fulfils its legal mandate. You can reach FAOA employees by phone or e-mail, as usual.
Thailand
2020
United Kingdom
2020
- FRC contact details during move to remote working
- March 17: FRC moved to telework status: https://www.frc.org.uk/news/march-2020-(1)/frc-covid-19-update-(1)
United States
2020
Announcements about Audit
Albania
Australia
2020
Botswana
2020
Brazil
2020
Canada
2020
- June: COVID-19 public company audit implications: considerations for audit committees
- April 21: COVID-19 Update
- March 30: COVID-19 Update
- March 27: CPAB: COVID-19 audit implications
- March 18: COVID-19 audit implications
Chinese Taipei
2020
Europe
2020
- March 25: ESMA issues guidance on accounting implications of COVID-19
- March 25: EBA Statement on the application of the prudential framework regarding Default, Forbearance and IFRS9 in light of COVID19 measures
- March 24: CEAOB emphasises the following areas that are of high importance in view of Covid-19 impact on audits of financial statements
France
2020
- March 20: http://www.h3c.org/fiches/covid19-2.htm
- March 19: http://www.h3c.org/fiches/covid19.htm
Georgia
Gibraltar
Greece
2020
- March 17: AASOB Guidance on COVID-19 (Coronavirus)
Ireland
2020
Italy
2020
Japan
2020
- April 22: Audit Consideration related to COVID-19 Part 4 (released by JICPA)
- April 15: Audit Consideration related to COVID-19 Part 3 (released by JICPA)
- April 10: Audit Consideration related to COVID-19 Part 2 (released by JICPA)
Korea
2020
Luxembourg
2021
- January 21: CSSF informed listed companies that Member States are allowed to delay by one year the application of the European Single Electronic Format (ESEF) requirements in relation to annual financial reports.
―The European Parliament and the Council agreed to an amendment of the Transparency Directive on December 11th
2020
- April 16: COVID-19 FAQs
- November 13: Thematic Review of issuers’ reporting.
Malaysia
2020
Mauritius
2020
- April 1: COVID-19 – Guidance to Auditors
The Netherlands
2020
- March (updated): Alerts from The Royal Netherlands Institute of Chartered Accountants (Dutch)
- November 23: The report on the effect of COVID-19 pandemic on listed companies.
- December 21: Impact of COVID-19: points of attention for 2020 audits
New Zealand
2020
Portugal
2020
Singapore
2020
- May 20: Audit Practice Bulletin (APB) No.1 of 2020 Key audit considerations – COVID-19
- February: Group Audits – Inaccessibility of Component Auditors’ Work Papers and Other Considerations (Audit Guidance Statement 12, Institute of Singapore Chartered Accountants)
South Africa
2020
- April 16: The Impact of COVID-19 on the Auditor’s Report: Going Concern
- April 1: Response to Accountants and Auditors wanting their services to be designated as essential
- March 26: Implications of the COVID-19 outbreak on audits, audit firms and regulatory requirements
Switzerland
2020
- March 31: FINMA Guidance (Section 6): Expected credit loss approach under IFRS 9 and its application in the context of the COVID-19 crisis
- March 30: Professional Body EXPERTsuisse announcements related to Covid-19 (German, French, Italian)
Ukraine
2020
United Kingdom
2020
- April 19: Modifications of Independent Auditor’s Opinions and Reports
- March 26: Joint announcement with FRC, FCA and PRA with guidance for companies preparing financial statements and guidance for audits
- March 16: Press release announcing the issuance of guidance for auditors
- October 15：COVID-19: Resources, action, the future – a look forward, COVID 19: Going concern, risk, and viability – a look forward
- December 4: Consolodated covid-19 guidance for companies and auditors.
United States
2020
Announcements about Financial Reporting and Filing Deadlines
Australia
2020
- May 13: ASIC to further extend financial reporting deadlines for listed and unlisted entities and amends ‘no action’ position for AGMs
- April 9: ASIC to provide additional time for unlisted entity financial reports
- March 20: Guidelines for meeting upcoming AGM and financial reporting requirements
- November 11: ASIC to further extend financial reporting deadlines for listed and unlisted entities and amends ‘no action’ position for AGMs
Belgium
2020
- March 26: COVID-19 impact on listed companies
Chinese Taipei
2020
Europe
2020
- March 27: ESMA – Actions to mitigate the impact of COVID-19 on the EU financial markets regarding publication deadlines under the Transparency Directive
Georgia
2020
- Guidance on COVID-19 – Impact on Financial and Management Reporting
- April 8: Extension of reporting deadlines for listed entities
- December 31: The compliance rate of annual reporting in Geogia is still high
Japan
2020
- July 1: Notice Regarding the Disclosure of Corporate Information Concerning the Impact of the COVID-19 Infection in Quarterly Securities Reports (English version, July 30)
- April 17: Notice regarding the deadline for submission of annual securities and other reports in connection with COVID-19 infection (Updated) (Japanese Only)
- April 15: Corporate Year-End Closing of Accounts, Auditing and Shareholders meeting in Response to the Increasing Impact of COVID-19 (Novel Coronavirus)
- February 10: Notice regarding the deadline for submission of annual securities and other reports (English translation provided)
Luxembourg
2021
- January 21: Delay by one year of ESEF requirements for listed companies
―The European Parliament and the Council agreed to an amendment of the Transparency Directive on 2020 December 11th
Malaysia
2020
New Zealand
2020
- March 19: Announced reporting deadlines extended by two months for NZX listed companies affected by COVID-19
Philippines
2020
- March 12: http://www.sec.gov.ph/wp-content/uploads/2020/03/2020MCNo05.pdf
- November 18: The SEC approved industry-specific financial reporting framework for banks, other BSP (Bangko Sentral ng Pilipinas)-supervised entities amid COVID-19.
2021
- May 19: Extension of the deadline for the submission of Annual reports for the calendar year ended December 31, 2020 and Quarterly report as of March 31, 2021.
- May 25: Extension of deadline for Integrated annual corporate governance report
Saudi Arabia
2020
- April 6: An announcement From the CMA Regarding the Extending of the statutory deadline to disclose the financial statements for listed companies whose Interim Period ends on 29/7/1441, 29/2/2020 and 31/03/2020
- March 31: An announcement From the CMA Regarding to the Deadline for Disclosing the Board Report and the Annual Financial Information that ends on 31/03/2020
Singapore
2020
- April 7: Extension of Deadline for Holding Annual General Meetings and Filing Annual Returns
- December 1: ACRA announced the revised filing requirements for companies required to file financial statements in extensible Business Reporting Language (XBRL) format.
South Africa
2020
Thailand
2020
Turkey
2020
Ukraine
2020
- April 6: Information message on changes in the legislation related to the disclosure of financial statements
United Kingdom
2021
- June 9: FRC extended application period for accounting requirements covering COVID-19 related rent concessions.
- January 27: FCA and FRC published joint statement reminding companies that extended financial information timelines continue to apply
2020
- March 26: Joint announcement with FRC, FCA and PRA with guidance for companies preparing financial statements and guidance for audits
- March 23: FRC support for moratorium in corporate reporting
- March 19: Companies’ filing deadline extension
- March: FCA Primary Market Bulletin Issue No. 27 – Coronavirus update
United States
2020
Announcements about Annual General Meetings
Australia
2021
- April 23: ASIC published a press release regarding amendment of ‘no action’ position for AGMs
2020
- May 13: ASIC to further extend financial reporting deadlines for listed and unlisted entities and amends ‘no action’ position for AGMs
- March 20: Guidelines for meeting upcoming AGM and financial reporting requirements
Japan
2020
Malaysia
2020
Singapore
2020
- April 7: Extension of Deadline for Holding Annual General Meetings and Filing Annual Returns
- February 27: Extension of time for Singapore listed companies to hold AGMs
Thailand
2020
United Kingdom
2020
Announcements from IFIAR
- May 1: IFIAR Chair’s Update on COVID-19 for stakeholders
- March 26: IFIAR update on COVID-19
- February 28: Cancellation of IFIAR in-person meetings
- Following local guidance in Tokyo, Japan, the Secretariat remains open as usual with Secretariat staff working from home at this time. The Secretariat can continued to be reached at secretariat@ifiar.org.
Announcements from International Organizations
FSB
2020
- Addressing financial stability risks of COVID-19
- April 2: FSB members take action to ensure continuity of critical financial services functions.
IAASB
2020
- Review Engagements on Interim Financial Information in the Current Evolving Environment Due to COVID-19
- Auditing Accounting Estimates in the Current Evolving Environment Due to COVID-19
- Auditor Reporting in the Current Evolving Environment Due to COVID-19
- Subsequent Events in the Current Evolving Environment-Audit Considerations for the Impact of COVID-19
- Going Concern in the Current Evolving Environment-Audit Considerations for the Impact of COVID-19
- Highlighting Areas of Focus in an Evolving Audit Environment Due to the Impact of COVID-19
IESBA
2020
IOSCO
2020
Information from the Profession
Center for Audit Quality (CAQ)
2020