COVID-19 Updates

Australia

2021

• June 10: ASIC highlighted key focus areas for financial reporting

2020

• April: ASIC – Changes to regulatory work and priorities in response to COVID-19

Austria

• APAB News

Belgium

2020

• May 4: Announcement of 4/5/2020 of the BAOC
• March 24: Announcement of 24/03/2020 of the BAOC

Brazil

2020

• March 17: Coronavirus: information and new measures adopted by the CVM

Canada

2020

• Information from CPAB

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

• March 13: Information about the Danish Business Authority under coronavirus / covid-19

Dubai

2020

• April 7: DFSA Takes Measures to Support its Financial Community

Finland

2020

• April 7: Effects of the coronavirus on the Auditor Oversight Unit

France

2020

• April 8: H3C Press Release – information on deadlines for auditors
• April 3: H3C Press Release

Greece

2020

• April 9: Measures for the audit quality inspections and operation of the HAASOB due to the pandemic of corona virus (COVID 19)

Japan

2020

• Information on COVID-19 (Novel Coronavirus)

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

• Coronavirus (COVID-19): Update of the situation

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

• March 16: Coronavirus: Information on Finanstilsynet’s follow-up

South Africa

2020

• March 23: IRBA response to COVID- 19 and Alignment to State of National Disaster Declared by the President

Sweden

2020

• The exam for the auditor’s degree will be moved until 18 – 19 August 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

• April 15: SEC reduces annual fee for securities issuers to alleviate the impacts of COVID-19

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

• July 31: Conversations with Audit Committee Chairs: COVID-19 and the Audit 
• March 23: In Light of COVID-19, PCAOB Provides Audit Firms with Opportunity for Relief from Inspections
• March 18: PCAOB Update on Operations In Light of COVID-19

Albania

• COVID-19

Australia

2020

• March: The Impact of Coronavirus on Financial Reporting and the Auditor’s Considerations (Australian Accounting Standards Board – Auditing and Assurance Standards Board)

Botswana

2020

• April 2: The Impact of the Coronavirus disease (COVID-19) on Audit and Financial Reporting

Brazil

2020

• April 2: Coronavirus: Recommendations on calculating expected losses of financial assets

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

• February: In response to Covid-19, the FSC reminds auditors of their obligation on audit quality

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

• The SC’s AOB Emphasise the Need for High Quality Audit in light of Covid-19

Gibraltar

• COVID-19: GFSC update to auditors and firms on submission requirements for financial statements

Greece

2020

• March 17: AASOB Guidance on COVID-19 (Coronavirus)

Ireland

2020

• November 3: Infomation Note – Reporting the Impact of COVID-19

Italy

2020

• April 10: COVID-19 Emergency: From CONSOB the operational indications to the market on how the meetings must be held and about financial information, prospectuses and auditing 

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)
• April 3: Establishment of the Networking Group on the corporate disclosure, financial reporting and audit of listed companies in Consideration of the Impact of the COVID-19 (Novel Coronavirus) Infection
• March 18: Audit Consideration related to COVID-19 Part 1 (released by JICPA)

Korea

2020

• April 13: Authorities recommend flexibility in accounting standards amid COVID-19 crisis

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

• April 7: The SC’s AOB Emphasise the Need for High Quality Audit in light of Covid-19

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

• March 20: COVID-19 – managing impacts on FMC reporting entity annual reporting and audits

Poland

2022

• May: Disrupted Supply Chains and Other New Issues in Financial Statement Audits During COVID-19

Portugal

2020

• March 20: CMVM Recommendations on the audit activity within the scope of Covid-19

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

• April 6: Information message regarding the consideration of factors related to the COVID 19 pandemic and the application of appropriate restrictive measures when auditing the financial statements

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

• April 3: SEC Statement on the Importance of High-Quality Financial Reporting in Light of the Significant Impacts of COVID-19
• April 2: COVID-19: Reminders for Audits Nearing Completion
• December 2: PCAOB Staff Observations and Reminders during the COVID-19 Pandemic

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

• February: In response to Covid-19, the FSC has adopted regulatory relief measures for listed companies on financial reporting

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

• March 26: Extension of Time for Submission of Quarterly & Annual Reports, and Regularisation Plans by Listed Issuers Which Triggered the Criteria under Paragraphs 8.03A or 8.04 (Practice Note 17)

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

• April 3: General Extension on Financial Reporting Periods

Thailand

2020

• April 3: SEC grants deadline extension for submission and publication of annual financial statements of securities companies and derivatives business operators affected by the spread of COVID-19

Turkey

2020

• Announcement on measures with respect to capital markets in response to the COVID-19 outbreak

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

• March 4: US SEC grants publicly traded companies an additional 45 days to file certain disclosure reports

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

• April 15: Corporate Year-End Closing of Accounts, Auditing and Shareholders meeting in Response to the Increasing Impact of COVID-19 (Novel Coronavirus)

Malaysia

2020

• March 17: Capital Market Regulators grant flexibility for Listed Issuers on AGMs and Issuance of Periodic Reports

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

• March 30: SEC announces listed companies may consider postponing AGM if affected by Covid-19 spread

United Kingdom

2020

• March 27: FRC guidance about company AGMs and the impact of Covid-19
• March 18: AGMs and impact of Covid-19 guidance note published
• October 6: Corporate Governance – AGMs: AN OPPORTUNITY FOR CHANGE
• October 8：Video In Corporate Reporting

• 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.

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

• May 8: IESBA Staff Release COVID-19 Q&A’s Highlighting Ethics & Independence Considerations

IOSCO

2020

• May 29: IOSCO encourages issuers’ fair disclosure about COVID-19 related impacts
• April 3: IOSCO Statement on Application of Accounting Standards during the COVID-19 Outbreak
• March 25: Securities regulators coordinate responses to COVID-19 through IOSCO

Center for Audit Quality (CAQ)

2020

• April: CAQ COVID-19 Resource: Key Auditor and Audit Committee Considerations