COVID-19: Financial Reporting Implications for the Public Sector

October 1, 2020

The financial reporting implications for public sector entities and the precise effects will depend on the circumstances of each entity. This publication outlines accounting and financial reporting considerations related to the COVID-19 pandemic for entities following Public Sector Accounting Standards (PSAS). Many of the issues discussed in this publication impact December 31, 2020 and March 31, 2021 year ends, while some issues will have more of an impact on subsequent year ends.

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The information in this publication is current as of September 30, 2020.

This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO Canada LLP to discuss these matters in the context of your particular circumstances. BDO Canada LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.

BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms.

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