Financial reporting and COVID-19 implications

Quarterly and annual reporting is a regulatory requirement, and perhaps even more important to your investors, shareholders and stakeholders during this time of COVID-19.

What you should be considering

  • How will your Management’s Discussion & Analysis and Financial Statements be impacted in the current environment? What sort of material disclosures and risk factors need to be updated?
  • Will you need to revise, suspend, or withdraw your guidance until you have more information about how your business may be impacted?
  • The TSX/TSX-V is providing relief from requirements for issuers to notify them if an extension of time to file certain financial statements is needed. Are you eligible? Should you defer? Official Notice
  • Conference calls are a great way to deliver your updates and answer investor questions. However, you will need to be prepared for a new set of questions regarding COVID-19. Here are some questions that you could be asked:
    • What measures are you taking to ensure business continuity?
    • Does your business have an emergency succession plan in place if key executives fall ill?
    • Do your employees have the ability to work from home? For how long?
    • How are you avoiding the spread of COVID-19 in your workplace or with your clients?
    • What does your cash flow look like? How strong is your balance sheet? What impact will COVID-19 have on your key financial and performance metrics?
    • Has your long-term outlook changed due to COVID-19?

How we can help

We are here to help you work through these issues and prepare to successfully answer the tough questions related to COVID-19 and your business. Our team of capital markets and crisis communication experts can help you prepare for your financial reporting and develop the communication solutions you need for your business.