As Canadian public companies assess their financial results for
the end of the first quarter of 2020, they are grappling with the
question of how to frame discussions of the rapidly evolving
COVID-19 pandemic and its unprecedented effects on their
businesses. This article highlights some key disclosure
considerations presented by the pandemic and provides suggestions
on how public companies should approach Q1 disclosure in light of
applicable form requirements and recent market practice.
The conventional approach will not be feasible
The COVID-19 pandemic evolved rapidly over the course of the
first quarter of 2020. The outbreak of a new coronavirus in Wuhan,
China was identified on January 7. On January 30, the World Health
Organization (WHO) declared the outbreak a "global public
health emergency." By the end of February, case counts spiked
in Italy, Iran and South Korea and stock markets dived sharply. It
was not until March 11 that COVID-19 was declared a
