Alert: Cannabis Industry CPA Canada Viewpoints

Alert: Cannabis Industry CPA Canada Viewpoints

Viewpoints Task Forces have been established for certain sectors. The purpose of these Viewpoints Task Forces is to discuss emerging issues affecting the industry and provide non-authoritative guidance in specific accounting topics affecting the industry. Viewpoints are developed when issuers bring issues to the Chartered Professional Accountants of Canada (CPA Canada).

In 2020 CPA Canada created the Cannabis Industry Task Force on IFRSs to share views on IFRS application issues of relevance to cannabis companies. Members of this Viewpoints Task Force includes individuals with financial reporting expertise from reporting issuers (Controllers/CFO types) and audit firm technical accounting team members involved with the cannabis sector.

Various topics are currently being discussed by the Cannabis Industry Task Force on IFRSs and to date the following publications have been released:

  • Impairment considerations in the cannabis industry (September 2020)
  • Overview of fair value considerations for biological assets in the cannabis industry (March 2020)
  • Cannabis stages of growth and post-harvest activities (February 2020)

New papers may be posted as new topics arise. Refer to the CPA Canada website for the most up-to-date cannabis Viewpoints as well as additional resources.


This communication contains a general overview of the topic and is current as of May 29, 2020. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional, who can address any variance that may be required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2020. All rights reserved.

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Michelle Balmer

Michelle Balmer CPA, CA

Vice President, Assurance

Michelle Balmer, CPA, CA, is a Senior Assurance Services Partner with MNP. With 14 years of experience in public practice, Michelle helps a broad range of public and privately held companies in a variety of industries. She also works on special projects, including costing studies, benchmarking and best-practice studies, operational analyses, litigation support and due diligence.

As a key member of MNP's Assurance team, Michelle has played an instrumental role in assurance policy development, implementing accounting and assurance standards firm-wide and educating assurance practitioners regarding methodologies and new pronouncements. She also provides technical advice and consultation on accounting and assurance issues, as well as on rules of professional conduct issues, to all MNP practitioners.

Michelle was certified a Chartered Accountant (CA) after obtaining a Bachelor of Commerce degree from the University of Alberta. She has been actively involved with the Institute of Chartered Accountants of Alberta, including the Chartered Accountants School of Business, in an instructional and marketing capacity. An avid volunteer, she has assisted numerous groups such as the Easter Seals of Alberta, Paralympic Sports Association and Junior Achievement of Northern Alberta.