2021 Annual Improvements to ASPE

In an October 2020 exposure draft, the Accounting Standards Board (“AcSB” or the “Board”) proposed several improvements to Accounting Standards for Private Enterprises (“ASPE”) and Accounting Standards for Not-for-Profit Organizations (“ASNPO”). The following is a summary of the proposals. First-time adoption: The Board proposes to permit that an enterprise / organization re-adopting ASPE or ASNPO … Continue reading “2021 Annual Improvements to ASPE”


New Quality Management Standards to Impact all CPA Firms

At its meeting on January 21, 2021 the Auditing & Assurance Standards Board (“AASB”) approved the new Canadian Standard on Quality Management (“CSQM”) requirements. The new standards will replace the existing Canadian Standard on Quality Control (“CSQC”) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance Engagements that … Continue reading “New Quality Management Standards to Impact all CPA Firms”


The AASB Contemplates the Future of Assurance

The Audit and Assurance Standards Board (AASB) published a consultation paper on January 15, 2021 in relation to its draft strategic plan for 2022-2025. Key factors that they have considered in their strategic plan are the longer term impacts of the COVID-19 pandemic such as the negative impacts on the economy and changes in business … Continue reading “The AASB Contemplates the Future of Assurance”


CSRS 4200 Transitioning to the New Compilation Engagements Standard

It is not the complexity of the new standard that will cause significant disruption to firms, it is the sheer volume of files that need to be transitioned. With resources currently available through your professional engagement guide subscription and related training sessions we recommend you get started before tax season is upon us once again. … Continue reading “CSRS 4200 Transitioning to the New Compilation Engagements Standard”


COVID-19: Return to Work Policies and Staff Compliance Agreements

We know from the results of our COVID-19: CPA Public Practice Survey, that was recently completed, that a significant percentage of small to medium sized firms closed their offices and continued to service clients remotely from home.  Since then, many firms have returned to their offices but may be struggling to communicate the new COVID-19 … Continue reading “COVID-19: Return to Work Policies and Staff Compliance Agreements”


AcSB Proposes Relief for Lease Accounting during COVID-19 Pandemic

The Accounting Standards Board (AcSB) has proposed amendments to Section 3065, Leases in an exposure draft published in September. The proposed amendments provide relief for both lessees and lessors on accounting for lease modifications received or granted as a result of the COVID-19 pandemic. These amendments would also apply to not-for-profitorganizations. Many private enterprises and … Continue reading “AcSB Proposes Relief for Lease Accounting during COVID-19 Pandemic”


COVID-19: Accounting for the Canada Emergency Business Account (CEBA)

With continued tax filing deferrals and finalizing all those December and March year-ends, the summer was busy.  We were looking forward to a bit of a slower pace this fall when the first June year-ends started to come in.  The full realization of the significance of the accounting impact related to COVID subsidies and programs … Continue reading “COVID-19: Accounting for the Canada Emergency Business Account (CEBA)”


Consultation paper explores potential changes to Canadian Accounting Standards for Not-For-Profit Organizations

In May 2020 the Accounting Standards Board (AcSB) released a consultation paper that explores the possibility of significant changes to the way that Not-For-Profit Organizations (NFPOs) account for contributions. The talk of change comes from the AcSB’s point of view that the current accounting options add unnecessary complexity to NFPO accounting and sometimes reduce the … Continue reading “Consultation paper explores potential changes to Canadian Accounting Standards for Not-For-Profit Organizations”


2020 Professional Engagement Guide (PEG) Update

The 2020 update to the CPA Canada Professional Engagement Guide (PEG) was released in August. The following is a high level overview of what the key changes are from last year’s version of the PEG. New Compilation (CSRS 4200) Practice Aids The PEG now includes practice aids to assist practitioners with new the documentation requirements … Continue reading “2020 Professional Engagement Guide (PEG) Update”


CSRS 4400 Agreed-Upon Procedures Engagements

The finalized Canadian Standard on Related Services (CSRS) 4400, Agreed-Upon Procedures Engagements, was published in the CPA Canada Handbook – Assurance in August 2020. CSRS 4400 addresses the practitioner’s responsibilities when engaged to perform an agreed-upon procedures engagement; and the form and content of the agreed-upon procedures report. The new guidance applies to the performance of agreed-upon … Continue reading “CSRS 4400 Agreed-Upon Procedures Engagements”


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