COVID-19: Public Practice Survey

The uncertainty regarding the economic impact of the corona virus and government’s response to the disease has impacted all public practice firms both large and small.  What many of us are wondering is whether our experience has been typical of what other firms have seen?  Also, we are sure that many of you would like … Continue reading “COVID-19: Public Practice Survey”

Effective Dates of ASPE Standards Deferred

At the beginning of 2020 our team started preparing for some pretty significant changes in accounting standards for redeemable shares and future income taxes.  Other significant changes were also on the horizon for various amendments to the revenue recognition standards as well as a new agriculture standard.  However, that has all changed as on April … Continue reading “Effective Dates of ASPE Standards Deferred”

Say Goodbye to Part V of the CPA Canada Handbook – Accounting

It has been a long time coming but as of March 1, 2020, the pre-changeover standards in Part V (i.e. old Canadian GAAP) of the CPA Canada Handbook – Accounting, which includes various Basis for Conclusions documents, have been removed from the Handbook.  This represents the final stage of the changeover process in Canadian accounting … Continue reading “Say Goodbye to Part V of the CPA Canada Handbook – Accounting”

Accounting and Assurance Implications of the COVID-19 Crisis

Soon after this crisis broke out in Canada, there been a lot of talk about the accounting and assurance implications of the COVID-19.  These include financial reporting considerations such as subsequent events and going concern notes, disclosure of risks from financial instrument, as well as measurement of financial and non-financial assets.  The impact is not … Continue reading “Accounting and Assurance Implications of the COVID-19 Crisis”

Managing for the Worst-Case: What Firms Need to Know about Temporary Layoffs and Government Support

By Jay Spiro of Yeager Employment Law, updated 03/26/20 CPA’s and Firms will play a critical role in helping businesses and individuals manage the financial upheaval being caused by the COVID-19 pandemic.  While many Firms will be able to continue  operating by serving clients online and enabling staff to work remotely, this may not be possible … Continue reading “Managing for the Worst-Case: What Firms Need to Know about Temporary Layoffs and Government Support”

“Get Ready”: How BC Firms can Prepare for and Respond to the Coronavirus Outbreak

The rapidly escalating nature of the global COVID-19 pandemic poses a challenge unlike many of us have experienced in our lifetime.  If your Firm hasn’t realized it by now, you need to assume the effects of this virus will be on your doorsteps within a matter of days (if not hours).  While it is certainly … Continue reading ““Get Ready”: How BC Firms can Prepare for and Respond to the Coronavirus Outbreak”

CSRS 4200 Compilation Engagements – Guidance and Resources

With the advent of the new compilation engagement standard, CSRS 4200, both the Auditing and Assurance Standards Board (AASB) and CPA Canada have released various guidance to assist practitioners, clients and third party users understand the changes that this new standard represents. The AASB has released its Basis for Conclusions document which summarizes the process that the … Continue reading “CSRS 4200 Compilation Engagements – Guidance and Resources”

New Compilation Standard (CSRS 4200) Published

The new compilation engagement standard, Canadian Standard on Related Services (CSRS) 4200, was published in the CPA Canada Handbook on February 3, 2020. This new standard represents the most significant change to compilation engagement standards since they first came into effect in 1988.  Accounting practices and the use of compiled financial information, particularly by third … Continue reading “New Compilation Standard (CSRS 4200) Published”

Donation of Life Insurance Policies

In discussions with a large charity, it has recently come to our attention that the BC Financial Services Authority’s (BCFSA, formerly FICOM) position is that accepting life insurance policies as a donation is not permitted under the Insurance Act.  Gifts of life insurance policies have, up to now, have been an important alternative when making … Continue reading “Donation of Life Insurance Policies”

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