Enhancing Your Practice: Comprehensive Consulting Services for Accounting Firms

The past three years have been a whirlwind in public practice, with rapidly evolving tax legislation and no signs of a slowdown. At Clearline Consulting, we understand these challenges.  We offer a range of consulting services to alleviate your administrative burdens and ensure compliance with professional standards. As partners in public practice, we stand ready … Continue reading “Enhancing Your Practice: Comprehensive Consulting Services for Accounting Firms”


Clearline Consulting’s Annual CPD Sessions

We have published Clearline Consulting’s 2023 Annual CPD Sessions. We continue to expand the number of offerings each year. There are sessions for all of your team members in this year’s offerings. Our intention for our Annual CPD Sessions is to take all the guess work out of your firms PD planning for the year. … Continue reading “Clearline Consulting’s Annual CPD Sessions”


Underused Housing Tax (UHT) Update

An update for all those who attended Clearline Consulting’s UHT information sessions, and/or purchased resources, in February and March. As we all know, on March 27, 2023 Canada Revenue Agency (“CRA”) granted an extension of time to file UHT returns to October 31, 2023.  We know that this extension was a waiver of penalties and … Continue reading “Underused Housing Tax (UHT) Update”


Future Oriented Financial Information (“FOFI”)

Recession, no recession? We will see.  What we have seen is the tightening of credit throughout the lending market. Covenants that haven’t been enforced in years, are being follow up on and due on demand triggers features are being triggered.  You know that I cannot let the opportunity pass to note that this is why … Continue reading “Future Oriented Financial Information (“FOFI”)”


Partner PD Series

For the past three years Clearline Consulting has been hosting dedicated professional development for Audit Partners in small to mid-size firms.  These sessions were created for audit partners to attest the meeting educational requirements (IES 8) under provincial licensing.  The sessions focus on the accounting and auditing issues applicable to private and not-for-profit organization we … Continue reading “Partner PD Series”


2023 Federal Budget – Free Download

Download Clearline Consulting’s summary of the tax measures announced in the Budget on March 28, 2023 now. You are welcome to tailor the content provided for your Firm’s newsletter or email to clients. We hope you find the summary useful as we all navigate these busy times. How Clearline Consulting Can Help? The amendments to … Continue reading “2023 Federal Budget – Free Download”


Underused Housing Tax (UHT) Update

With less than 5 weeks until the first UHT deadline, we wanted to give you an update on some recent developments.  Penalty Waiver The CRA announced on March 27th that the penalties and interest under the Underused Housing Tax Act would be waived for late-filed UHT return that are filed by October 31, 2023.  Though … Continue reading “Underused Housing Tax (UHT) Update”


Underused Housing Tax Return – New April 30th Filing Requirement

New compliance requirements with an April 30th, 2023 filing requirement are upon us. Are you prepared? Clearline Consulting has the resources to help you navigate these new requirements. An Underused Housing Tax Return may need to be filed if your client owns residential property in a prescribed area. Canadian citizens and permanent residents are exempt … Continue reading “Underused Housing Tax Return – New April 30th Filing Requirement”


Compliance Review – CSRS 4200 Compilation Engagements

Many of the provincial CPA bodies have issued CSRS 4200 Compilation Engagement Alerts, such as the one issued in BC, putting practitioners on notice that inspection findings are highlighting deficiencies in the application of the requirements under CSRS 4200, Compilation Engagements.    These deficiencies were summarized as follows: Failure to transition to CSRS 4200, Compilation … Continue reading “Compliance Review – CSRS 4200 Compilation Engagements”


5 Benefits of Engaging with Clearline Consulting for Quality Management Documentation for CPA Firms in Canada

Are you a CPA firm in Canada looking for help with quality management documentation? Look no further than Clearline Consulting! Our team specializes in creating and maintaining CSQM1 quality management system documentation for CPA firms in Canada. Here are the top 5 benefits of engaging with our team: Expertise: Our team is knowledgeable in Canadian … Continue reading “5 Benefits of Engaging with Clearline Consulting for Quality Management Documentation for CPA Firms in Canada”


Implementation of the new Quality Management Standards for your Firm

The new quality management standards, in short, are good. They encourage all firms to consider the specifics of their firm, their clients, and the types of engagements they perform when designing the firm’s specific quality control procedures. This allows smaller firms to scale back the processes and procedures to address only those areas which are … Continue reading “Implementation of the new Quality Management Standards for your Firm”


New Quality Management Guide (QMG) Released

CPA Canada has released is new Quality Management Guide subscription. This product is a replacement for the previous Quality Assurance Manual (QAM) and discounts are available if you purchase this subscription prior to October 31, 2022. At a discounted cost for CPA Members of $319 the resource is well worth the trade off of your … Continue reading “New Quality Management Guide (QMG) Released”


Compliance Review – Adoption of CSRS 4200 Compilation Engagements

The implementation of CSRS 4200 is the most significant change accounting firms have faced in over 30 years. Now is the time to receive feedback on your firm’s compliance with the new compilation engagement standards before templates and files are finalized. Clearline Consulting can help. We have completed our first round of cyclical monitoring for … Continue reading “Compliance Review – Adoption of CSRS 4200 Compilation Engagements”


Accounting for Cloud Computing Arrangements

With significant amounts being spent on technology upgrades, remote access, and cloud-based service arrangements. the AcSB has issued an exposure draft for a proposed new accounting guideline, AcG 20 – Customers’ Accounting for Cloud Arrangements.  This will be the first new AcG issued, if approved, since transition from Part V of the Handbook to ASPE … Continue reading “Accounting for Cloud Computing Arrangements”


CSRS 4200 Compilation Engagements: Logo or no Logo?

As we continue to work through implementation of CSRS 4200 Compilation Engagements (CSRS 4200), we are sharing our frequently asked questions (FAQs). In our fifth post, we will address the inclusion of the firm’s logo on each individual statement. If you missed our first four posts addressing terminology being used including financial information, unaudited, and … Continue reading “CSRS 4200 Compilation Engagements: Logo or no Logo?”


CSRS 4200 Compilation Engagements: Should the financial statements be labeled “Unaudited – See Compilation Engagement Report”?

As we continue to work through implementation of CSRS 4200 Compilation Engagements (CSRS 4200), we are sharing our frequently asked questions (FAQs).  In our fourth post, we will address the inclusion of “Unaudited – See Compilation Engagement Report” as a reference on the cover page and the individual statements. If you missed our first three … Continue reading “CSRS 4200 Compilation Engagements: Should the financial statements be labeled “Unaudited – See Compilation Engagement Report”?”


Agreed-upon engagements for Law Society of BC Accountants Reports

With the new Agreed-Upon Procedures standards now in effect we are continuing to provide resources for practitioners for the execution of these engagements.  In response to requests from practitioners, we are pleased to announce that we have released our AUP engagement template file for Law Society of BC (LSBC) Accountants Report engagements. We also have available … Continue reading “Agreed-upon engagements for Law Society of BC Accountants Reports”


Compliance Review – Adoption of CSRS 4200 Compilation Engagements

The implementation of CSRS 4200 is the most significant change accounting firms have faced in over 30 years. Now is the time to receive feedback on your firm’s compliance with the new compilation engagement standards before templates and files are finalized. Clearline Consulting can help. We provide cyclical monitoring for compilation engagements completed under the … Continue reading “Compliance Review – Adoption of CSRS 4200 Compilation Engagements”


CSRS 4200 Compilation Engagements: Should there be a reference to the note(s) on the financial statements?

As we continue to work through implementation of CSRS 4200 Compilation Engagements (CSRS 4200), we are sharing our frequently asked questions (FAQs).  In our third post, we will address the inclusion of a reference to the notes on the statements. If you missed our first two posts addressing terminology being used including financial information and … Continue reading “CSRS 4200 Compilation Engagements: Should there be a reference to the note(s) on the financial statements?”


CSRS 4200 Compilation Engagements: Management Representation Letter vs. Management Acknowledgement Letter

As we continue to work through implementation of CSRS 4200 Compilation Engagements, we are sharing our frequently asked questions (FAQs).  If you missed my first post, we addressed CSRS 4200 Compilation Engagements: Financial Statements vs. Financial Information. Here we are with FAQ#2. “If we choose to document management acknowledgements formally in a letter should it … Continue reading “CSRS 4200 Compilation Engagements: Management Representation Letter vs. Management Acknowledgement Letter”


Redeemable Shares issued in Tax Planning Arrangement: Current or Long-Term?

Working through the adoption of the new requirements under HB 3856 Financial Instruments for the measurement, presentation and disclosure of redeemable shares issued in a tax planning arrangement is well underway for December 31, 2021, year-ends. If your experience is similar to ours, you have likely found that a significant proportion of the outstanding redeemable … Continue reading “Redeemable Shares issued in Tax Planning Arrangement: Current or Long-Term?”


CSRS 4200 Compilation Engagements: Financial Statements vs. Financial Information

As it goes with any new standard, here we are just over a month into the effective date and now we get down into the details of application.  My most asked questions this week is “Can we refer to the statements as financial statements or is it a standards requirement to use the terminology financial … Continue reading “CSRS 4200 Compilation Engagements: Financial Statements vs. Financial Information”


Quality Management Suite of Standards

The new quality management standards are effective for assurance engagements as at December 14, 2022. As at this date the firm’s system of quality management (‘SOQM’) needs to have been developed and implemented.  All non-assurance engagements have an additional year, until December 14, 2023, to be incorporated into the firm’s SOQM.  As the quality management … Continue reading “Quality Management Suite of Standards”


Revised Risk Assessment Standards for Audits – CAS 315

CAS 315 – Revised, is a difficult standard change to outline concisely. The impact of this standard change, which includes over 200 pages of application guidance, may be very pervasive depending on your current audit approach.  In order to assess the potential impact of this change you will need first assess how compliant your audit … Continue reading “Revised Risk Assessment Standards for Audits – CAS 315”


Agreed-upon Procedures Engagements

The new Agreed-Upon Procedures standards are coming into effect. The effective date is based on the date of the terms of agreement (engagement letter) which provides practitioners with a little wiggle room as to when these new standards are adopted.  For any terms of agreement reached after January 1, 2022 the new standards are effective. … Continue reading “Agreed-upon Procedures Engagements”


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”


WorkSafeBC COVID-19 Employer Requirements

By Jay Sprio,  Yeager & Company Law Corp., Barristers & Solicitors When the COVID-19 pandemic hit home in BC in March, many firms closed their offices and moved to remote work, while others remained open with new temporary measures to protect staff and clients. As many firms now begin re-opening their physical offices to safe … Continue reading “WorkSafeBC COVID-19 Employer Requirements”


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”


Audits of Less Complex Entities – Discussion and Challenges

By Andrew Ross / Bridget Noonan One of the biggest challenges we know of for smaller firms, who are not specialized in assurance, is the ability to audit small not-for-profit organizations (NPOs) in a cost effective manner, while still meeting all the requirements as set out by the Canadian Auditing Standards (CASs) which are based … Continue reading “Audits of Less Complex Entities – Discussion and Challenges”


ASPE to Include More Guidance on Revenue Recognition

By AJ Joshi / Tom Gillespie In May 2019, the Accounting Standards Board (“AcSB”) released an exposure draft (“ED”) which proposes to amend Section 3400 Revenue in Part II of the CPA Canada Handbook – Accounting – Accounting Standards for Private Enterprises (“ASPE”). Based on the AcSB surveys, respondents noted the limited guidance in accounting … Continue reading “ASPE to Include More Guidance on Revenue Recognition”


ASPE: Is More Application Guidance Needed?

By Tom Gillespie The Accounting Standards Board recently released an exposure draft on Revenue.  In reading this document, we were reminded of what we see to be a systemic issue with the quality of assurance engagements and so it seemed like an opportunity to write about this. The source of assurance deficiencies is more often … Continue reading “ASPE: Is More Application Guidance Needed?”


New Quality Management Standards Proposed for Canadian CPA Firms

By Justin McLaughlin / Bridget Noonan Due to the ever-changing landscape of the Canadian environment, the Auditing and Assurance Standards Board (AASB) proposed a new standard for quality management in April 2019. The AASB is proposing to adopt the international standard, ISQM 1, as CSQM 1. An additional standard, CSQM 2 will be created and … Continue reading “New Quality Management Standards Proposed for Canadian CPA Firms”


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