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”
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 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”
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”
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”
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”
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)”
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”
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”
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”
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”
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”
While we are all working hard to support our clients during this crisis please ensure that you are considering mitigating your risk. These are difficult times for many organizations, which means we need to be aware of personal and professional pressures that our clients face. It becomes easier to rationalize a few tweaks here and … Continue reading “COVID-19: Assisting Clients with the Canadian Emergency Wage Subsidy”
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”
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”
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”
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”
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”
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”
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”
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”
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”
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”
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?”
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”
In a May 2018 publication, CPA Canada noted that the International Auditing and Assurance Standards Board (“IAASB”) announced that it was initiating a project to explore challenges in auditing small and medium-sized entities (“SME”). A discussion paper on the topic was expected in late 2018; however, it only just arrived in early March. The discussion … Continue reading “IAASB Project to Explore Audits of Less Complex Entities”
There are several new accounting standards for not-for-profit organizations, which were added to the CPA Canada standards and guidance collection on Knotia back in March 2018. These three new standards are effective for fiscal years beginning on or after January 1, 2019. We have summarized the highlights of these changes below: Section 4433, Tangible Capital … Continue reading “Changes to Not-For-Profit standards taking effect for fiscal years beginning January 1, 2019”
Back in its Compilation Engagements exposure draft the Auditing and Assurance Standards Board (AASB) indicated that it had not yet formed a view as to whether the proposed new standard Canadian Standard on Related Services (CSRS) 4200 should be subject to quality control requirements at the firm level and at the engagement level. The current … Continue reading “Are Quality Control and Monitoring Standards Coming to Compilations?”
The following discussion is most relevant to public practitioners who perform audit and assurance services. As members of the International Federation of Accountants (“IFAC”) the provincial CPA regulatory bodies must demonstrate compliance with IFAC requirements. One of the more recent requirements is International Education Standard 8 (“IES 8”) Professional Competence for Engagement Partners Responsible for Audits of Financial … Continue reading “IES 8 – Professional Competence for Licensed Practitioners”
For the past two years, we have attended the AICPA Practitioners Conference in Las Vegas. We go to meet new service providers and watch the tends in the accounting profession in the United States. Our experience to date suggests the accounting profession in Canada often lags two to five years behind our American counterparts. In 2017, … Continue reading “The Risks of Using Cloud Storage: Q&A with a Cybersecurity Firm”
In a previous post we wrote about the importance of Continuing Professional Development (CPD) and how the Canada-BC Job Grant can make PD much more affordable for your firm. To encourage employers to invest in training and development for their current or future employees, the federal government has partnered with the provinces across the country to … Continue reading “Take Advantage of the Canada Job Grant for your Firm’s CPD”
CPA Canada has released the 9th update to its Quality Assurance Manual (QAM) publication which is a package of materials, templates and worksheets designed to help firms comply with Canadian quality control standards. The most significant aspect of this update is the inclusion of material that addresses the new review engagement standard, CSRE 2400. As … Continue reading “CPA Canada Quality Assurance Manual Updated for CSRE 2400”
CPA Canada has released their Reporting Implications of the Canadian Standard on Review Engagements (CSRE 2400) guide. This extensive guide provides a series of issues presented in Q&A format and includes over 20 illustrative Independent Practitioners’ Review Engagement Reports for CSRE 2400. This will likely be a valuable resource for your firm during the transition to the new review … Continue reading “Reporting Implications of the Canadian Standard on Review Engagements”
Continuing Professional Development It’s professional development season for professional accountants and you may be considering whether or not to invest in your staff’s professional development courses. Designated CPAs are required to meet a certain number of hours of professional development, and the benefits of continuing professional development (CPD) should not be underestimated. With a thought … Continue reading “Continuing Professional Development and the Canada-BC Job Grant”
Here’s how a strong brand can help your accounting firm attract and retain good, hard-working employees.
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Effective client engagement is important for public practitioners. Here’s why and how you can get started.
We have now confirmed that both Jazzit and Keystone have released their versions of the CPA Canada PEG computerized checklists.
The results are in and 23% of assurance firms are in need of some assistance and we are here to help. CPABC has released the 2016-2017 practice inspection results and almost one in every four firms providing assurance services did not meet the requirements of the practice inspection program…
The wait is finally over! CPA Canada has released the Professional Engagement Guide (PEG), the product replacement for the legacy CPEM and PPM public practice subscriptions…
Implementing CSRE 2400, the new review engagement standard, for your accounting firm is more than updating checklists. Get it right with these tips.
Understand the new CSRE 2400 requirements specifically for your firm. Here’s how to implement an effective transition with modifications specific to you.
Updating your accounting firm to CSRE 2400 is more than just updating checklists. Learn from past transition mistakes of other firms to ensure effective adoption.
In public practice, tax compliance work and reporting deadlines can cause many headaches. Feeling the pressure? Consider this.
Monitoring is a vital part of a public practice firm’s system of quality control. In this latest blog from Clearline Consulting, we share the top three benefits of monitoring.
How to reduce assurance services without sacrificing client care and service.
Considering providing assurance services? These are the financial pros and cons you need to weigh.
If you’re considering limiting the assurance services you provide, consider these key questions.
CSRE 2400 is coming sooner than you may think. Here are some key dates to consider as we move closer to transitioning to the new review engagement standard.