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”
Accounting Archives - Clearline Consulting
Effective Dates of ASPE Standards Deferred
Author Clearline ConsultingPosted on Categories Accounting, ASPELeave a comment on 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
Author Clearline ConsultingPosted on Categories Accounting, ASPELeave a comment on 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
Author Clearline ConsultingPosted on Categories Accounting, ASNPO, ASPE, CSRE 2400, ResourcesLeave a comment on 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”
ASPE to Include More Guidance on Revenue Recognition
Author Clearline ConsultingPosted on Categories ASPELeave a comment on 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?
Author Clearline ConsultingPosted on Categories ASPELeave a comment on 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?”
Changes to Not-For-Profit standards taking effect for fiscal years beginning January 1, 2019
Author Clearline ConsultingPosted on Categories ASNPOLeave a comment on Changes to Not-For-Profit standards taking effect for fiscal years beginning January 1, 2019 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”