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”

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”

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?”