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”

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”

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”