Beyond Compliance – Promoting Excellence in Financial Reporting in Canada
  • IAASB - Assurance Image

  • IAASB announces new strategy and work plan to advance Global Audit and Assurance Standards

    Apr 11, 2024

    On April 11, 2024, the International Auditing and Assurance Standards Board (IAASB) published its approved strategy and work plan to enhance the consistency and quality of audit and assurance standards worldwide. “Elevating Trust in Audit and Assurance: IAASB’s Strategy and Work Plan for 2024-2027” reflects the crucial role of audit and assurance in fostering trust in the world’s economies.

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  • IASB issues new standard on presentation and disclosures in financial statements

    Apr 09, 2024

    On April 9, 2024, the International Accounting Standards Board (IASB) published its new standard, IFRS 18 ‘Presentation and Disclosures in Financial Statements,' that will replace IAS 1 'Presentation of Financial Statements'. The new standard is the result of the primary financial statements project, which aims at improving how entities communicate in their financial statements.

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  • SEC Issues Stay on Climate Rule

    Apr 08, 2024

    On April 8, 2024, the Securities and Exchange Commission (SEC) released an order staying its recently issued final rule on climate-related disclosures pending judicial review of all the petitions challenging the rule (i.e., the petitions pending in six circuit courts of appeal).

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  • A new IAASB video series explores proposed changes to fraud standard

    Apr 04, 2024

    On April 4, 2024, the International Auditing and Assurance Standards Board reached the midpoint of its public consultation on proposed amendments to its fraud standard, and a new four-part video series was released. The series will help stakeholders understand the proposed changes that strengthen auditor’s responsibilities related to fraud and the rationale behind them.

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  • SEC’s Division of Corporate Finance Workshop Addresses AI Disclosures

    Apr 03, 2024

    On April 3, 2024, the Securities and Exchange Commission’s (SEC) Division of Corporate Finance Workshop at “The SEC Speaks in 2024” revealed that 59% of annual reports filed by large, accelerated filers made some mention of Artificial Intelligence (AI), up from 27% in 2022. Discussions were included in risk factors, the business section or MD&A, and 33% of filings included disclosures in both the business and risk factors sections.

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  • CPAB Releases 2023 Annual Report

    Apr 02, 2024

    On April 2, 2024, The Canadian Public Accountability Board (CPAB) released its 2023 annual report, which includes the Regulatory Oversight Report: 2023 Annual Inspections Results. The report outlines themes and insights from their audit quality assessments in 2023.

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  • AASB releases Annual Plan for 2024 - 2025

    Apr 01, 2024

    On April 1, 2024, the Auditing and Assurance Standards Board’s (AASB) of Canada released its 2024- 2025 annual plan based on the vision, mission, and strategic objectives set out in its 2022-2027 Strategic Plan.

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  • AcSB releases Annual Plan for 2024 - 2025

    Apr 01, 2024

    On April 1, 2024, the Accounting Standards Board (AcSB) of Canada released its 2024- 2025 annual plan based on the vision, mission, and strategic objectives set out in its 2022-2027 Strategic Plan. It outlines the activities AcSB plans to undertake in the third year of its five-year Strategic Plan to achieve its primary goals.

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  • Financial Reporting Alert, Frequently Asked Questions About “Pillar Two

  • Financial Reporting Alert, Frequently Asked Questions About “Pillar Two"

    published Apr 15, 2024

    This Financial Reporting Alert provides responses to some frequently asked questions about how an entity should account for the tax effects of the global anti-base erosion model rules (“Pillar Two”) established by the Organisation for Economic Co-operation and Development (OECD). This Financial Reporting Alert has been updated to address additional questions about how an entity should account for the tax effects of the Pillar Two framework.

  • The CFO Agenda 2024; The role of the chief financial officer is changing—here’s why Image

  • The CFO Agenda 2024; The role of the chief financial officer is changing—here’s why

    published Apr 09, 2024

    This report covers the evolving role of Chief Financial Officers (CFOs) in response to changing macro-factors. It delves into the complexities of capital markets, where CFOs must deal with high borrowing costs and uncertainties surrounding interest rate cuts. It examines the impact of geopolitical tensions on businesses, highlighting the increased risks and complexities in protecting cross-border assets and maintaining supply chains. The report also explores the shift in demographics and the resulting need for CFOs to reevaluate product mixes and customer service strategies. Furthermore, the report addresses the role of CFOs in navigating the rapidly advancing technological landscape, often necessitating a closer collaboration with IT and C-suite leaders.

  • Heads Up — Comprehensive Analysis of the SEC’s Landmark Climate Disclosure Rule Image

  • Heads Up — Comprehensive Analysis of the SEC’s Landmark Climate Disclosure Rule

    published Apr 08, 2024

    This Heads Up examines the SEC’s March 6, 2024, final rule in detail. The final rule requires registrants to provide climate-related disclosures in their annual reports and registration statements, including those for initial public offerings, and is effective beginning with annual reports for the year ending December 31, 2025, for calendar-year-end large accelerated filers. This Heads Up was updated on April 8, 2024, to address the SEC’s stay of the effective date of the final rule pending judicial review.

  • Heads Up — Executive Summary of the SEC’s Landmark Climate Disclosure Rule Image

  • Heads Up — Executive Summary of the SEC’s Landmark Climate Disclosure Rule

    published Apr 08, 2024

    This Heads Up briefly highlights key provisions of the SEC’s final rule on climate disclosures. The new rule requires registrants to provide comprehensive climate-related information in their annual reports and registration statements, including those for IPOs, beginning with annual reports for the year ending December 31, 2025, for calendar-year-end large accelerated filers. This Heads Up was updated on April 8, 2024, to address the SEC’s stay of the effective date of the final rule pending judicial review.

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  • Understanding Proposed Changes to the Fraud Auditing Standard Video Series

    published Apr 04, 2024

    As the International Auditing and Assurance Standards Board reaches the midpoint of its public consultation on proposed amendments to its fraud standard, a new four-part video series has been released. The series will help stakeholders understand the proposed changes that strengthen auditor’s responsibilities related to fraud, and the rationale behind them.

  • iGAAP in Focus — Closing Out (March 2024) Image

  • iGAAP in Focus — Closing Out (March 2024)

    published Apr 03, 2024

    In this iGAAP in Focus — Closing Out (last updated in March 2024), we set out financial and sustainability reporting issues that may be relevant in view of the current economic and geopolitical environment and also highlight areas of regulatory focus and recent changes in accounting standards.

  • Economic Outlook; Canada looks set to dodge a recession Image

  • Economic Outlook; Canada looks set to dodge a recession

    published Mar 25, 2024

    The Canadian economy is proving its resilience, surpassing year-end expectations with solid labour market performance and sustained population growth. Many signs point to a recovery from the current economic slump in the latter half of the year. Despite this good news, Canada is still in the woods. Challenges are weighing on the economy, with high debt levels, rising mortgage rates (and mortgage delinquencies), business insolvencies, and a stalling productivity that’s keeping growth low.

  • Quarterly Accounting Roundup First Quarter — 2024 Image

  • Quarterly Accounting Roundup First Quarter — 2024

    published Mar 25, 2024

    This roundup covers recent developments in accounting, auditing, and regulations. It highlights key actions by the SEC, including new rules on climate-related disclosures and special-purpose acquisition companies (SPACs). It also details pronouncements by the FASB on financial measurement, debt conversions, and employee awards. Additionally, the update also mentions the release of new global standards for internal auditing.

  • Financial Reporting Spotlight — Disclosure Trends From the 2023 Reporting Season Image

  • Financial Reporting Spotlight — Disclosure Trends From the 2023 Reporting Season

    published Mar 22, 2024

    This Financial Reporting Spotlight provides insights into how Fortune 500 companies have addressed various disclosures in their annual reports as a result of the rapid transformation of the global business environment in recent years. It also examines certain new disclosure requirements that became effective in 2023.

  • Audit Committee and Auditor Oversight Update No. 89 Image

  • Audit Committee and Auditor Oversight Update No. 89

    published Mar 17, 2024

    This Update summarizes recent developments relating to public company audit committees and their oversight of financial reporting and of the company’s relationship with its auditor.

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