Beyond Compliance – Promoting Excellence in Financial Reporting in Canada
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    AASOC Image
  • AcSOC and AASOC comment on the ISSB’s two Exposure Drafts

    Aug 15, 2022

    On August 15, 2022, the Ac­count­ing Stan­dards Over­sight Coun­cil (Ac­SOC) and the Au­dit­ing and As­sur­ance Stan­dards Over­sight Coun­cil (AASOC) posted copies of their comment letters on the International Sustainability Standards Board’s (ISSB’s) two Exposure Drafts.

  • IESBA (International Ethics Standards Board for Accountants) (lt gray) Image
  • IESBA Meeting Highlights: June 2022 Meeting

    Aug 15, 2022

    In August 2022, the In­ter­na­tional Ethics Stan­dards Board for Ac­coun­tants (IESBA) released the high­lights sum­mary of its vir­tual meet­ings held on June 6-8, 2022.

  • IFRS - IASB Image
  • IASB publishes a short video on the results of its Agenda Consultation

    Aug 10, 2022

    On July 29, 2022, the International Accounting Standards Board (IASB) concluded its third agenda consultation by releasing a feedback statement. In a video now released, IASB Chair Andreas Barckow discusses the reasons for the IASB’s decisions as result of the agenda consultation and how the IASB responded to the extensive feedback from its diverse stakeholders.

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  • AASB Exposure Draft issued: Amendments to the CASs with respect to the IESBA’s Revised Definitions of Listed Entities and PIEs

    Aug 09, 2022

    On August 9, 2022, the Auditing and Assurance Standards Board (AASB) issued an Exposure Draft of “Proposed Narrow-scope Amendments to CAS 700, Forming and Opinion and Reporting on Financial Statements, and CAS 260, Communication with Those Charged with Governance, as a Result of the Revisions to the IESBA Code that Require a Firm to Publicly Disclose When a Firm Has Applied the Independence Requirements for Public Interest Entities”. Comments to the AASB must be received by September 16, 2022.

  • CPAB - Assurance Image
  • CPAB Responds to the ISSB’s Exposure Drafts

    Aug 08, 2022

    On August 8, 2022, the Cana­dian Pub­lic Ac­count­abil­ity Board (CPAB) posted a copy of its response letter in respect of the ISSB’s Exposure Drafts, “General Requirements for Disclosure of Sustainability‐related Financial Information” and “Climate‐related Disclosures”.

  • IAASB - Assurance Image
  • IAASB: Quality Management Implementation Resources available

    Aug 02, 2022

    The IAASB has issued several resources to assist practitioners in the first-time implementation of its new and revised quality management standards. These include guides for ISQM 1, ISQM 2 and ISA 220 (Revised), and a definition of an engagement team fact sheet.

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  • Learn more about the IAASB’s new and revised quality management standards with two on-demand video panel discussions from IFAC

    Aug 02, 2022

    In order to support implementation and help small- and medium-sized practices (SMPs) understand, navigate and apply the revised standards, IFAC in collaboration with the Forum of Firms held two video panel discussions. These focus on providing an overview of International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, how firms are planning its implementation, and sharing practical examples, tips and suggested good practices.

  • IAASB - Assurance Image
  • IAASB issues new FAQ Publication for Reporting Going Concern Matters in the Auditor’s Report

    Aug 01, 2022

    On August 1, 2022, the IAASB issued a non-authoritative publication to address some of the common questions related to reporting going concern matters in the auditor’s report. Specifically, the publication focuses on the use of and interrelationship of the Material Uncertainty Related to Going Concern and Key Audit Matters sections, and the Emphasis of Matter paragraphs, in an auditor’s report prepared in accordance with the International Standards on Auditing (ISAs).

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  • Why CFOs are moving toward a more dynamic finance function  Image
  • Why CFOs are moving toward a more dynamic finance function

    published Jul 28, 2022

    Over the past decades, CFOs have worked diligently to mitigate as much risk to their business operations as possible. But, with the many unforeseen events of the past few years, they have likely concluded that a better approach may exist. To ensure their companies are prepared to respond to a multitude of unanticipated forces, their organizations need to be more nimble and agile. Indeed, the ability to adapt to the pace of change by harnessing tools and processes that boost flexibility may very well differentiate one finance team’s performance from another’s.

  • Reporting Going Concern Matters in the Auditor’s Report  Image
  • Reporting Going Concern Matters in the Auditor’s Report

    published Jul 27, 2022

    This non-authoritative Frequently Asked Questions publication addresses some of the common questions related to reporting going concern matters in the auditor’s report. Specifically, the publication focuses on the use of and interrelationship of the Material Uncertainty Related to Going Concern and Key Audit Matters sections, and the Emphasis of Matter paragraphs, in an auditor’s report prepared in accordance with the International Standards on Auditing.

  • ISA 315 First-Time Implementation Guide  Image
  • ISA 315 First-Time Implementation Guide

    published Jul 27, 2022

    The IAASB today released its First-Time Implementation Guide for ISA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement. The guide focuses on the more substantial changes that were made to International Standard on Auditing (ISA) 315 (Revised 2019) and will help stakeholders understand and apply the revised standard as intended. ISA 315 (Revised 2019) is effective for audits of financial statements for periods beginning on or after December 15, 2021. This publication does not amend or override ISA 315 (Revised 2019), the text of which alone is authoritative.

  • World Economic Outlook: Gloomy and more uncertain  Image
  • World Economic Outlook: Gloomy and more uncertain

    published Jul 25, 2022

    A tentative recovery in 2021 has been followed by increasingly gloomy developments in 2022 as risks began to materialize. Global output contracted in the second quarter of this year, owing to downturns in China and Russia, while US consumer spending undershot expectations. Several shocks have hit a world economy already weakened by the pandemic: higher-than-expected inflation worldwide especially in the United States and major European economies triggering tighter financial conditions; a worse-than-anticipated slowdown in China, reflecting COVID- 19 outbreaks and lockdowns; and further negative spillovers from the war in Ukraine.

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  • MD&A assessment tool

    published Jul 14, 2022

    This publication is designed to be an easy-to-use tool to assess your company’s MD&A. All of the current requirements, as per National Instrument 51-102 Continuous Disclosure Obligations, have been included, along with an area for users to include commentary specific to their company.

  • Pivotal moments for family enterprises: The art of governance Image
  • Pivotal moments for family enterprises: The art of governance

    published Jul 07, 2022

    Like a great work of art, family enterprises are unique, crafted over time, and highly valued. While no two family enterprises are the same, they are united by a series of pivotal moments —opportunities to grow, evolve, or transform—and preparation is essential for fully seizing those opportunities. This is the first article in a series exploring the eight foundational elements that can help family enterprises maximize the opportunities that arise. Because, with the right canvas, family enterprises can craft a business that supports its evolving vision, interests, needs, and values for generations to come.

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