Centre for Financial Reporting

AMF publishes annual summary of corporate finance oversight and regulatory activities

Sep 20, 2018

On September 20, 2018, the Autorité des marchés financiers (AMF) published its annual Summary of Oversight and Regulatory Activities, which highlights its key initiatives for the 2017-2018 fiscal year.

AASB In Brief Podcast – Exposure Draft, Compilation Engagements

Sep 14, 2018

On September 14, 2018, the Auditing and Assurance Standards Board (AASB) released a podcast that provides a plain and simple overview of AASB’s Exposure Draft, "Compilation Engagements".

Martin Baumann Named to Lead the IAASB

Sep 14, 2018

On September 14, 2018, the International Auditing and Assurance Standards Board (IAASB) announced that Mr. Martin Baumann has been appointed Chair of the IAASB for a three-year term beginning January 1, 2019. Mr. Baumann’s appointment was recommended by the Interim Nominating Committee after an extensive international search.

PSAB In Brief — Statement of Principles, “A Revised Reporting Model for the Canadian Public Sector”

Sep 12, 2018

On September 12, 2018, the Public Sector Accounting Board (PSAB) released an overview of the key amendments to the reporting model proposed in the Statement of Principles, “A Revised Reporting Model for the Canadian Public Sector”. It also presents background information about PSAB’s Concepts Underlying Financial Performance project.

PSAB In Brief — Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector”

Sep 12, 2018

On September 12, 2018, the Public Sector Accounting Board (PSAB) released an overview of the key proposals in the Statement of Concepts, “A Revised Conceptual Framework for the Canadian Public Sector”. It also presents background information about PSAB’s Concepts Underlying Financial Performance project.

IASB concludes FICE DP webcast series

Sep 11, 2018

September 11, 2018, the International Accounting Standards Board (the Board) released its sixth and final webcast in a series of web presentations related to the Discussion Paper "Financial Instruments with Characteristics of Equity".

Paper on the satisfaction with existing segment disclosure requirements

Sep 10, 2018

In 2018, the CFA Institute, a global association of investment professionals, published "Segment Disclosures: Investor Perspectives". For the paper, the CFA Institute surveyed its members, including portfolio managers and analysts, regarding their level of satisfaction with existing segment disclosure requirements and solicited their views on areas for improvement as well as general perceptions about segment disclosures.

Deloitte readiness survey highlights complexities around implementing the new Leases standards

Sep 07, 2018

On September 7, 2018, we released the report "Navigating the impact of the new Leases Standards — A Deloitte Global IFRS 16 and ASC 842 readiness survey". As Deloitte accompanies organizations in their new Leases standards implementation projects, we identified a need for organizations to share their many challenges and to understand those faced by others in their jurisdictions, regions and industries around the world. In response, Deloitte launched the Global IFRS 16 and ASC 842 readiness survey, which highlights the challenges and complexities facing organizations when implementing IFRS 16 and ASC 842 across the world.

AcSB Exposure Draft – Investments

Sep 07, 2018

On September 7, 2018, the Accounting Standards Board (AcSB) issued an Exposure Draft to clarify the applicability of the cost-method guidance in Section 3051, "Investments". Stakeholders are encouraged to submit their comments by December 5, 2018.

AcSB Exposure Draft – Income Taxes

Sep 07, 2018

On September 7, 2018, the Accounting Standards Board (AcSB) issued an Exposure Draft that revises and updates Section 3465, "Income Taxes", to remove an outdated example and requires future income tax assets and liabilities to be presented as non-current. Stakeholders are encouraged to submit their comments by December 5, 2018.

Cloud computing: Resolving some sticky questions

published Sep 13, 2018

In this issue of CFO Insights, we will address ways CFOs can answer those questions and steer conversations and strategies to the potential implications of cloud migration.

A Roadmap to Initial Public Offerings

published Sep 07, 2018

Preparing for an initial public offering (IPO) can be a complex, time-consuming, and often costly process. Accordingly, this Roadmap addresses financial reporting, accounting, and auditing considerations to help companies navigate challenges related to preparing an IPO registration statement and ultimately going public.

Audit considerations related to cryptocurrency assets and transactions

published Sep 05, 2018

Learn about considerations related to auditing an entity with material cryptocurrency assets and transactions under the Canadian Auditing Standards (CAS).

Not-for-profit financial reporting alert: Tangible capital assets, intangible assets and collections

published Aug 31, 2018

Learn about the new accounting standards issued in March 2018 in Part III (Accounting Standards for Not-for-Profit Organizations) of the CPA Canada Handbook – Accounting.

IFRS model financial statements 2017

published Aug 10, 2018

These financial statements illustrate the presentation and disclosure requirements of IFRSs for the year ended December 31, 2017 by an entity that is not a first-time adopter of IFRSs.

AcSB's performance measures framework: Can it help auditors with a new assurance role?

published Aug 10, 2018

The Accounting Standards Board (AcSB) developed a draft Framework on Reporting Performance Measures. Could this be a first step towards criteria that enable auditors to provide assurance over performance measures?

Heads Up — FASB re-leases targeted improvements to ASC 842

published Aug 07, 2018

This Heads Up discusses the FASB’s recently issued Accounting Standards Update (ASU) No. 2018-11, "Targeted Improvements to ASC 842, Leases," which provides entities with relief from the costs of implementing certain aspects of the new leasing standard, ASC 842. Specifically, under the amendments in ASU 2018-11, (1) entities may elect not to recast the comparative periods presented when transitioning to ASC 842 and (2) lessors may elect not to separate lease and non-lease components when certain conditions are met.

IFRS compliance, presentation and disclosure checklist

published Aug 06, 2018

The checklist summarizes the recognition, measurement, presentation and disclosure requirements set out in IFRS® Standards in issue as of April 30, 2018.

IAS 34 compliance checklist 2018

published Aug 03, 2018

The checklist summarizes the requirements of IAS 34, Interim Financial Reporting, formatted to allow the recording of a review of interim financial statements, with a place to indicate yes, no, or not-applicable for each item. The checklist addresses the requirements of IAS 34 as of April 30, 2018.

Q2 2018 Canadian IPO Market Review: IPO market open for business

published Aug 02, 2018

In Canada, IPO activity in Q2 increased as compared to the prior quarter in terms of IPOs completed. As market volatility from mid-February continued to ease and the results from the Ontario provincial elections were finalized, five issuers hit the market in the second quarter. Nevertheless, there remains a meaningful backlog of Canadian companies that are getting ready to access the markets as we enter the traditionally busy fall IPO window.