Beyond Compliance – Promoting Excellence in Financial Reporting in Canada
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  • 2023 IFRS Accounting Taxonomy issued

    Mar 23, 2023

    On March 23, 2023, the IFRS Foun­da­tion is­sued its 2023 IFRS Ac­count­ing Tax­on­omy. The IFRS Tax­on­omy en­ables elec­tronic re­port­ing of fi­nan­cial in­for­ma­tion pre­pared in ac­cor­dance with IFRS Ac­count­ing Stan­dards.

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  • IASB proposes amendments regarding the classification and measurement of financial instruments

    Mar 21, 2023

    On March 21, 2023, the International Accounting Standards Board (IASB) has published an exposure draft 'Amendments to the Classification and Measurement of Financial Instruments (Proposed amendments to IFRS 9 and IFRS 7)' to address matters identified during the post-implementation review of the classification and measurement requirements of IFRS 9 'Financial Instruments'. Comments are requested by July 19, 2023.

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  • SEC Accepts 2023 U.S. GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy

    Mar 21, 2023

    On March 21, 2023, the Se­cu­ri­ties and Ex­change Com­mis­sion (SEC) an­nounced that it has ac­cepted the 2023 GAAP Fi­nan­cial Re­port­ing Tax­on­omy (GRT) and the 2023 SEC Re­port­ing Tax­on­omy (SRT) (col­lec­tively re­ferred to as the “GAAP Tax­on­omy”). The FASB also fi­nal­ized the 2023 DQC Rules Tax­on­omy (DQCRT) which to­gether with the GAAP Tax­on­omy are col­lec­tively re­ferred to as the “FASB Tax­onomies.”

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  • SEC Chief Accountant Releases Statement on the Responsibilities of Lead Auditors When Other Auditors Are Involved

    Mar 17, 2023

    On March 17, 2023, the SEC Chief Accountant Paul Munter has released a statement on the responsibilities of lead auditors when high-quality audits involving other auditors are being conducted. Mr. Munter observed that it is the role of the lead auditor, and especially the lead engagement partner, “to ensure investor protections by safeguarding against engagement performance failures due to inadequate planning, supervision, and oversight of other auditors.”

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  • IESBA Staff Releases Q&As to Spotlight Key Changes to the Definitions of Listed Entity and Public Interest Entity in the IESBA Code

    Mar 10, 2023

    On March 10, 2023, the Staff of the International Ethics Standards Board for Accountants (IESBA) released a questions and answers (Q&As) publication on the revisions to the definitions of listed entity and public interest entity (PIE) in the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code). The development of the Q&As has been informed by the extensive discussions and consultations with a wide range of stakeholder groups and the IESBA’s own deliberations during the development and finalization of the PIE revisions.

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  • Technology Industry Accounting Guide (2023)

    published Mar 14, 2023

    The 2023 inaugural edition of Deloitte’s Technology Industry Accounting Guide addresses topics of relevance to finance and accounting professionals in the technology industry, such as revenue recognition, software-related costs, acquisitions and divestitures, consolidation, stock-based compensation, leases, financial instruments, income taxes, digital assets, initial public offerings, and disclosures of non-GAAP measures and metrics. To help technology entities work through some of the more difficult accounting and financial reporting issues related to these and other relevant topics, this Guide includes interpretive guidance, illustrative examples, and discussion of recent standard-setting developments (through February 28, 2023).

  • Fluency in a brand-new financial language: how insurers are preparing to tell their story with the new IFRS 17 numbers Image
  • Fluency in a brand-new financial language: how insurers are preparing to tell their story with the new IFRS 17 numbers

    published Feb 20, 2023

    In this third article of our four-part series, we report on the views from the participants in the 2022 Global IFRS 17 Insurance Survey on how they will use the new IFRS 17 financial language to communicate to investors. With the focus on building sub-ledgers, introducing new charts of accounts, preparing data, and updating actuarial models, it is also sometimes easy with IFRS 17 to lose sight of the numbers themselves, and the story they tell about the performance of the underlying business.

  • Navigating geopolitical risk: building resilience requires collaboration in a challenging world Image
  • Navigating geopolitical risk: building resilience requires collaboration in a challenging world

    published Feb 17, 2023

    The aim of this thought leadership report is to provide internal audit professionals with ideas, approaches, and practical tips to help support their organizations in navigating geopolitical uncertainty. Geopolitical uncertainty has for several years been ranked by Chief Audit Executives as one of the top risks facing organizations, as evidenced in our annual Risk in Focus survey. However, despite its growing prominence and severity, geopolitical uncertainty is still the risk that, according to our research, internal audit spends the least time auditing.

  • CFO Insights: What audit committees really want from CFOs Image
  • CFO Insights: What audit committees really want from CFOs

    published Feb 15, 2023

    In this edition of CFO Insights, we’ll synthesize what we’ve learned from engaging CFOs in our labs and forums and from interviewing audit committee chairs and members as part of our CFO Program’s CFO Transition Lab offering, as well as through other client interactions, to provide CFOs with general answers to that seminal question: What do audit committees really want?

  • Underused Housing Tax: First return due April 30, 2023 Image
  • Underused Housing Tax: First return due April 30, 2023

    published Feb 14, 2023

    Canada’s Bill C-8, Economic and Fiscal Update Implementation Act, 2021, received Royal Assent on June 9, 2022 (S.C. 2022, c. 5). Among other things, the Bill implements Canada’s underused housing tax (UHT). The Underused Housing Tax Act (herein referred to as the “UHT Act” or the “Act”) imposes a 1% tax on the value of vacant/underused residential property owned directly or indirectly by foreign persons. In addition to setting out the rules for determining one’s tax liability, the UHT Act imposes a filing requirement for a broader group of property owners.

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