Beyond Compliance – Promoting Excellence in Financial Reporting in Canada
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  • Statement to entities engaging in crypto-asset activities or crypto-related services

    Nov 29, 2022

    In November 2022, the Office of the Superintendent of Financial Institutions (OSFI), the Financial Consumer Agency of Canada (FCAC), the Canada Deposit Insurance Corporation (CDIC) issued a statement to all regulated entities that carry out crypto-related services or engage in crypto-asset activitiesFootnote. It reinforces the expectation that those federally regulated entities adhere to all applicable current regulatory requirements and any guidance when carrying out any crypto-related services or engaging in crypto-asset activities.

  • PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image
  • PCAOB Proposes a New Quality Control Standard

    Nov 29, 2022

    In November 2022, the Public Company Accounting Oversight Board (PCAOB) issued for public comment a proposed standard that the Board believes would, if adopted, lead registered public accounting firms to significantly improve their quality control (QC) systems. Comments are requested by February 1, 2023.

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  • IFRS Foundation proposes second update to IFRS Taxonomy 2022

    Nov 28, 2022

    On November 28, 2022, the IFRS Foundation issued a proposed IFRS Taxonomy Update, "IFRS Accounting Taxonomy 2022 Proposed Update 2 — Lease Liability in a Sale and Leaseback and Non-current Liabilities with Covenants". Comments are requested by December 28, 2022.

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  • IASB votes to retain impairment-only model

    Nov 24, 2022

    On November 24, 2022, the International Accounting Standards Board (IASB) discussed whether there was compelling evidence that amortisation of goodwill should be reintroduced.

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  • Emerging ASC 740 issues: Recent tax legislation

    Nov 22, 2022

    This article provides an updated discussion of the financial reporting implications relating to the new advanced manufacturing tax credit under the CHIPS Act of 2022 and certain tax provisions in the Inflation Reduction Act of 2022, including a provision to allow eligible taxpayers to elect to transfer eligible tax credits to an unrelated taxpayer.

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  • Updated IPSAS-IFRS alignment dashboard

    Nov 21, 2022

    In November 2022, the International Public Sector Accounting Standards Board (IPSASB), which develops the International Public Sector Accounting Standards (IPSAS) for financial reporting by governments and other public sector entities, released an updated IPSAS-IFRS alignment dashboard showing how far individual IPSAS are aligned with corresponding IFRS standards.

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  • IFR4NPO publishes first exposure draft

    Nov 21, 2022

    On November 21, 2022, the International Financial Reporting for Non-Profit Organisations (IFR4NPO), an initiative to develop the first internationally applicable financial reporting guidance for non-profit organisations, released "International Non-Profit Accounting Guidance, Exposure Draft 1".

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  • The turning point: A Global Summary

    published Nov 22, 2022

    The Turning Point report series shows that rapid climate action can significantly boost GDP in many parts of the world, accelerating growth and providing new employment opportunities – presenting a unifying and optimistic theme for humanity.

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  • The environmental exchange: The evolution of a more sustainable industry

    published Nov 22, 2022

    At COP26, a number of global financial institutions committed at the Glasgow Financial Alliance for Net Zero to channel up to $130 trillion to invest in a transition to a low-carbon, climate-resilient future. Now, a year later, we will convene a group of financial services leaders to hear how their organizations are progressing.

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  • On-demand Webinar – Domestic Accounting Standards Update (Fall 2022)

    published Nov 17, 2022

    Are you a Canadian private enterprise, not-for-profit organization, pension plan, an advisor to one, or a user of their financial statements? Watch the recorded webinar on demand to learn more about current accounting standards projects and recent amendments in Parts II, III, and IV of the CPA Canada Handbook – Accounting.

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  • SEC hot topics: Year-end update

    published Nov 11, 2022

    Participants will identify relevant new and existing regulatory interpretations and requirements, while assessing potential impacts on their organizations.

  • Using sustainability reporting to drive behavioral change Image
  • Using sustainability reporting to drive behavioral change

    published Nov 10, 2022

    Deloitte conducted interviews with leaders from around the world, gathering perspectives on the challenges in delivering ESG information and the actions required to catalyze behavioral and systemic change. The perspectives vary, mimicking the lack of alignment in the ESG reporting landscape and the diverse priorities of stakeholder groups.

  • For CFOs, the full impact of the Inflation Reduction Act is still coming into focus Image
  • For CFOs, the full impact of the Inflation Reduction Act is still coming into focus

    published Nov 03, 2022

    In this edition of CFO Insights, we examine the aspects of the IRA likely to be most important to CFOs. Keep in mind, though, that the IRA is a 730-page document loaded with new taxes and new tax credits, and many of the provisions still need to be clarified via regulations and other guidance from the IRS and the Treasury Department. Even though key features of the IRA take effect at the start of 2023, it could be well into next year or beyond before Treasury and the IRS issue final guidance on key IRA provisions.

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