Budget 2017 also projects the elimination of the province’s operating debt in 2020/2021. Minister de Jong reiterated his government’s commitment to “improving affordability and increasing competitiveness” in the province through the introduction of a number of taxation measures aimed at providing financial relief for British Columbians and investment in key program areas, as outlined in Budget 2017.

The announced changes to taxation in British Columbia are outlined in our Canadian tax alert.

For further details, we refer you to the Ministry of Finance website.

Independent board directors join Deloitte specialists from around the globe to share their insights into the challenges facing boards today and the strategies they can employ to overcome those issues.

Review the Directors’ Alert.

The insights, captured in the report Future Trends in Sustainability Reporting, provide practical guidance to reporting organizations working to respond to the risks and opportunities on the path to a sustainable future.

Review the report on the GRI's website.

CETA has attracted much attention, with warnings from environmental NGOs that the deal could lead to a weakening of environmental, health and social protection standards.

The CETA trade deal will remove tariffs on most traded goods and services. It also provides for the mutual recognition of certification for a wide range of products.

In negotiations, the EU secured protection for over 140 European geographical indications for food and drinks sold on the Canadian market. Sustainable development provisions were included to maintain environmental and social standards and ensure that trade and investment enhance both.

Review the article on the EU Business' website.

The outcome of the first phase is a new structure and drafting convention, as well as a major restructured portion of the Code. The IESBA now enters the final stage of this project. Comprised of three Exposure Drafts (EDs), this final stage sets out new proposals that:

• Restructure select sections of the Code, including recently finalized provisions addressing accountants’ response to non-compliance with laws and regulations (NOCLAR), long association of audit firm personnel with an audit or assurance client, and ethical issues that professional accountants in business (PAIBs) often face (Structure ED-2);
• Revise the safeguards-related provisions in the independence sections of the Code pertaining to non-assurance services provided to audit and other assurance clients (Safeguards ED-2); and
• Clarify the applicability of PAIB provisions to professional accountants in public practice (Applicability ED).

Comments on Safeguards ED-2 and the Applicability ED are requested by April 25, 2017. Comments on Structure ED-2 are requested by May 25, 2017.

Review the press release on the IESBA's website.

In the letter, Susan S. Coffey, CPA, CGMA, the Association’s executive vice president for public practice, noted that it while it is well understood that it is impossible to guarantee the prevention of a cybersecurity breach, this framework “will enable companies to demonstrate and communicate due diligence and due care in their management of cybersecurity risk in a consistent manner, serving the needs of multiple stakeholders with a single approach.”

Review the press release and the comment letter on the AICPA's website.

IVS 2017 consist of five general standards and six asset standards. The general standards offer guidance for all valuation assignments including terms of a valuation engagement, bases of value, valuation approaches and methods, and reporting. The asset standards include requirements related to specific types of assets.

Review the press release on the IVSC's website.

In an article on CFO.com, featuring some graphics does make sense because research has shown that people process visual information faster than verbal information.

Graphics can have an impact on the information perceived, such that where a report includes both text and graphics, the audience is likely to lend greater weight to the graphical information. On the other hand, sometimes graphics may not convey information clearly or efficiently.

Review the full article on Cooley Pubco's website.

Also, refer to our Annual Review Guide for guidance on financial reporting disclosures.

In the survey, finance leaders report that while newer responsibilities, such as digitizing critical business activities and managing cybersecurity, present opportunities for finance leaders to differentiate themselves—and their companies—from competitors, many CFOs believe their companies are not yet prepared to manage these challenges.

These nonfinancial responsibilities are putting many CFOs on alert. Less than one in three believe their companies have the capabilities they need to be competitive in their digitization of business activities.

On the whole, CFOs recognize the need to move beyond traditional or textbook practices. But few say their companies use innovative methods to make decisions. Roughly two in three CFOs say their companies do not yet have the capabilities for agile decision making, scenario planning, and decentralized decision making they’ll need to be competitive in the coming years.

In response to some of the challenges that the survey results revealed, a few steps that CFOs and their companies can take have been identifed:

• Assert proactive and strategic leadership
• Adopt an investor’s mind-set—and more innovative practices
• Embrace technological advances

Review the full survey on the McKinsey's website.

Discussion points included:

• Professional Skepticism
• Structure of the Code
• Safeguards
• Part C of the Code
• Fees
• Non-Compliance or Suspected Non-Compliance with Laws and Regulations (NOCLAR)
• Long Association
• Strategy Survey

Review the highlights on the IESBA's Web site.