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Stay on top of financial reporting
Dear reader,
The appetite for information has been increasing across most organizations, and we’re not talking about just any old historical information, we’re talking about information that can help make timely, informed business decisions and provide real value to an organization.
In our CFO’s corner series, Jerome Townsend, Senior Manager in Deloitte’s Audit - Public practice, who also helped establish Deloitte’s internal Audit Analytics team, discusses how in the spectrum of hindsight - insight - foresight, the information we rely on often resides squarely within the hindsight category, leaving the insight and foresight components to individual interpretation and ‘gut feeling.’ Many organizations have survived and even flourished in this respect, but as technology, data and talent continue to expand and evolve, the competitive advantage continues to shift to those who know how to turn information into intelligence. Organizations that do this well are known as Insight Driven Organizations (IDOs).
Visit the
CFO’s corner in Deloitte’s Centre for Financial Reporting to read this editorial as well as any previous articles you may have missed.
Warm regards,
Chantal Rassart, CPA, CA, CPA (III)
Partner | Audit Knowledge Management Officer
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Explore what's new
The following is a selection of news published in our Centre for Financial Reporting during the month. Do not miss important developments by making a visit to the Centre part of your daily routine.
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Kerry Danyluk, IFRS
Kerry is Deloitte Canada’s National Director of Accounting Services, with overall responsibility for accounting consultations.
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Maryse Vendette, IFRS
Maryse is the co-leader of the Canadian IFRS Centre of Excellence and a member of Deloitte's Global IFRS Leadership Team.
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IFRS: Revenue recognition
IASB and FASB joint transition resource group for revenue recognition
This publication summarizes the nearly 50 implementation issues discussed by the IASB’s and FASB’s joint transition resource group for revenue recognition in its six meetings held in 2014 and 2015. The issues are organized topically, consistent with the arrangement of the five steps in the new revenue standard, and the publication’s appendix lists the issues chronologically. In addition, the appendix includes references to (1) TRG agenda papers that further describe the issues and provide illustrative examples, (2) the TRG’s minutes for each meeting (if publicly available), and (3) Deloitte’s summary of each meeting.
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IFRS: Insurance contracts
Getting out in front on insurance contracts: Are Canadian life insurers prepared?
Insurance contract valuation varies widely around the world. Some areas use prescriptive, locked-in assumptions that IFRS adoption will justifiably phase out for the most part. But current methodology in Canada is already based on a fair-value approach using up-to-date assumptions that integrate liabilities with the assets supporting them. Companies are going to incur real costs for changes to systems and models, including additional resourcing and opportunity costs in deferring other strategic initiatives. We expect the new standard to be published towards the end of 2016, at which point insurers’ implementation plans and efforts will ramp up considerably.
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Diana De Acetis,
ASPE
Diana specializes in the application of ASPE and a member of the AcSB’s Private Enterprise Advisory Committee.
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ASPE: Amended standards
Amendments expected by year
The AcSB decided that the amendments to clarify the accounting for a subsidiary controlled through a combination of contractual arrangements and voting interests will be effective for fiscal years beginning on or after January 1, 2018.
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ASPE: Deliberations
Final standard on agriculture deferred
The AcSB is continuing to deliberate the comments on its Discussion Paper. The AcSB also recently approved the creation of an agriculture advisory committee to further assist the Board with this project.
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Kerry Danyluk,
ASNPO
Kerry is Deloitte Canada’s National Director of Accounting Services, with overall responsibility for accounting consultations.
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PSAS: Final standard
Disclosure of Related Party Transactions by NPOs
PSAB approved the withdrawal of Section PS 4260,
Disclosure of Related Party Transactions by Not-for-Profit Organizations, in fourth quarter of 2016.
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NPO: Upcoming Exposure Draft
Improvements for not-for-profit organizations
The AcSB decided to propose an effective date of January 1, 2019 in the upcoming exposure draft that is expected to be approved in Q4 2016.
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Paula Jesty,
PSAS
Paula specializes in the public sector, including education, local government, electricity distributors, government agencies and NPO clients.
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PSAS: Webcast
Keeping current on PSAS
Dive deep into what changes are coming in our upcoming webcast. Our Public Sector experts will discuss the new standards on related party transactions, inter-entity transactions, assets, contingent assets, and restructuring transactions.
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PSAS: Exposure Drafts
December 2016 will be busy
The PSAB expects to review a draft version of several proposals at its December meeting. It is anticipated that public comments will be solicited in Q1 2017 on Revenue, Public Private Partnerships and Asset Retirement Obligations.
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Sean Morrison,
U.S. GAAP
Sean leads Deloitte Canada’s GIOS Group and provides advisory services on the application of IFRS, U.S. GAAP, and Canadian and U.S. regulatory requirements.
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U.S. GAAP: Exposure Draft
FASB issues proposed ASU on insurance contracts
The FASB issued a proposed Accounting Standards Update (ASU)
Targeted Improvements to the Accounting for Long-Duration Contracts. The FASB's project runs parallel to the IASB's project to replace IFRS 4,
Insurance Contracts.
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U.S. GAAP: Standards
Challenges ahead from new revenue standard
The Wall Street Journal released an article where they discuss that the effects of implementing the FASB’s new revenue standard will likely reach beyond corporate finance and accounting and will impact the sales, IT, HR and compliance functions.
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Deanne Kennedy,
Securities
Deanne is an expert on Canadian and U.S. securities filings and financial reporting matters, including MJDS reporting.
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Securities: Marketplace lending
OSC approves Canada’s first peer lending platform
The OSC granted Vault Circle Inc. regulatory approval to participate in marketplace lending, which may signal a shift in the treatment of peer lending platforms.
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Securities: Standards
Update on cyber security for market participants
The CSA published CSA Staff Notice 11-332, Cyber Security to promote cyber-security awareness, preparedness and resilience in Canadian capital markets.
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Julie Corden,
Assurance
Julie is Deloitte Canada’s National Assurance Director and a member of the Auditing and Assurance Standards Board.
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Assurance: Decision summary
Status of new auditor reporting
The AASB discussed issues related to the adoption of auditor reporting
standards and intends to issue a message to update stakeholders with more details on the progress of this project in late 2016.
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Assurance: Amended standards
Non-compliance with laws and regulations
The IAASB released ISA 250 (Revised) which addresses actual or perceived inconsistencies of the scope of laws and regulations and approach to identifying and dealing with NOCLAR in the IESBA Code.
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Melissa Langlois,
Regulation
Melissa is Deloitte Canada’s National Director of Independence in Deloitte’s National Quality and Risk Management group.
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Regulations: Measurement and valuation
Improving Canada’s natural capital stewardship
CPA Canada discusses the national effort to accelerate the measurement and valuation of Canada's natural capital to support more holistic and informed decision-making. Natural capital refers to stocks of water, land and air along with renewable and non-renewable resources such as plant and animal species, forests and minerals.
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Regulations: Transfer pricing spotlight on Canada
BEPS adoption, enforcement, audits, and court cases
Canada continues to refine its transfer pricing laws and strengthen compliance enforcement. Hear the latest updates on Canada's transfer pricing environment and how your company can adjust planning, compliance, and reporting appropriately.
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Look at what's trending
These items attracted the most attention our Centre for Financial Reporting in the last month:
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