The secrets behind Canada’s best managed companies

Canada's Best Managed Companies is the country’s leading business awards program, recognizing excellence in Canadian-owned and managed companies with revenues over $15 million. Every year, hundreds of entrepreneurial companies compete for this designation in a rigorous and independent process that evaluates the calibre of their management abilities and practices – only a small few are selected.

We have observed commonalities across these respected organizations – in how they execute and manage their people. Indeed, every company can benefit from adopting what we consider to be the best practices of these companies.

Join Peter Brown, a partner at Deloitte, as he explores the secrets of success for Canada’s Best Managed Companies using a framework that covers four key business topics: Strategy, Capabilities, Commitment and Financial Performance.

Learn from the Best!

Other Content of Interest

Stay updated on the latest in financial reporting at Deloitte’s Centre for financial reporting.

IFRS: Standards

IASB finalizes amendments to
IFRS 9

The IASB published Prepayment Features with Negative Compensation (Amendments to IFRS 9) to address the concerns about how IFRS 9, Financial Instruments classifies particular prepayable financial assets. In addition, the IASB clarifies an aspect of the accounting for financial liabilities following a modification.

IFRS: Standards

IASB finalizes amendments to
IAS 28

The IASB published Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28) to clarify that an entity applies IFRS 9, Financial Instruments to long-term interests in an associate or joint venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied.

IFRS: AcSB Exposure draft

Definition of Material (Proposed amendments to IAS 1 and IAS 8)

The AcSB issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic to clarify the definition of “material” and to align the definition used in the Conceptual Framework and the standards themselves. The AcSB would like input from Canadian respondents on the following: Do you think that the proposals are appropriate for application in Canada? Comments are requested by January 15, 2018.

IFRS: AcSB Exposure Draft

Accounting Policies and Estimates (Proposed amendments to IAS 8)

The AcSB issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. The proposed amendments help to distinguish between accounting policies and accounting estimates by clarifying that accounting estimates are judgments and assumptions used in applying an accounting policy when an item cannot be measured with precision. Comments are requested by January 15, 2018.

IFRS: AcSB Response

Property, Plant and Equipment (Proposed amendments to
IAS 16)

The AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in June 2017. They disagree with the proposal because it would not provide entities with sufficient guidance to determine the costs related to the selling items produced before an asset is available for use. Several concerns were raised, including how the resulting profit margin may not be a meaningful measure for users to predict future profitability and cash flows.

IFRS: AcSB Response

Discussion Paper – Principles of Disclosure

The AcSB is supportive of the IASB’s Principles of Disclosure project, however they disagree with the IASB’s preliminary view that a general disclosure standard should allow an entity to include information in its financial statements that it has identified as non-IFRS information. In particular, they think the IASB should develop strict boundaries that prohibit the use of non-IFRS information that is inconsistent with or contradicts IFRS information.

ASPE: AcSB Exposure draft

Proposed Amendments to Section 3856

The scope of Section 3856 would be amended to make clear that the Section would apply to the initial and subsequent measurement, derecognition, presentation and disclosure of related party financial instruments. Comments are requested by January 29, 2018.

PSAS: New Project

PSAB to Review its International
Strategy

As part of its 2017-2020 Strategic Plan, the PSAB approved a new project that may change the role the Board plays in setting standards in Canada. They identified four options it could apply and expect to release a Consultation Paper in the second quarter of 2018.

Assurance: Publication

CSRE 2400, New review engagement standard

Deloitte released a new brochure that covers the rationale behind the new review standard, the key changes from the existing review standards, and how these changes will impact financial statement users.

Assurance: Standards

Canadian Accountants Prepare for Reporting Key Audit Matters

In this article, the Canadian Accountant summarizes the new information auditors will need to include in audit reports. Darrell Jensen, AASB Chair, talks about key audit matters, next steps and what Canadian stakeholders had to say.

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