Beyond compliance — Promoting excellence in financial reporting in Canada
 

Empowering Analytics through Change

Your organization likely uses one or more analytics tools – after all, measurement has been a primary focus for businesses during the last three years. However, analytics tools only provide data, and without significant attention on how to employ these tools, they often tend to provide very little value as a result.

In other words – it’s not just about gathering data; it’s about using the data, which is where the real value lies for analytics. To unlock the potential of analytics, you must select the right data fields and structure the relationships in those data fields.

Join Nicole Deschamps, Senior manager at Deloitte, as she explains how using analytics in an organization should not be a simple check-the-box type of exercise. Analytics has gained a lot of attention as an important business concept, but too many organizations stop at basic implementation.

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In case you missed it...

Stay updated on the latest in financial reporting at
Deloitte Canada's Centre for Financial Reporting

IFRS®: Standards

AcSB Insurance Transition Resource Group Meeting Notes – February 2018

The topics discussed include the boundary of reinsurance contracts held, separation of insurance components in a single contract, insurance acquisition cash flows paid on an initially written contract, and the quantity of benefits for identifying coverage units.

 

Securities: Disclosures

Non-GAAP Measures: A Roadmap for Audit Committees

The CAQ released a publication that provides a set of key considerations for audit committees, including leading practices, to assess whether a company’s non-GAAP metrics present a balanced representation of the company’s performance.

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CURRENT PROJECT UPDATES

Basis for Conclusions — Accounting Standards Improvements for NFPOs
The AcSB released three new Sections: (i) Section 4433, Tangible Capital Assets Held by Not-For-Profit Organizations; (ii) Section 4434, Intangible Assets Held By Not-For-Profit Organizations; and (iii) Section 4441, Collections Held By Not-For-Profit Organizations. These Sections are effective for annual financial statements beginning on or after January 1, 2019.

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Basis for Conclusions – CSAE 3530 and CSAE 3531
The AASB released CSAE 3530, Attestation Engagements to Report on Compliance, and CSAE 3531, Direct Engagements to Report on Compliance, which replace Section 5800, Section 5815 and Section 8600. These Standards are effective when the practitioner's report is dated on or after April 1, 2019.

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PUBLICATIONS

Navigating annual reporting
A checklist to support your financial reporting oversight. Overcome the challenges by meeting ever-evolving financial reporting standards and ensuring that you are asking the right questions.

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Clearly IFRS® – Transition resource group discusses implementation of IFRS 17 Insurance Contracts
This Clearly IFRS summarizes the meeting of the IFRS 17 Transition Resource Group, which took place on February 6, 2018 in London.

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Clearly IFRS® – Accounting for the effects of the U.S. tax reform legislation under IFRS
Accounting for the effects of the Tax Cuts and Jobs Act (the “Act”) under IAS 12, Income Taxes will present significant challenges for some entities. These could arise in determining how an aspect of the Act applies to the entity’s specific facts and circumstances, in gathering data to quantify that application or a combination of the two.

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Navigating financial reporting: an update on ASPE
In this guide, we provide an overview of the recently introduced changes to ASPE and how these changes might affect your organization. This guide explores: (i) Preparing for the 2017 year-end; (ii) Amendments effective in 2018; and (iii) Looking down the road beyond 2018.

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ASPE presentation and disclosure checklist
The checklist summarizes the ASPE presentation and disclosure requirements as of December 31, 2017.

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GET INVOLVED

Help to shape future financial reporting standards by commenting on outstanding exposure drafts – find a list here.