Beyond compliance — Promoting excellence in financial reporting in Canada

Canadian CFOs plan for a year of action

Earlier this year, Deloitte Private announced the release of the first version of its unique report, Global Perspectives for Private Companies. This report gives an in-depth look at what top global executives are thinking and as a result, how they are planning to act.

The findings reveal several trends that should shake up Canadian business leaders, and spur CFOs into action. Specifically, while many Canadian business leaders expect to reduce headcounts and investment this year, their global counterparts are planning on doing the opposite. This is where CFOs can add extra value—by making sure that their organizations have an established environment that allows for innovation to grow and scale.

Join Mike Runia, Partner at Deloitte, as he explores what actions global executives are planning to take in the next year and how CFOs need to step it up to ensure their businesses remain competitive globally.

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IFRS: Standards

IASB® Vice-Chair discusses IFRS 9

The paper recaps the requirements in IFRS 9 for equity investments and the effects on long-term investment. Among other things, the Vice-Chair discusses the following: (i) Reporting value changes in profit or loss gives better information about value creation over time; (ii) Recycling can provide a confusing presentation of performance; and (iii) Debt investments are different.


Securities: Advisory

OSFI IFRS 17 transition advisory for Federally Regulated Insurers

The Insurance Companies Act stipulates in the case of federally regulated insurers that financial statements shall be prepared in accordance with GAAP, the primary source of which is the CPA Canada Handbook This advisory includes: (i) the option to early adopt IFRS 17; (ii) accounting for financial guarantee contracts; and (iii) semi-annual progress reporting to OSFI.

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AASB Exposure Draft – Auditor's Consent to the Use of the Auditor's Report in Connection with a Designated Document
The AASB proposes to issue revised Section 7170 to replace: (i) current Section 7170, Auditor’s Consent to the Use of the Auditor’s Report in Connection with Business Acquisition Reports; and (ii) Section 7500, Auditor's Consent to the Use of the Auditor's Report in Connection with Designated Documents. Several documents currently within the scope of Section 7500 will be excluded from the scope of the revised Section 7170 unless they meet the definition of a designated document under the revised Section 7170. These documents include the entity’s: (i) MD&A; (ii) material change report; (iii) and AIF. Comments are requested by July 31, 2018.

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AcSB Exposure Draft – Accounting Policy Changes (Proposed amendments to IAS 8)
Entities sometimes voluntarily change an accounting policy to reflect explanatory material included in agenda decisions published by the IFRS® Interpretations Committee. The proposed amendments lower the impracticability threshold for retrospective application of such changes, to one based on entity-specific cost-benefit considerations. Comments are requested by July 27, 2018.

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Q1 2018 Canadian IPO Market Review: IPO activity muted but outlook remains constructive
2018 North American IPO activity was off to a slower start compared to 2017. The sharp increase in market volatility experienced in early February due to the expectation of rising interest rates, caused a few issuers to adopt a "wait and see" approach to IPO timing. This report includes key themes, a list of companies that went public, and what we can look forward to for the remainder of 2018.

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SEC Issues Cybersecurity Guidance
This guide gives an overview of the SEC’s views on cybersecurity disclosure requirements and procedures under the federal securities laws as articulated in the cybersecurity interpretive guidance. The overview also compares how the release affects the SEC staff guidance issued in 2011.

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