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New IASB webinar available: Scope of IFRS 17
Jun 21, 2017
On June 21, 2017, the International Accounting Standards Board (IASB) released a recorded webinar introducing the recently issued IFRS 17, "Insurance Contracts" by considering the scope of the Standard.
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IASB Exposure Draft – Proposed Amendments to IAS 16
Jun 20, 2017
On June 20, 2017, the International Accounting Standards Board (IASB) issued proposed narrow‑scope amendments to IAS 16 "Property, Plant and Equipment" to reduce the diversity in the application of the Standard.
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Forthcoming publication: Exposure Draft PPE—Proceeds before Intended Use
Jun 16, 2017
On June 16, 2017, the International Accounting Standards Board (IASB) announce that work is at an advanced stage on the Exposure Draft "Property, Plant and Equipment—Proceeds before Intended Use (Proposed amendments to IAS 16)". They expect to issued the ED on June 20, 2017.
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Basis for Conclusions – New and Revised Auditor Reporting Standards
Jun 15, 2017
On June 15, 2017, the Auditing and Assurance Standards Board (AASB) released this document which summarizes the process followed in developing new and revised auditor reporting standards and the conclusions reached by the AASB.
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ICAEW report on corporate reporting and new technologies
Jun 14, 2017
On June 14, 2017, the Institute of Chartered Accountants in England and Wales (ICAEW) released the report "What next for corporate reporting: time to decide?" that argues that it is time for policy makers to take a decision on how best to use IT to satisfy increasing demands for information.
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Basis for Conclusions – CAS 720, The Auditor’s Responsibilities Relating to Other Information
Jun 14, 2017
On June 14, 2017, the Auditing and Assurance Standards Board (AASB) released this document which summarizes the process followed in developing this standard and the conclusions reached by the AASB.
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Report on the April 2017 IFRS Advisory Council meeting
Jun 13, 2017
On June 13, 2017, the International Accounting Standards Board (IASB) released a summary of the IFRS Advisory Council meeting held on April 4–5, 2017. Significant topics on the agenda included (1) financial stability and the IFRS Foundation, (2) wider corporate reporting, and (3) materiality.
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Basis for Conclusions – Addressing Disclosures in the Audit of Financial Statements
Jun 12, 2017
On June 12, 2017, the Auditing and Assurance Standards Board (AASB) released this document which sets out how the AASB reached its conclusions. As well, it sets out significant matters arising from comments received in response to its Exposure Draft and indicates how the Board dealt with the issues raised.
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New IASB website launched
Jun 12, 2017
On June 12, 2017, the International Accounting Standards Board (IASB) launched its redesigned and restructured website. Here's a brief overview of the new structure.
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Decisions reached during the redeliberations on the Conceptual Framework
Jun 12, 2017
On June 12, 2017, the International Accounting Standards Board (IASB) released a summary of tentative decisions on the Conceptual Framework project.
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Reporting on Controls at a Service Organization — Bridging the Gap Between Canadian and revised U.S. Standards
published Jun 23, 2017
In 2010, the Canadian standard on reporting on controls at a service organization was issued. At that time, it aligned with the equivalent U.S. standards. But for service auditor’s reports dated on or after May 1, 2017, the U.S. standards are changing. The Bulletin was prepared to assist stakeholders during the period while the Canadian and U.S. standards are not aligned.
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Heads Up - PCAOB Adopts Changes to the Auditor’s Report
published Jun 20, 2017
This Heads Up provides an overview of the PCAOB’s new auditing standard on the auditor’s report. While retaining the current “pass/fail” opinion of the existing auditor’s report, the new standard includes several significant modifications that are intended to increase the informational value, usefulness, and relevance of the auditor’s report.
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Take the lead on cyber risk: Move from now to next-level cybersecurity
published Jun 19, 2017
In our latest report, “Take the lead on cyber risk”, we outline the steps your organization can take to move from now to next-level security. By understanding what needs to be done – and mustering the courage and foresight to tackle the challenges head on – you can take charge of your cyber fate and become a digital disrupter, instead of getting disrupted by your competition.
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CPA Quebec - 2016-2017 Professional inspection committee annual report
published Jun 14, 2017
Following the 2016-2017 inspection process, information was collected and compared to inspection results from previous years to highlight certain trends and provide practitioners with ideas on improving file quality.
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United States—IRS private debt collection program will exclude overseas taxpayers
published Jun 13, 2017
Although many overseas taxpayers may not have been aware of the forthcoming debt collection efforts by the IRS, it is a welcome relief that they will be excluded from the program.
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PCAOB Issues Proposals to Enhance and Strengthen Requirements for Auditing Accounting Estimates, Including Fair Value, and to Address the Auditor’s Use of the Work of Specialists
published Jun 12, 2017
This Audit & Assurance Update addresses the key provisions of the PCAOB’s June 1, 2017, proposals for changes to its performance standards on auditing accounting estimates, including fair value measurements, and the auditor’s use of the work of specialists.
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Company life events, tax accounting challenges, and other financial reporting updates
published Jun 08, 2017
Many corporate transactions can trigger important tax accounting and provision issues. Which of these matters may be most important for your company as you approach upcoming transactions? Gain valuable insights on the latest standard-setting, regulatory, and tax law developments and their impact on financial reporting for taxes.
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IFRS in Focus — IASB issues IFRIC 23 Uncertainty over Income Tax Treatments
published Jun 07, 2017
This newsletter outlines a new Interpretation, IFRIC 23 Uncertainty over Income Tax Treatments, developed by the IFRS Interpretations Committee and issued by the IASB.
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Heads Up — Implementing the New Revenue Standard — How Do Your Disclosures Stack Up?
published Jun 05, 2017
This Heads Up discusses observations from our review of SAB 74 disclosures that Fortune 1000 companies included in periodic SEC filings regarding their adoption of the FASB’s new revenue standard.
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Corporate reporting: Exploring a new world — Part 4: Raising the game
published Jun 01, 2017
With the current system at a tipping point, how can the auditor become an agent of change for a reimagined corporate reporting model?
