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Beyond Compliance – Promoting Excellence in Financial Reporting in Canada
  • PSAS - PSAB Image
  • PSAB issues materials relating to understanding the new Revenue standard, PS 3400

    Nov 15, 2018

    On No­vem­ber 15, 2018, the Pub­lic Sec­tor Accounting Board (PSAB) is­sued various materials to assist stakeholders in understanding its new Revenue standard, PS 3400. These include the Basis of Conclusions, two In Brief documents and a podcast. Section PS 3400, Revenue, will apply to fiscal years beginning on or after April 1, 2022. Earlier adoption is permitted.

  • IFRS - IASB Image
  • IASB tentatively decides to defer the IFRS 17 effective date

    Nov 14, 2018

    At its meeting being held in London today, the IASB discussed the effective date of IFRS 17 'Insurance Contracts' and ten­ta­tively decided to defer it to annual periods beginning on or after January 1, 2022. The IASB also ten­ta­tively decided to defer the fixed expiry date for the temporary exemption to IFRS 9 in IFRS 4 by one year so that all insurance entities must apply IFRS 9 for annual periods on or after January 1, 2022.

  • AASB Image
  • Message from the AASB Chair: Update re the new auditor reporting standards

    Nov 14, 2018

    On Novem¬ber 14, 2018, the AASB Chair, Mr. Ken Charbonneau, issued a message that provides an update re the new auditor reporting standards. The update covers recent decisions and activities of the AASB on these standards. These include: (i) communication of key audit matters for audits of Toronto Stock Exchange (TSX)-listed entities, other than entities required to comply with National Instrument (NI) 81-106, Investment Fund Continuous Disclosure; (ii) auditor’s reports for audits of entities listed in both Canada and the United States (combined reports); and (iii) exposure draft development.

  • PSAS - PSAB Image
  • Encouragement to Comment: 2018-2019 Annual Improvements Process

    Nov 13, 2018

    On November 13, 2018, the Public Sector Accounting Board (PSAB) issued a news item regarding its 2018 – 2019 Annual Improvements project. Noting that the PSAB approved its new annual improvements process in June 2018 to correct errors in the wording or clarify the CPA Canada Public Sector Accounting (PSA) Handbook or Statements of Recommended Practices, the news item encourages interested parties to participate in the project this coming January when the first Annual Improvements exposure draft is issued.

  • IFRS - IASB Image
  • Discussions at the 5th IASB Research Forum

    Nov 12, 2018

    The International Accounting Standards Board (IASB) hosted its fifth Research Forum on November 11 and 12, 2018 in Sydney. The meeting saw the presentation of six academic papers, responses by academics and standard-setters as well as panel discussions.

  • Securities - AMF Image
  • Decision of the Supreme Court of Canada - The AMF will continue to fully assume its role as an integrated regulator

    Nov 09, 2018

    On November 9, 2018, the Autorité des marchés financiers (AMF) acknowledged the decision handed down by the Supreme Court of Canada today, which has validated the constitutionality of the system proposed by the federal government and certain provinces involving the establishment of a new capital markets regulatory body. The AMF reiterated the view of the Québec Minister of Finance in his news release issued earlier today in which he reaffirmed, in particular, that the proposed system is not in the interests of Québec and Québec investors.

  • Canada Image
  • Supreme Court of Canada endorses legislation creating national securities regulator

    Nov 09, 2018

    On November 9, 2018, in a unanimous ruling, the Supreme Court of Canada endorsed legislation creating a unified, pan-Canadian securities regulator. The issue addressed by the Court relates to the constitutionality of a recent proposal by the federal government and the governments of Ontario, British Columbia, Saskatchewan, New Brunswick, Prince Edward Island and Yukon to implement a national cooperative capital markets regulatory system (the “Cooperative System”). The Court found that “the Cooperative System does not improperly fetter the legislatures’ sovereignty, nor does it entail an impermissible delegation of law-making authority.”

  • IESBA (International Ethics Standards Board for Accountants) (lt gray) Image
  • IESBA Chairman’s Keynote Address at APESB Dinner in Sydney

    Nov 08, 2018

    On November 8, 2018, Dr. Stavros Thomadakis, Chairman of the IESBA, gave a keynote address at an APESB dinner in Sydney, Australia. In celebrating the news regarding the incorporation of the Restructured International Code of Ethics into the Australian ethical standards, Dr. Thomadakis shared his thoughts about the essentials of the Code, its global positioning, and the challenges that both standard setters and users of the Code face for the present and future.

  • FRC (United Kingdom Financial Reporting Council) Image
  • FRC Lab guidance on reporting performance metrics

    Nov 07, 2018

    In November 2018, the Financial Reporting Lab of the UK Financial Reporting Council (FRC) published guidance for companies on the presentation of performance metrics in their reporting following calls for clarity from investors.

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  • CFO1018 Image
  • Financial Reporting Insights - November 2018

    published Nov 13, 2018

    Blockchains are real and we have seen how cryptocurrencies have already had a significant impact on the economy. As for the public/permissionless blockchains, Bitcoin and Ethereum currently have a combined market capitalization of over $5 billion. As for private/permissioned blockchains,Gartner estimates that blockchains will provide a value of approximately $360 billion by 2026.

  • Webcast Image
  • SEC hot topics: Year-end update

    published Nov 08, 2018

    Changes relating to the new revenue standard, income tax reform, the new lease standard, and other developments made 2018 a blockbuster year for financial reporting. It is critical that SEC registrants provide insights to investors about these changes through relevant and transparent disclosure.

  • CFO Insights: What's keeping CFOs up at night in 2018? Image
  • CFO Insights: What's keeping CFOs up at night in 2018?

    published Nov 01, 2018

    In this issue of CFO Insights, we detail those concerns, along with seven others, drawn from the resources of Deloitte’s US CFO Program, which include our Next Generation CFO Academies, CFO Transition Lab™ sessions, CFO Forums, CFO Vision™ conferences, and the quarterly CFO Signals survey.

  • Applying the expected credit loss model to trade receivables using a provision matrix Image
  • Applying the expected credit loss model to trade receivables using a provision matrix

    published Oct 31, 2018

    This publication provides useful guidance for entities applying IFRS 9, Financial Instruments, expected credit loss model to trade accounts receivables using a provision matrix. Under IFRS 9, entities that hold trade accounts receivables accounted for at amortized cost are required to apply the expected credit loss model. This publication provides useful insights and practical examples and serves as a practical resource when navigating IFRS 9 impairment requirements for trade receivables.

  • Webcast ASPE Image
  • AcSB domestic standards update

    published Oct 31, 2018

    Are you a Canadian private enterprise or not-for-profit organization, an advisor to one, or a user of financial reports? Learn about upcoming and future changes to Part II and Part III of the CPA Canada Handbook.

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