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The Canadian Institute of Chartered Accountants (CICA) has developed information and guidance to help our members and other leaders in Canada’s business and governance communities manage through these challenging times.
These resources are provided here along with relevant commentary, guidance and announcements from the Accounting Standards Board (AcSB) and Auditing and Assurance Standards Board (AASB) and Accounting Standards Oversight Council, (AcSOC).
Canadian Performance Reporting Board (CPRB) Alerts
Director Alerts
Research and Resources
AcSB Commentary and Announcements
AASB Risk Alerts
AcSOC Announcements
Other Resources
Canadian Performance Reporting Board (CPRB) Alerts:
MD&A Disclosures In Volatile and Uncertain Times – Volume 2 (February 2009)
MD&A Disclosures In Volatile and Uncertain Times– Volume 1 (October 2008)
MD&A Disclosures About Non-Bank Asset-Backed Commercial Paper (January 2008)
Director Alerts:
Fraud Risk in Difficult Economic Times - questions for directors to ask (July 2009)
Human Resource and Compensation Issues during the Financial Crisis – Questions for Directors to Ask (July 2009)
The Global Financial Meltdown – questions for directors to ask (October 2008)
The ABCP Liquidity Crunch – questions directors should ask (October 2007) Find out how the credit crisis is affecting the auditing, accounting and actuarial worlds:
Implementation Support Gateway
Research and Resources:
Conference on Income Taxes - Helping Your Clients in Tough Economic Times (October 7-9, 2009 - Register now)
Managing Your Career to Remain Sharp in Any Economic Environment (July 15, 2009 Webinar - Register now)
Report on Industry - Focus on the Global Financial Crisis (May 2009)
The Financing Toolkit for Small & Medium Businesses
Press Release (May 12, 2009) The Q1 2010 CICA/RBC Business Monitor surveys optimism among executive CAs soaring, nearing levels seen prior to downturn. Learn more about what they think lies ahead.
Press Release (April 2010)
Research Report (April 2010) Canada's CAs give federal budget a B-plus grade (March 04 2010)
The Most Common Mistakes Managers Make in an Uncertain Economy (June 10, 2009 Webinar, Archived)
CICA/RBC Business Monitor Webinar Q1 2009: RBC Economics Financial Outlook (May 12, 2009 Webinar, Archived)
Myth vs. Reality: Credit crunch from the Bank's perspective (February 26, 2009 Webinar, Archived)
MD&A in Volatile and Uncertain Times (January 28, 2009 Webinar, Archived)
CAmagazine Articles:
Survival guide (March 2009 issue). Some economist say things will get worse. This article presents a guide to what CAs can do to help their companies and their clients better navigate these tough times
More Find out what our Online News readers say about the impact on business
Related Articles:
Learning from High Profile Business Crises: Two Pitfalls to Avoid (June 2009)
Responding to Increased Fraud Risk in a Down Market (April 2009)
: Impairment of Financial Assets — Typescript (July 29, 2009)
A typescript of approved amendments to Section 3855, Financial Instruments — Recognition and Measurement, is now available. Withdrawal of AcSB Staff Financial Reporting Commentaries (June 30, 2009)
Three AcSB staff commentaries dealing with non-bank-sponsored asset-backed commercial paper have been withdrawn because they refer to US guidance that has been replaced. The commentary “Non-bank-sponsored Asset-backed Commercial Paper: Implementing the Restructuring Plan” has been retained. Responses to Financial Turmoil page - provides recent developments by the AcSB and other standard setters in light of global financial markets. More
AASB Risk Alerts: January 2009
This issue highlights items for auditors to consider in light of the current economic crisis. Matters range from overall decisions about client continuance, staffing and the extent of supervision, to detailed decisions on the nature, timing and extent of specific audit procedures appropriate in the circumstance. November 2008
This issue highlights the effects of more recent economic developments for auditors to consider when responding to risks of material misstatement in an entity’s financial statement related to the fair value of financial assets, and reclassification of certain financial assets as a result of recent changes to accounting standards. February 2008
This issue highlights matters for auditors to consider when responding to higher risks of material misstatement of financial statements of entities that have invested in non-bank-sponsored asset-backed commercial paper and other financial instruments affected by the credit crunch.
AcSOC Announcements:
AcSOC Supports Global Approach to Financial Reporting Standards (November 11, 2008) – AcSOC issued a media release supporting a global approach to financial reporting standards. AcSOC Supports AcSB Approach for Volatile Markets (November 11, 2008) – AcSOC issued a media release supporting the AcSB approach for volatile markets.
Other Resources: Global Accounting Alliance (GAA)
Three steps to get accounting standards back on track (June 9, 2009). Chief executives of accountancy bodies within the GAA, meeting in Edinburgh, have welcomed the greater spirit of dialogue between the International Accounting Standards Board (IASB) and the EU Economic and Financial (Ecofin) Council.
The Canadian Securities Administrators (CSA) published a Staff Notice 51-328 on January 8, 2009, to assist reporting issuers in preparing financial statements and MD&A in the current market environment. The notice highlights specific areas to help investors understand the risks and circumstances facing issuers. It outlines areas including financial instruments, going concern, impairment of goodwill and long-lived assets, and discusses additional considerations for junior resource companies. The collapse of the US sub-prime mortgage market – a report written by the President of Disclosure Analytics Inc, Patricia Doran Walters, PhD, CFA for the Institute of Chartered Accountants in Australia. Through the fictional story of homeowners Mr and Mrs Jones the paper provides insight into the many factors involved in the United States sub-prime mortgage market collapse. IFAC
International Federation of Accountants (IFAC) has devoted a section of their website to the world financial crisis. It includes programs, articles, speeches, and other initiatives undertaken by IFAC, its independent standard setting boards, members and associates and others that are relevant to professional accountants and its many stakeholders. Audit Considerations in Respect of Going Concern in the Current Economic Environment (January 2009). The credit crisis presents challenges for management and auditors. This practice alert by the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the IFAC is designed to help auditors and management, as well as those charged with governance, meet their responsibilities in assessing an entity's ability to continue as a going concern. |