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Private company audits – this is not a typical year
June 15, 2011. The new auditing and accounting standards have implications for private company audits. Auditors are encouraged to talk to their clients about the affect the transition to new accounting standards for private enterprises (ASPE) will have on the audit process.
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IFRS interim reports – OSC identifies filing deficiencies
June 2, 2011. A report issued recently by the Ontario Securities Commission (OSC) identifies three recurring filing deficiencies in the Q1 IFRS financial reports filed by reporting issuers with head offices in Ontario. The securities regulator offers insights to help others avoid the same issues.
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Reviewing Review Engagements
March 16, 2011. Yes it’s true. Standards for review engagements are being looked at — here in Canada and internationally. This is a core business for many CA practitioners. Your input is needed.
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The IFRS acid test – will investors ‘get’ it?
March 2, 2011. Communicating effectively means much more than simply providing information. The difference is particularly important when it comes to communication between a public company and investors at a point when there are significant changes in how financial results are reported.
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Financial reporting deadlines – extra pressure on IFRS adopters this year
February 2, 2011. Most public companies with calendar year-ends are in the midst of preparing their final annual financial statements under pre-IFRS Canadian GAAP. Once filed, there won’t be much time for preparers to catch their breath, reminisce, and say goodbye to the old standards. The Q1 reports under IFRSs are right around the corner and relief offered by the Canadian Securities Administrators (CSA) is a mixed blessing.
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A new era for Canadian Auditing Standards
January 5, 2011. Anyone who is involved in the audit process or relies on audit reports should be aware that Canada now has new auditing standards. However, some auditors, preparers and users of financial reports still aren’t clear about how the new standards will affect them.
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When should IFRSs change in Canada?
December 8, 2010. Europe had a period of relative calm following their changeover to International Financial Reporting Standards. We may not be so lucky here in Canada.
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Conferences cover sweeping accounting and auditing changes
October 27, 2010. This has been a challenging year for accounting professionals who are trying to keep pace with changes to accounting and auditing standards. Normally, In the Loop links you to resources that are available at no cost, but I’m breaking that pattern this time. There are three upcoming conferences in Toronto that offer something for almost everyone affected by standards change.
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Standards for not-for-profits
October 20, 2010. Important news for those of you working and volunteering in the not-for-profit sector. Standards setters have defined what the financial reporting future looks like for government and private sector not-for profit organizations.
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Bridging the IFRS Communication GAAP
September 22, 2010. Another post that focuses on communication! It might seem repetitive, but the emphasis on IFRS communication right now is intentional.
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Time to give new standards top billing
September 8, 2010. “Misty watercolour memories” may have made millions for Redford and Streisand but, for accounting professionals, getting stuck in ‘the way we were’ is not advisable. A new era dawns for our profession. It is time to let go of the past and embrace the new accounting and auditing standards. Are you ready?
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Avoid audit surprises – communicate with clients now
August 25, 2010.Unless you’re talking birthday parties or winning lottery tickets – people generally do not like to be surprised. Wise auditors will keep this in mind when thinking about their clients and the new auditing standards for financial statements that will soon take effect.
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The Lawyer’s Letter – Important Changes are on the Horizon
August 4, 2010. Whenever you combine auditors, lawyers and clients, there are three things you can count on: rules, rules and more rules. The rules around attorney-client privilege and the requirements for an auditor to get a lawyer’s input have always been a key part of the audit.
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IFRSs – the taxation question
July 21, 2010. To paraphrase Benjamin Franklin, nothing in this world can be said to be certain, except death, taxes, and now, IFRSs. People have been asking me if there are income tax implications to the changeover to IFRSs. The simple answer is ‘no’, but that is not the whole story.
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What will your IFRS financial statements say about performance?
July 7, 2010. Ask yourself, “Are users of our financial statements going to understand the company’s performance after the IFRS adoption date?” Imagine people poring over new IFRS financial reports. If you envision the information eliciting a blank stare – or worse, a gasp – you likely have some communications work to do.
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IFRS – CEO/CFO Certifications
June 23, 2010. As the IFRS adoption date draws closer, senior executives should be mindful of the transition-related issues that affect them directly.
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Less than seven months before the IFRS curtain rises in Canada
June 9, 2010. Preparing for the transition to International Financial Reporting Standards (IFRSs) is much like rehearsing for opening night in front of a sold out crowd. Audience response hinges on the quality of the activity that happens before the curtain rises. Capital markets will soon be assessing IFRS financial statements. Is your company ready?
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Do the new auditing standards affect you?
May 25, 2010. If you are a Canadian auditor, the answer is clearly yes. If you’re not an auditor, you may still want to stay up to date on the coming changes to auditing standards.
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New not-for-profit standards proposed
April 7, 2010. Canadian standard setters are proposing two different accounting standards frameworks for not-for-profit organizations in the private and public sectors — with one important commonality.
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IFRSs and the Opening Balance Sheet
February 10, 2010. Who says you can’t rewrite history? For IFRS adopters, 2010 opening balance sheets will, with certain exceptions, provide a snapshot of the company’s financial position as though it had always been following IFRSs. Are you prepared for this important milestone?
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Laying groundwork for new auditing standards
January 27, 2010. The new Canadian Auditing Standards (CASs) that take effect at the end of this year are important for both auditors and their clients. There are a couple of simple things you can do now to spread the work, spread the word … and save yourself time next year.
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2010 – A New Year like no other!
January 13, 2010. According to the Chinese Zodiac 2010 brings the year of the tiger – a year of change. For Canadian companies adopting IFRSs in 2011, this couldn’t be more appropriate. Some heavy lifting is needed early in this fiscal year.
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Standards Milestones
December 16, 2009. Two standards milestones this week: new accounting standards for private enterprises are available; and the new quality control standard for firms is now in effect.
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IFRS 1 – Read it now to ease your transition
November 18, 2009. If you are involved in an IFRS transition project, I strongly suggest you put IFRS 1 – First-time Adoption of International Financial Reporting Standards on your must-read-now list. Recent changes make it more user-friendly – and it provides options that can make your transition and post-transition easier.
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In the Loop -- Preparing for year end? Talk to your auditor about IFRS
October 21, 2009. If you haven’t done it already, now is the time to speak with your auditors about the looming IFRS deadline. Though there is no formal requirement to have an audit of IFRS financial statements until your first year end after January 1, 2011, you should involve the auditor sooner.
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In the Loop -- Don't miss the IFRS 1 opportunity!
October 7, 2009. IFRS 1, First-time Adoption of International Financial Reporting Standards is the tool to use when preparing the first IFRS financial statements. Getting your head around this standard requires some effort, but the options it provides make it all worthwhile.
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In the Loop -- Standard for private enterprises approved
October 2, 2009. The Accounting Standards Board (AcSB) is dotting the "i"s and crossing the "t"s on new financial reporting standards for Canada’s private enterprises. The content of the new standards has been approved and they are now in the final drafting stages.
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In the Loop -- Quality Control Standard for Firms
September 23, 2009. The countdown is on! Canadian firms that perform audits or reviews have only until December 2009 to implement a quality control system that complies with the new standard. That is a full year earlier than the effective date for the new Canadian Auditing Standards (CASs).
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In the Loop – GAAP for private companies
August 26, 2009. "Give us standards that meet the needs of the people who use our financial statements." That’s the message standard setters have heeded in developing new standards for private enterprises. Don’t let the word ‘new’ put you off – the proposed private enterprise GAAP is essentially the existing CICA Handbook – Accounting, simplified.
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