Category Archives: Accounting

Public Sector Accounting Board (PSAB) Agenda for March 23-24, 2016

Changes to IAS-1

The topics the Public Sector Accounting Board (PSAB) plans to discuss, in addition to routine updates, and anticipated actions, if any, are outlined below. Although current at the date prepared (March 1, 2016), this agenda is subject to change. As reported by The Standard. PSAB Planning Approve a draft 2017-2020 strategic plan for public comment. Approve the 2016-2017 work plan.

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AcSB Response – Application of Materiality to Financial Statements

IFRS update

The AcSB has submitted a comment letter responding to the IASB’s Exposure Draft issued in October 2015. Responses to IASB Documents for Comment: as reported by The Standard. Other Exposure Draft – Application of Materiality to Financial Statements – October 2015 On February 25, 2016, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in October 2015. 

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IFRS Discussion Group – Report on December 3, 2015 Meeting

update

The IFRS Discussion Group is a discussion forum only. The Group’s purpose is to assist the Accounting Standards Board (AcSB) regarding the identification of issues arising on the application of International Financial Reporting Standards (IFRSs) in Canada. The Group comprises members with various backgrounds who participate as individuals in the discussion. Any views expressed in the public meeting do not necessarily represent the views

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CPA’s input needed: FYI Article – Explore the AcSB’s Discussion Paper on Agriculture

business people conveying information

  February 2016 Your input is needed! How should private enterprises account for living plants and animals and the harvested products from those plants and animals? Find out about the AcSB’s preliminary views. Agriculture Help shape the future of accounting for agricultural assets under accounting standards for private enterprises. The Accounting Standards Board’s (AcSB) Discussion Paper, “Agriculture,” seeks your input

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IASB responds to investors’ call for improved disclosures

accounting update

   The IAS 7 amendments become mandatory for annual periods beginning on or after 1 January 2017. The International Accounting Standards Board (the Board), responsible for IFRS Standards, has issued on 29 January 2016  amendments to IAS 7 Statement of Cash Flows.   The improvements to disclosures announced today require companies to provide information about changes in their financing liabilities

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FYI Article – Annual Improvements: Revised Timing

AcSB Annual Plan – 2015-2016

The Accounting Standards Board (AcSB) heard you! Are you aware that the AcSB revised the timing of the annual improvements process for accounting standards for private enterprises? Here’s an overview of the new process; as reported by the Standard. Timing of the Annual Improvements Process In response to stakeholder feedback, in November 2015 the AcSB agreed to revise the timing

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FYI Article – IFRS 15: The New Revenue Standard – An Extra Year to Get Ready!

IFRS update

January 2016: as reported by The Standard. The New Revenue Standard In September 2015, the International Accounting Standards Board (IASB) deferred the effective date of IFRS 15 Revenue from Contracts with Customers by one year to provide entities with more time for implementation.   The standard is now effective for annual periods beginning on or after January 1, 2018.  Comparatives are required

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Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts

accounting update

IASB Exposure Draft – Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Proposed Amendments to IFRS 4) The IASB has issued an Exposure Draft proposing amendments to IFRS 4 Insurance Contracts. Canadian stakeholders are encouraged to submit their comments to the IASB by February 8, 2016. Comment on this document today! TheGAAP.net is holding a: Buy One-Get One Free

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Strategies for Financial Managers to Retain Retiring Baby Boomers’ Skills and Expertise

Strategies for Financial Managers to Retain Retiring Baby Boomers’ Skills and Expertise

Strategies for Financial Managers to Retain Retiring Baby Boomers’ Skills and Expertise Baby boomers may be nearing — and, in some cases, passing — the traditional retirement age, but chief financial officers don’t appear worried about their departures from the workplace, recent Robert Half research suggests. Perhaps surprisingly, given the size of this workplace population, nearly two-thirds of financial executives

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Defining the Gap: The Cybersecurity Governance Study

update

CPA’s Directors Source News goes on to say. This report will help you better understand how board members can bridge the cybersecurity gap as they take a more central role in defining and protecting against cyber attacks and their associated risks. It examines the awareness, attitudes and practices of board members and IT security professionals to better understand how the

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