Category Archives: Accounting

In Brief – A plain and simple overview of the AASB’s Exposure Draft on Identifying and Assessing the Risks of Material Misstatement

accounting update

The Board plans to issue an exposure draft proposing the adoption of ISA 315 (Revised), with appropriate Canadian amendments, if any; as reported by The Standard. This In Brief provides an overview of that exposure draft and ways you can provide input. Read now! Visit TheGAAP.net daily to be kept up to date on accounting information, trends and changes.  

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New paths can lead to new experiences

Lewis Carroll wrote ‘If you don’t know where you’re going, any road will take you there.’   As the owner of an established business you’ve likely been on a path for a long time. Probably decades and have experienced many adventures. Some good, some not so good.    No matter how old you are and how much you’ve dealt with in

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Video – Linda Mezon launches the Draft Framework for Reporting Performance Measures

On June 14, 2018, the AcSB’s Draft Framework for Reporting Performance Measures was released; as reported by the Standard. Watch this video to hear Linda Mezon’s presentation that launched this initiative, which took place at the 2018 FEI Canada Annual Conference. Watch now! Visit TheGAAP.net daily to be kept up to date on accounting information, trends and changes.   For

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Webinar – Toward a New Standard on Compilation Engagements

Webinar – Toward a New Standard on Compilation Engagement As reported by The Standard. Tune in to this webinar on September 26 (English) and September 28 (French) to learn about the AASB Exposure Draft for CSRS 4200, Compilation Engagements, and how you can provide input to our proposals. Register today! Visit TheGAAP.net daily to be kept up to date on

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AASB Decision Summary – July 10, 2018

The Board discussed Auditor Reporting and Identifying and Assessing the Risks of Material Misstatement. As reported by The Standard. Also discussed was the approach to input on the AcSB’s Draft Framework for Performance Measures and survey on the IAASB’s future strategy. Read now! Visit TheGAAP.net daily to be kept up to date on accounting information, trends and changes.   For

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Beware The Net Worth Audit: PART TWO: Five Major Pitfalls

biggest fears in accounting

Five Major Pitfalls    1.      The Methodology Is Inaccurate 2.      The Methodology Is Punitive When Not Applied Conservatively 3.      There Are Routine Errors in Its Application 4.      One-Size-Fits-All Application of Statistical Data Is Flawed 5.      The Method Is Used Even When Contraindicated   1. The Methodology Is Inaccurate   There is no argument about it.  Even the CRA recognizes that

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Approved! Exposure Draft of a Proposed New Standard on Compilation Engagements

The AASB unanimously approved an exposure draft of a proposed new standard on compilation engagements to replace Section 9200, Compilation Engagements. Set to be issued September 4, 2018, comments will be due November 30, 2018. As reported by The Standard. To support you in providing feedback, we are doing extensive outreach and will be issuing numerous plain language resources. Stay

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Review of the Economist Special Report on Artificial Intelligence

Accounting Firms, Hot Tips for Maximum Profits in 2015

Review of the Economist Special Report on Artificial Intelligence: Written by William Petryk This is a review for anyone in management to let them know why reading the April 6th edition of The Economist is a good idea.  This is the issue that includes a special report on “Artificial Intelligence in the Workplace”.  It should be read by anyone who

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Serving the public interest: More efficient standard-setting oversight – AcSOC 2017-2018 Annual Report

Reviewing our approach to oversight, listening carefully to our stakeholders, and overseeing and supporting the work of the AcSB and PSAB – we served the public interest through more efficient standard-setting oversight. As reported by The Standard. Read more about our 2017-2018 activities in our Annual Report. Read now!

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