Is the economy keeping you up at night? Are you concerned about the risks to your company? Are you worrying about Cybercrime? As a CPA of our company we have many responsibilities however we always have to be on the lookout for any factors that can affect our financial or managerial reporting and the business we are involved in. Let your
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The Trustees of the IFRS Foundation have appointed Canadian academic Tom Scott as a member of the International Accounting Standards Board (the Board). He will join the organisation in April for an initial five-year term. As reported by the IFRS Foundation. Mr Scott has been an academic in the field of accounting at various universities in Canada since the late
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In November 2016, the International Accounting Standards Board discussed issues that arose during the external testing and drafting of the forthcoming insurance contracts Standard. This webinar provides an updated overview of the forthcoming Standard reflecting November’s decisions and covers the following: The need for change and the history of the project Level of aggregation Applying the Standard for the first
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We have all heard about strategic management accounting, but what is it and how does it affect our company? In this article you can find a comprehensive and detailed description of strategic management accounting and what it stands for, as well as some great techniques that you can use to get the best results! What is strategic management accounting? Simply
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The first thing I would suggest is have an open door process where employees feel safe to voice their opinion. There should be many avenues where employees can go to express their views. While most organizations have an open door process, not all have a process in place which facilitates open communication and the minimization of fear. Most open door
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The principle of comparability refers to the ability to compare financial statements from year-to-year, company-to-company, and industry-to-industry. IFRS requires that financial statements focus primarily on the needs of the users of the financial statements rather than the desires of those producing the statements. Comparability is one feature that definitely benefits the end user. Being able to easily compare financial statements
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Accountants certainly have a challenge to meet when it comes to applying the IFRS principle of relevance. IFRS says that an item is relevant if the information about that item has the potential to influence significantly the decisions of lenders, investors, and other users of the financial statements. The IFRS principle of relevance corresponds to the GAAP principle of materiality.
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The AcSB has issued an Exposure Draft proposing amendments that will affect private enterprises and not-for-profit organizations. Stakeholders are encouraged to submit their comments by December 15, 2016. As reported by The Standard. OMMENTS TO THE AcSB MUST BE RECEIVED BY DECEMBER 15, 2016 Respondents are asked to email their comment letters (in a Word file) to: ed.accounting@cpacanada.ca Please address
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In the first part of the series, we talked about clarity, the first of the four IFRS principles. In this article we’ll examine the second principle, reliability. True and fair Reliable information means that the financial statements are a reflection of the company’s economic reality. In other words, are they a true and fair presentation of the company’s operating results
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In conversations with individual accountants, I am discovering an initial reluctance to accept the change to IFRS, which relies more on the accountant’s judgment. IFRS requires that financial statements be prepared using four basic principles: clarity, relevance, reliability, and comparability. The principle of clarity requires that financial statements be easy to read and easy to understand. IFRS guidelines allow substantial
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