November 2020 - PP News & Views
- Federal Government COVID-19 Tax Updates
- Roundtable Discussion on AcSB Consultation Paper on Contributions – November 20, 2020
- The Importance of Tracking and Reporting All Continuing Professional Development
- PACT Releases this November
- New T4 Reporting Requirements
- Preparing and Maintaining the Transparency Register Considered Legal Services
- New Canada Recovery Benefits: How They Will Work
- Volunteer Opportunity: Accounting Standards Board
CPA Canada has posted a recorded webinar with the Canada Revenue Agency containing discussions about the Canada Emergency Wage Subsidy (CEWS) and related COVID-19 considerations.
The Accounting Standards Board (AcSB) has issued a consultation paper to seek input on accounting for contributions (revenue recognition of materials and services, capital assets, endowments, bequests), related topics (pledges and capital asset recognition exemption) and disclosures (fund accounting, net assets, and restricted cash) by not-for-profit organizations (NFPOs).
This online consultation will be held on Friday, November 20, 2020 (9 am-11 am) and aims to obtain broad input and data from NFPO stakeholders, including users, preparers, and practitioners on the accounting for revenue from contributions and on related matters. Your feedback will help the Board decide on the project’s direction related to accounting for contributions.
This session will be facilitated by AcSB staff. Please note that a consultation is not a professional development session. Attendees are requested to have read the consultation paper and to be prepared to share their opinions. Use this link to register.
With the revisions to International Education Standard 8 (IES 8) and CPABC’s adoption of the standard, it is important to track all CPD hours throughout the year. This ensures that you are aware of remaining hours that you are required to complete before the end of the year; it also enables you to review the need for specific CPD hours in certain areas. Read the full article in the Public Practice News & Views Knowledge Base.
This November, look out for a new resource, Practice Management, Advisory, Compilations and Tax Guide (PACT). Developed with the needs of small and medium-sized practitioners in mind, the PACT consists of resources on topics related to practice management, advisory, compilations, and tax. Among others, the items included are:
- CSRS 4200 practice aids – templates, letters, and reports
- Tax engagement letters (personal, corporate, trust, consulting, compliance, and partnership)
- Tax preparation checklists (personal, corporate, and trust)
- Bookkeeping engagement letter and related checklists
- Relevant practice management and advisory resources
For the 2020 tax year, the Canada Revenue Agency (CRA) has introduced additional reporting for the T4 slip, Statement of Remuneration Paid. Additional reporting requirements will apply to all employers, and will help the CRA validate payments under the Canada Emergency Wage Subsidy (CEWS), the Canada Emergency Response Benefit (CERB), and the Canada Emergency Student Benefit (CESB). Employers who have already filed their T4 slips and summary for 2020 will not need to refile.
Effective October 1, 2020, amendments to the Business Corporations Act (BC) require private businesses in BC to keep and maintain transparency records of beneficial owners, including individuals who have direct or indirect control of the company or its shares. The transparency register can be considered a corporate record and members are reminded that the performance of legal services, such as advice in “preparing and maintaining corporate records”, is restricted to those authorized or licensed to practice law. Read the full article in the Public Practice News & Views Knowledge Base.
Many people continue to feel the impacts of COVID-19 and require temporary income support. To ensure that Canadians continue to receive the help they need, the Government of Canada has introduced three new benefits, delivered by the Canada Revenue Agency: the Canada Recovery Benefit (CRB), the Canada Recovery Sickness Benefit (CRSB), and the Canada Recovery Caregiving Benefit (CRCB).
The Accounting Standards Oversight Council is looking for a new Accounting Standards Board member! Are you a financial statement user? Then we want to hear from you. Submit your résumé by November 20, 2020 to apply to become a member.