Accounting and Auditing Standards
Learn About Changes to Accounting for Redeemable Preferred Shares
Practitioners might recall that the Accounting Standards Board began its project to review Redeemable Preferred Shares Issued in a Tax Planning Arrangement more than five years ago. The project will conclude when the Board issues the final amendments to the accounting standards by the end of 2018.
Learn about proposed amendments by watching the Amendments to Section 3856, Financial Instruments webinar. We encourage you to understand how the amendments might affect a private enterprise or not-for-profit organization’s financial statements, and its compliance with lending and other agreements.
The webinar will review the changes to the standards for:
- retractable or mandatorily redeemable shares issued in a tax planning arrangement;
- measurement of financial instruments in a related party transaction; and
- significant risk disclosures.
What’s Next in Parts II and III?
As advisers to Canadian private enterprises and not-for-profit organizations, practitioners will wish to know about upcoming and future changes to Part II and Part III of the CPA Canada Handbook. Watch the AcSB Domestic Standards Update seminar to understand how the projects below might affect your clients’ financial statements in the future:
- Section 3400, Revenue;
- Section 4410, Contributions – Revenue Recognition; and
- other projects for combinations, related party transactions, financial instruments – hedging, and financial statement concepts.
PSAB Needs Your Feedback
The Public Sector Accounting Board has issued an Invitation to Comment on Employment Benefits: Non-traditional Pension Plans. If you serve clients in the public sector, we encourage you to review these proposals and submit comments by February 1, 2019.
The potential guidance discussed in this Invitation to Comment could have significant effects on how an employer would determine its obligation related to a wide range of pension plans, such as target benefit plans and multiemployer defined benefit plans.
Read about the full history and what’s to come on the Employments Benefits project page. To aid in your understanding of the proposals, you can review the following:
Practice Matters
Be A Part of the Future
The CPA profession is going through unprecedented change and you can help shape its future by joining CPA Canada’s online conversation to share your views. Help reimagine the accounting profession by joining the CPA Canada Foresight movement. Read more about this comprehensive multi-stakeholder project on the CPA Canada website and get involved with the Foresight movement.
Bits and Pieces
Reminder from CRA to Use New Form NR95
Do you represent the owner of a non-resident tax account? This is a reminder that your clients might have to submit the new Form NR95 Authorizing or Cancelling a Representative for a Non-Resident Tax Account to maintain your current authorization(s).
If not already done, owners of non-resident tax accounts must reauthorize their current representatives using Form NR95 by December 31, 2018 to maintain their existing authorization. All future authorizations must be submitted to the Canada Revenue Agency using Form NR95. Visit the CRA website for more information on the new process and/or to obtain the new form.
Check Out Free CPA Canada Webinar on Cybersecurity
Information security and privacy are core assets every company must protect. Ensure you are prepared to identify high-risk assets and have a plan to effectively mitigate potential breaches.
Watch the free Cybersecurity Governance: Road Map for Directors and Cybersecurity Leaders seminar to learn about:
- What are the five biggest cybersecurity risks, and how are they evolving?
- What questions should directors ask management about cybersecurity?
- What would a "director cyber framework" look like?
- How do you align cybersecurity programs to corporate goals and objectives?
- How should management present the topic of cybersecurity to their board?
- What are the key cybersecurity metrics to considers?
For the full offering of webinars from CPA Canada, check the online learning opportunities in the career development section of its website.