In Other News
For all firms that conduct assurance engagements, the new quality management standards came into effect on December 15, 2022. By this date, the new standards must be incorporated into the firm’s system of quality management (SOQM). All non-assurance firms have an additional year, with December 15, 2023, set as the deadline to incorporate the new standards
Over the last year and a half, we’ve seen a large volume of transactions involving the acquisition of privately owned BC corporations, especially in the technology sector. In transactions such as these, it’s common for qualifying vendors to try to claim their lifetime capital gains exemption against capital gains from the disposition of qualifying small business corporation shares. The purpose of this article is to illustrate the complexity of the rules at the corporate level—particularly the complexity of the modified test that applies to holding corporations.
Does speaking up in a boardroom or a meeting give you anxiety? Does this anxiety affect your ability to share your ideas and expertise?
During our professional lives, most of us will become aware of at least one ethical dilemma or external event that may need to be reported to CPABC. This article outlines the reporting requirements for CPAs and candidates in the CPA Professional Education Program and describes the actions that should be taken.