The new Canadian Standard on Related Services (CSRS) 4200, Compilation Engagements, comes into effect this year, with potentially significant impacts for practitioners. Here are some resources to help you understand the changes and get started. Click here for the full article.
Learn about the November 2020 amendments to Section 3462, Employee Future Benefits, under accounting standards for private enterprises (ASPE) in Part II of the CPA Canada Handbook – Accounting. Click here for the full article.
This article discusses COVID related considerations for assurance engagement with respect to claims risk. Click here for the full article.
Practitioners who decide to cancel their public practice license can do so by... Click here for the full article.
CPABC works to protect the public by ensuring that members, students, and firms (registrants) meet the highest of professional standards. CPABC’s Professional Conduct department receives about 100 complaints from the public each year concerning our members. While this is a relatively low number when you consider that there are now more than 37,000 CPAs in British Columbia, knowing this will be little consolation if you find yourself the subject of a complaint. The following article is designed to help you avoid this situation. In it, we review the CPA profession’s ethical framework and suggest best practices to help CPAs stay onside. Click here for the full article.
The recent economic downturn may bring forth unexpected tax issues. As creditors become more inclined to forgive or settle debt without full or even partial repayment, more corporations may find that they are settling debt for less than the principal amount. While this may initially seem like a favourable result for debtor corporations, there are tax implications that must be considered. Specifically, debtor corporations need to consider the impact of the debt forgiveness rules so they can plan accordingly. Click here for the full article.
System and Organizational Controls (SOC) reports are engagements which help service organizations that provide services to other entities build trust and confidence in the service performed and controls related to the services through an assurance report, under CSAE 3416, by an independent CPA. Click here for the full article.
When looking for a practitioner to perform accounting services, here are a few tips to consider. Click here for the full article.
Before sharing information, expressing opinions or posting pictures online, members may want to consider these useful tips to help them navigate social media platforms and stay onside with professional and ethical obligations. Click here for the full article.
The death of a practitioner can create a lot of stress and unknowns for those left to take care of their business and personal matters. The objective of this article is to provide answers to frequently asked questions. A practitioner can take some of these steps in advance, to ensure that their estate is better prepared to handle the impact on the practice upon death of a practitioner. Click here for the full article.
CPAs are busy professionals with myriad responsibilities. With so much to keep track of on a daily basis, many members may lose sight of the wide range of services that require public practice licensing and some may end up crossing the line. Some may also be caught unprepared or ill-equipped when their professional services stray into unfamiliar areas. This article provides a cautionary look at both situations. Click here for the full article.
Things to discuss before resigning membership or before readmission. Click here for the full article.
There may be circumstances where CSRS 4200 does not apply; can I attach a disclaimer to the financial information? Click here for the full article.
Learn how the receipt of government assistance by your clients may impact your engagements. Click here for the full article.
For practitioners preparing tax returns for clients, one good practice to ensure that your clients have provided all tax slips is to view, download and/or retrieve these slips directly through CRA’s Auto-fill feature. Click here for the full article.
Due to the speed of the rollout, there is the possibility that some recipients may have received benefits in error. According to CRA, payments made to anyone who is later found to be ineligible will need to be returned. Click here for the full article.
In the wake of the COVID-19 pandemic, the Canadian federal government announced the Canada Emergency Business Account (CEBA) which provides interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced. A quarter of this loan (up to $10,000) may be eligible for forgiveness under certain conditions. Click here for the full article.
CPABC is supporting members by providing regular updates and links to resources during these uncertain times. Visit our COVID-19 Updates and Resources for CPAs page on the CPABC website – here you’ll find information on tax and benefits programs from the provincial and federal governments, as well as guidance and resources for public practitioners.
CPA Canada is also supporting practitioners with their own Federal Government COVID-19 Tax Updates webpage. While CPA Canada develops technical resources, they have compiled a summary of external resources to help you understand the potential financial reporting and audit implications of the COVID-19 pandemic.