In December 2019, the Accounting Standards Board (AcSB) issued amendments to Section 3400, Revenue in Part II of the CPA Canada Handbook – Accounting. The amendments provide additional guidance on the application of the requirements in Section 3400 to clarify how to identify the unit of account in a revenue transaction, as well as additional guidance on the several revenue topics. Click here for the full document.
The independence of a firm or an individual on the engagement team may be threatened if an officer or director of the assurance client or a related entity, or a person in a position to exert influence over the subject matter of the assurance engagement has been a member of the engagement team or a partner of the firm. Such circumstances may create a self-interest, familiarity or intimidation threat, particularly when a significant connection remains between the individual and their former firm or colleagues of the former firm. Click here for the full document.
The use of the same senior personnel on the engagement team on an assurance engagement over a long period of time may create a familiarity threat. The significance of such a threat will depend on various factors. The threat should be evaluated and, if other than clearly insignificant, safeguards should be applied to reduce it to an acceptable level. Click here for the full document.
The following list of links contains Knowledge Base content that relates to CSRS 4200. Click here for the full document.
As a CPABC member, if you are contemplating working for a non-registered firm that offers public accounting, there are a number of considerations you should be aware of. One important consideration, association, is covered in this document. Click here for the full document.
How has your experience been applying the new standard? What lessons did you learn? Or, have you been looking from the sidelines as the effective date for your clients approaches? Regardless of your experience with KAMs to date, FRAS Canada has released several documents to get you updated.
Lessons Learned: Read about considerations for a practitioner when identifying and communicating KAMs in the auditor’s report, including lessons learned in describing KAMs in the auditor’s report.
Roadmap: Use this roadmap, designed for small and medium-sized audit firms, to develop a successful KAM implementation process. It addresses what types of processes to establish and considerations for practice runs.
FAQ: This helpful FAQ is for users of the auditor’s report, including audit committee members, management, and other stakeholders who rely on the financial statements and the accompanying auditor’s report in their decision making.
Do you find yourself in quarrels with your clients/CPA about fees? We have compiled this KBASE COLLECTION of content that discusses fee related matters as reference, as well as to assist in preventing such conflicts in the future. Click here for the full document.
Due to an increase in enquiries associated with COVID related practice management issues we have compiled this KBASE COLLECTION to assist you in planning for emergencies and ensuring that your practice can continue to operate smoothly. Click here for the full document.
Increasingly, CPAs are being looked to for advice that goes beyond tax and accounting matters. This shouldn’t be a surprise for anyone, as CPAs are financial experts who can bring objective data-driven advice to their clients that helps them not only understand tax-related matters, but also helps clients enhance their business growth and prospects, as well as wealth generation. To better understand how CPAs can play this critical role, we spoke with Burkett & Co.’s partner, Kevin Burkett, CPA, CA, on his experience. Click here for the full document.
We have been living in this new COVID-19 normal for over a year now. With events and workplaces remaining virtual and remote, are you finding it increasingly difficult to maintain connections with your existing network as well as build new meaningful connections? If the answer is yes, you are not alone. Here are four tips on how you can maintain and build your network during these challenging times. Click here for the full document.
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 document.