This month marked a change in both weather and standards. One can feel a bit of a nip in the air and things are finally starting to move on the standards front. Decisions have been made over this past month, and we can expect a few more next month. While most changes are not imminent, they will come quicker than we think and it will be important to plan so you can keep your practice running effectively and efficiently. Read on…
Standards Update – AASB Decisions
As noted above, decisions were made on standards over the past month. Exposure drafts were finalized, timing was discussed and next steps are under way. The following are highlights from the AASB’s (the Board) September meeting:
Public Sector Compensation Disclosure Amendment Act
A reminder to those who issue these reports. A notice went out mid-year to all publicly-funded bodies reminding these organizations that the threshold for salary disclosures increased from $50,000 to $75,000 effective January 1, 2019. In addition, the notice stated that the publicly-funded bodies are no longer required to have the compensation reports audited. One matter of interest, while the notice says the audit is no longer required, the Act still has this requirement (I am trying to follow up on this discrepancy). Make sure you talk to your clients about the new requirements and the timing of implementation.
NO LINK AS THE LETTER WENT DIRECTLY TO ORGANIZATIONS, NOT THE FIRMS – ASK FOR IT FROM YOUR CLIENTS
Enhancing Firm Credit Control and Fee Collection
I have a sense it is going to be a very busy fall. Changes in standards, fee discussions with clients, updates to quality, meeting professional development requirements – the list goes on. If you are interested in a professional development course tailored to specifically to your firm, let me know. I have a course curriculum that covers everything from standards update, performing efficient and effective engagements and ethics. My fall schedule is starting to feel up so please reach out. I am here as needed to help you save time and provide peace of mind.
Kirsten S. Albo, FCPA, FCA