The CPA Canada Standards and Guidance Collection (the “Handbook”) was updated this month. Unlike many previous releases which did not include noteworthy changes, this time there were many significant amendments and revisions.
The amendments related to the deferral of effective dates, discussed in my May 2020 Update. Ensure you stay up top of when the new standards are effective as certain revisions have significant impact, the most being Financial Instruments and the classification of Redeemable Shares. This could have a substantial impact on your client’s financial statements. It is a good thing this has been deferred a year as gives more time to consider the impact and discuss such with your clients and their bankers.
Lots of changes taking place. To access each of the links above, you will need to log onto Knotia. The details are worth reading. The other release that will be occurring is the 2020 PEG updates. This will also be an important release as the updates will checklists for the new compilation standard 7CSRS 4200 and CAS 540 Accounting Estimates among other editorial updates. Once the new checklists are released, I will be reviewing them in detail and sending out another special update on critical changes I think you should be aware of. Call me with any questions you may have. This definitely is a busy summer but I am here to help you save time and achieve peace of mind.
Best Regards, Kirsten S. Albo, FCPA, FCA President