May 2024
Greetings,
Welcome to this month’s update, your go-to resource for the latest insights and best practices on a variety of topics. In this month’s issue, we explore several technical topics, including accounting updates, information on the new Canadian Sustainability Disclosure Standards and a refresher on CAS 315 GITC requirements. Additionally, we offer practical tips on prioritizing tasks to enhance your productivity. Our goal is to keep you informed and organized, helping you navigate the complexities of our profession with confidence and precision. Read on…
Accounting Standards Board Update Webinar
The AcSB’s Domestic Accounting Standards Update webinar held in May is now available on demand. It is a good opportunity to learn about recently issued or amended accounting standards and updates on current accounting standards projects. Bonus, complete the quiz and the webinar counts as verifiable CPD.
WATCH SPRING ACCOUNTING UPDATE WEBINAR HERE
Canadian Sustainability Disclosure Standards
One of the recent hot topics is sustainability. In response to activity taking place at the international level, the Canadian Sustainability Standards Board (CSSB) was established to serve the public interest by setting and maintaining high-quality sustainability disclosure standards for Canadian entities. An exposure draft has recently been issued and is open for comment until June 10, 2024.
The objective of Canadian Sustainability Disclosure Standard (CSDS 1) General Requirements for Disclosure of Sustainability-related Financial Information is to require an entity to disclose information about its sustainability-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decisions relating to providing resources to the entity.
Think about CSDS 1 as an “accounting framework” except that it is for sustainability disclosures. As a practitioner, there is nothing you need to do right now but it is good to be aware of the upcoming standards as your clients may eventually ask you about them. To learn more…
READ THE FRAS CANADA EXPOSURE DRAFT HERE
CAS 315 and GITCs
CAS 315 has been around for some time now. While auditors are becoming more familiar with the requirements, many still find it challenging to determine the extent of work needed related to the IT environment and General IT Controls (GITCs). Last year, I included the CPA Canada FAQ publication in an update, but given the recent surge of questions on this topic, I believe it would be helpful to share it again. This FAQ addresses why an audit needs to consider GITCs, even when a client uses a simple off-the-shelf financial reporting application.
READ CPA CANADA FAQ ON CAS 315 GITCs HERE
How to Prioritize a Healthy Work-Life Balance in 2024
When setting intentions and goals for 2024, it is important to ask yourself how you will consciously manage your time and energy to ensure that work does not overshadow personal responsibilities and vice versa. This balance can be achieved by prioritizing tasks, setting boundaries and finding fulfillment outside work. It is critical to employee wellness and can reduce work-related stress and improve overall health. An excellent article from Forbes provides tips on actions you can take to help manage time.
READ FORBES ARTICLE ON WORK-LIFE BALACE HERE
Eight Tips for Prioritizing Your Time
Even though April 30 is now behind us, there is still a lot of work to get through. If you want to be more productive, it’s key to develop a strategy for prioritizing your time. If you’re unsure how to get started, another Forbes article outlines eight recommendations for prioritizing your time as a busy person and explains why these methods have been so effective. I personally like #8 about starting with the big task first.
READ FORBES ARTICLE ON PRIORTIZING HERE
Get a Jump on your CPD Hours
Why wait until the end of the year to take your verifiable CPD hours? If you want to get a jump on 2024 CPD hours, check out ASK KSA online on-demand CPD courses. All courses are practical, engaging informative. Take what you learn and put into practice.
As we wrap up, I want to acknowledge that it has been a busy few months. Even though we need to stay on top of our work, it’s equally important to take time for yourself. Remember to balance your professional responsibilities with your personal well-being. And remember, I am always here to help you save time and achieve peace of mind. Reach out any time.
Best regards,
Kirsten S. Albo, FCPA, FCA
President