October 2020 Update

October 30, 2020 / Monthly Newsletter

Greetings,
At the beginning of the month I was still golfing and now there are several centimeters of snow on the ground. It reminds me that winter is coming, if not already here. This month’s update includes a technical topics that are relevant in the near future and planning now will help you be more efficient later. Also included are topics to help you continue to build your business. Read on…


CSRS 4200 Implementation Guidance

Even though the new compilation standard is not effective until 2021, I continue to encourage practitioners to think about implementation matters today. There are many activities you can undertake between now and then to lessen your work effort. CPA Canada has published a good implementation tool. You may also want to consider participating in one of the upcoming on-line PD workshops I am offering (link below). As Benjamin Franklin said, “If you fail to plan, you are planning to fail”.

CSRS 4200 IMPLEMENTATION TOOL


PEG 2020 Further Updates

The Professional Engagement Guide (PEG) has released the second and final phase of the 2020 update. Volume 2 has now been updated for CAS 540 (Estimates) and CSRS 4200 (Compilation Engagements). New Volume 3 which include case studies and filled-in forms has also been released.

ACCESS PEG HERE (LOG INTO KNOTIA)


Section 3065 Leases – Relief in Amendments Due to COVID

The Accounting Standards Board is amending Section 3065, Leases, in early November. This amendment is good news as it provides relief for both lessees and lessors on accounting for lease modifications received or granted as a result of the COVID-19 pandemic. The amendments apply to annual financial statements ending on or after December 31, 2020, with earlier application permitted.

READ EXPOSURE DRAFT HERE


New T4 Reporting Requirements

For the 2020 tax year, the CRA will be introducing additional reporting for T4 slips. The additional reporting requirements will apply to all employers and will help the CRA validate payments under CEWS, CERB and CESB. Be aware of these requirements if you prepare T4 slips for your clients or as your client asks for assistance.

LEARN MORE ABOUT THE T4 REPORTING REQUIREMENTS HERE


Marketing Priorities to Keep Your Firm Relevant

Firms can be challenged by marketing at the best of times. While referrals are a good source of business, it is important to not forget about marketing. Where to begin? Accounting Today outlines five marketing priorities to help keep your firm relevant. The tips are practical and simple to implement.

READ ARTICLE HERE


Turn Your Website into a Rainmaker

Your website is the first priority identified in the article above and therefore you want to make it relevant, especially in today’s landscape of limited face-to-face meetings and working remotely. Websites are becoming increasingly valuable business tools, especially for business development. This article has some good ideas on improving your website and is worth the read.

READ ARTICLE HERE


Why You Should Change This Dangerous Wifi Setting

I never thought about changing my wifi settings as I am out and about working from various locations until I read this article. Now that people are working from home or other locations, the tips on protecting your data are more relevant than ever.

READ ARTICLE HERE


ENSURE YOU MEET YOUR CPD REPORTING REQUIREMENTS BEFORE THE END OF THE YEAR – UPCOMING ONLINE PD COURSES:

Path to Implementation – CSRS 4200
November 12, 2020
November 23, 2020

Putting Ethics into Practice
December 18, 2020

 


I believe this will be a busy fall, continuing the busy summer we had. The more you plan for the upcoming months, the easier it will be. As always, I am here to help you save time and achieve peace of mind. Reach out anytime.

 

Best regards,
Kirsten S. Albo, FCPA, FCA
President
1.204.228.2529
www.ksaconsultinginc.com