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


September 2019 Update

September 30, 2019 / Monthly Newsletter

In this Update:  Standards Update; Public Sector Disclosures; Credit Controls & Fee Collections; Enhancing Culture

Greetings,

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:

  • On September 20, 2019 the IAASB approved the final draft of ISA 315 (Revised) Identifying and Assessing the Risks of Material Misstatement. The AASB provided input on the draft before it was released and has stated Canada will follow suit very shortly. Expect to see further updates in next month’s newsletter.
  • The Board discussed key issues related to the project to revise compilation standards, CSRS 4200 Compilation Standard. They expect to approve the final standard at their October 2019 meeting. Key topics discussed included the description of the basis of accounting, subsequent discovery of facts, amendments to the glossary and the effective date. Stay tuned for further updates on this one too.
  • The AASB provided input to the IAASB on feedback from the Exposure Drafts for quality management at the firm and engagement level. This topic is still under discussion and will appear again on their October agenda. This Exposure Draft will have a significant impact on a firm’s system of quality management, including policies and procedures documented in their QAM and engagements impacted.
  • The Board unanimously approved amendments to CAS 700 Forming an Opinion and Reporting on Financial Statements. This change only impacts auditors of listed entities; these auditors will be required to communicate Key Audit Matters for periods ending on or after December 15, 2022.

READ THE AASB’S SEPTEMBER SUMMARY OF DISCUSSIONS HERE

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

  • This is the third (the second was in last month’s update) of a three-part series from IFAC addressing challenges small to mid-sized practitioners (SMPs) face in dealing with increased fee pressures. This article covers credit controls, collection techniques and dealing with conflict. There are very good tips in this article which is very worth the quick read.

READ ARTICLE HERE

Enhancing Culture

  • Building strong relationships with your clients and motivating your staff starts with the attitude within your firm. Creating a strong culture is important, especially as you prepare for the many changes to come. An interesting article by Jean-Guy Talbot of ReveNew outlines crucial things to think about as you strengthen or improve your firm’s culture. You also may want to check out details of his upcoming conference in Ottawa this November. Rev Up Your Practice is a unique event which will cover this and many other important topics related to practice management. A conference like no other.

READ ARTICLE AND CONFERENCE DETAILS HERE


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.

Best Regards,
Kirsten S. Albo, FCPA, FCA
President