August 22, 2019
by
Jamie Welsh, Sheldon Taylor
As the blockchain space continues to evolve towards mainstream adoption, the complexity of issues associated with blockchain-based technologies continues to grow. Given the vast number of uses for blockchain technology and the likelihood that it will continue integrating into the world around us, it is important to understand the nature of decentralized technology and its basis of operations.
July 11, 2018
by
Chris Russell
There are numerous components that go into valuing the assets of an active business. In simplified terms, those components can be characterized as the value of normalized discretionary cash flow plus redundant assets. In this article, we will be discussing two of the more common redundant assets that business owners frequently do not realize exist within their organization.
June 11, 2018
by
Heather Milburn
Our lives and the world around us are in a constant state of change. Why then, do so many organizations struggle to make time for continuous process improvement? There are a lot of programs and tools out there – including Six Sigma, Lean, Kanban, 5 S’s, Kaizen and TQM – so it is easy to get overwhelmed. However, you do not need your staff to have months of training to enjoy the benefits of continuous improvement. While many organizations have reaped the benefits of in-house continuous improvement programs, a great deal can be gained from a quick and easy review process.
April 24, 2018
by
Mario Patenaude, Tammie M. Sorensen
It is clear to business leaders, either motivated by profit or not, that government and its legislation will continue to make it increasingly challenging to run a profitable or financially viable not-for-profit venture. These legislative changes, most recently dealing with taxation and labour, will negatively impact the bottom line.
March 20, 2018
by
Sheldon Taylor, Jamie Welsh
Technology is changing at an unprecedented rate. Not only will these changes affect the way we do business, but some changes – such as blockchain – will significantly affect the amount of time spent performing audits.
December 15, 2017
by
Maxine Laforest, Caroline Morin, Julie Chrétien
In today’s increasingly digital world, having tools and programs that are as advanced as those of the competition plays a critical role in the success of any business. Cloud computing allows businesses to access their data anytime and anywhere via an internet connection, while reducing the headache of managing accounting records and transactions.
October 31, 2017
by
Peter Savoni
We have been hearing it for decades: 30 per cent of family firms survive to the second generation and only 10 per cent survive to the third generation. This statistic is generally cited without context, implying that family firms are the business organizations that are most likely to fail, but that assumption is incorrect. We know that family businesses facing succession are successful to begin with. Otherwise, they would not have been in business for so long, waiting for the next generation to take over.
September 21, 2017
by
Jamie Welsh, Jonathan Nichols
We keep hearing in the news and in professional publications that everyone needs to use data analytics. It’s the greatest thing since sliced bread. So why should businesses consider using data analytics? The reason is simple: data analytics presents many new opportunities to improve efficiency, gain actionable information on customers and add value to financial reporting. Analytics can have many positive effects on your organization, including those highlighted below.
July 4, 2017
by
Douglas Kroetsch
A major change is underway for the accounting of leases by lessees with the introduction of IFRS 16 - Leases (“IFRS 16”) where many leases that were previously not reported on the balance sheet will now be included. These changes will have a significant impact on the financial position, earnings and EBITDA of entities, especially those that operate in capital intensive industries and use leasing as a method of financing. The new standards take effect for fiscal years beginning on or after January 1, 2019.
June 7, 2017
by
Julie Chrétien, Dan Gauthier
In today’s ever-changing business environment, digital globalization is aggressively increasing. With the world more connected than ever, it is the dawn of a new era of surging flows of data and information. The growth of the internet and use of digital technology have both transformed and disrupted the world of business. A hyper-connected universe has opened up radical new possibilities, but has also cultivated an increase in cybercrime.
April 26, 2017
by
Craig Cross
The timing of revenue recognition may need to change in the near term for a construction entity preparing IFRS financial statements. Specific accounting guidance on construction contracts contained in IAS 11 Construction Contracts is replaced effective for annual reporting periods beginning on or after January 1, 2018. The International Accounting Standards Board (IASB) has published a new standard, IFRS 15 Revenue from Contracts with Customers (IFRS 15). IFRS 15 sets out requirements for recognizing revenue that apply to all contracts with customers.
March 29, 2017
by
Jamie Welsh
Having led over 1,000 audits of almost every shape and size, I often find myself in possession of extremely confidential and sensitive client financial information. This position of privilege occasionally provides me with a glimpse into a cross-section of some of the most successful (and sometimes unsuccessful) businesses in Canada each and every year. It is from this vantage point that I am offering a little free advice from a simple auditor to any client or potential client.
February 22, 2017
During times of economic uncertainty, one might expect that an entity would have fewer accounting issues to consider because activity levels often decrease. However, the opposite is quite often the case. While not new, there are a number of IFRS accounting standards that often take on increased importance when times get tough.
February 1, 2017
by
Ben Gibbons
For many entrepreneurs, the need to find financing can be like trying to sprint while dragging a weight along the ground. The time and effort spent researching financial sources, preparing pitches, and telling their story holds them back from focusing on the business and making their vision a reality.
December 8, 2016
by
Craig Cross
IFRS 9 Financial Instruments (IFRS 9) introduces major accounting changes for financial assets that are likely to significantly impact the financial statements of credit unions and other lending organizations, such as leasing companies. This article focuses on classification and measurement – including impairment loss provisions – of credit union financial assets. Other significant changes that may impact credit unions (such as the simplification of hedge accounting) are not covered in this article.
November 23, 2016
by
Nicole Liesemer
CPA Canada has issued Canadian Standard on Review Engagements (CSRE) 2400 Engagements to Review Historical Financial Statements. This new standard replaces existing standards for review engagements, including Section 8100 (General Review Standards), Section 8200 (Public Accountant’s Review of Financial Statements), Section 8500 (Reviews of Financial Information Other Than Financial Statements), as well as Assurance and Related Services Guidelines 20 and 47. This will be effective for reviews of financial statements for periods ending on or after December 14, 2017. Early application of CSRE 2400 is not permitted. This publication will address the key changes to review engagements that will impact users of the financial statements, including shareholders, investors, those charged with governance, management and other stakeholders.
October 26, 2016
by
Jamie Welsh
Negotiating with your banker is not a zero-sum game – meaning that your banker doesn't have to lose for you to win. Here's why that statement is both important and true.
October 11, 2016
by
Julie Chrétien, Dan Gauthier
Fraud – it’s everyone’s business. That dreaded F word is a prevalent crime we can’t afford to ignore. With one in every five businesses victimized in the past year, fraud has become a big threat and a serious ongoing challenge for Canada’s economy.
June 22, 2016
Designing internal controls for a small business or organization is a difficult task for management and/or the board to undertake. There are some that say it cannot be done because there are too few employees in the organization. We disagree. It can be done with a bit of forethought about the design of the workflow that needs to be accomplished. To begin the process, consideration needs to be given to the four major components of internal controls: control environment, risk assessment, technology and monitoring.
May 25, 2016
by
Nicole Liesemer
The International Accounting Standards Board (IASB) has published a new standard, IFRS 15 Revenue from Contracts with Customers (IFRS 15). IFRS 15 sets out requirements for recognizing revenue that apply to all contracts with customers and replaces the myriad of current revenue standards.
This new standard is effective for annual reporting periods beginning on or after January 1, 2018.
