Overview Canadian publicly listed companies are not only required to file financial statements on a quarterly and annual basis, but must provide users with a supplemental management discussion and analysis (“MD&A”). According to the Form 51-102F1, a “MD&A is a narrative explanation, through the eyes of management, of how a company performed during the period […]
IFRS 16 – Leases
Overview: IFRS 16 Leases was issued in January 2016 and applies to annual reporting periods beginning on or after January 1, 2019. This new standard, which will affect almost all companies that prepare financial statements in accordance with IFRS. IFRS 16 requires that almost all leases are reflected on the balance sheet with a corresponding […]
New CRA Audit Project: Car Expenses
It appears that the Canadian Revenue Agency (CRA) has a new project: corporate car expenses. This change comes as a surprise as previous correspondence from CRA was proposing to disallow personal car expenses for owner managers. In CRA correspondence that we have seen of late, the focus is on those companies that had an […]
IFRS 15: Revenue from Contracts with Customers
Also known as “Revenue from Contracts with Customers,” this was issued in May 2014 and became effective for annual reporting periods beginning on or after 1 January 2018. IFRS 15 specifies how and when an IFRS reporter will recognize revenue, and the requirements to provide users of financial statements with more informative, relevant disclosures. […]
New IFRS Standards Becoming Effective: Are You Ready?
There are three new International Financial Reporting Standards that become effective this year and next: IFRS 9 Financial instruments IFRS 15 Revenue from contracts with customers IFRS 16 Leases IFRSs 9 and 15 are effective for annual periods beginning on or after January 1, 2018. Therefore, public companies with a December 31st year-end date will […]
CPA Canada’s New Review Engagement Standard: What to Expect
Does your company require us to perform a review of its financial statements? You should be aware that the review engagement standards are changing. DMCL will be applying the new review engagement standard, Canadian Standard on Review Engagements (CSRE) 2400, Engagements to Review Historical Financial Statements, as required by CPA Canada, for reviews on your […]
New Accounting Standard Brings Big Changes to Lease Reporting on Financial Statements
The IASB has issued a new standard on the recognition, measurement, presentation and disclosure of leases in financial statements prepared in accordance with IFRS.
