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. […]
Manage Your Risks to Ensure Your Company’s Long-Term Success
The risks you’ll face as a business will change constantly based on the market (new competitor, new product), the organization (international expansion strategy, acquisition of another company, initial public offering), products (product obsolescence, major recall of a defective product), etc. As such, risk evaluation should be built into your structure, and ideally have a person […]
Empty Homes Tax – Audits and Appeals
Empty Homes Tax – Audits and Appeals If you are a City of Vancouver residential property owner, you may be subject to an audit of your 2017 Property Status Declaration. The City of Vancouver may also have recently denied your request for an exemption to the Empty Homes Tax (EHT). This post outlines how to […]
10 Tips for a Successful Not-for-Profit Audit
As accountants and trusted advisors for many not-for-profit organizations and charities, we share your goal of a successful audit. Here are our tips for a successful not-for-profit audit Our tips to achieve a successful not-for-profit audit: Review all lease agreements and leasehold improvements. Make sure all leases are readily available for the auditors, especially any […]
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 […]
Good Governance for Tech Startups
The tech sector continues to grow healthily. It is a competitive marketplace where companies hustle for position, each with their own idea and end goal of starting to generate profitable revenues. A significant number of start-ups continue to receive funding to assist their research, testing and ultimate release of new products. Amid all the excitement […]
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.
