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2018-007: AC Insights - Winter 2018
ca
Overview:
This Newsletter includes the IFRS and US GAAP Winter 2018 editions of AC Insights.AC Insights
provides audit committee members with a summary of financial reporting developments for public companies using IFRS or US GAAP, how those developments might affect their companies and things they may want to think about when reviewing financial reports. The fall meetings of the IASB were focused on the conceptual framework, rate regulated activities, and several maintenance projects. A final conceptual framework is expected in early 2018.
The US tax reform may affect Canadian companies with US subsidiaries and operations. We have outlined the possible accounting consequences of this tax reform in this edition ofAC Insights.
Amendments were issued in the final quarter of 2017 to clarify or correct certain existing standards. These amendments addressed certain issues in IFRS 9: Financial instruments, which is effective in 2018, and three improvements to other standards. A summary of these changes are provided in this edition.
In CSA developments, we highlight the results of the latest review of disclosures about women on boards and in executive positions, as well as other recent notices and developments. In December, the annual AICPA SEC conference was held and the highlights of that conference, from a Canadian perspective, have been summarized for you underSEC developments.
There have been a number of auditing developments, including an announcement to require disclosure of key audit matters by Canadian auditors, the CPAB report on key inspection findings for the Big 4, commentary about discussions at CPAB industry forums, and a brief from the PCAOB on its 2016 inspection findings. This edition provides a summary of these notices, reports and developments.
AC Insights Winter 2018 - Cdn Edition (pdf 299kb)
During the fall quarter of 2017, the FASB did not issue any updates to its standards. During the most recent quarter, the FASB considered a number of maintenance projects, including implementation issues for the new leases and credit loss standards. Some of these maintenance projects are expected to be finalized in early 2018.The US edition also covers the tax reform along with the CSA, SEC and Auditing developments discussed in the Canadian edition.
AC Insights Winter 2018 - US Edition
(pdf 288kb)
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