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Revenu Québec cancels late-filing penalties for some companies
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If your company or that of one your clients has paid its tax balance owing by September 30, 2020, Revenu Québec will cancel the late-filing penalty that applies when an income tax return is received between September 2 and 30, 2020, with respect to a fiscal year ended in the period starting November 30, 2019, and ending January 16, 2020.
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Economic update: Let’s get out of the crisis first
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Given the exceptional situation that we are experiencing and the high level of uncertainty over what to do next, the Quebec Minister of Finance is proceeding with caution and postponing the joint discussion on how to balance the budget.
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Enter the new age: The digital transformation through the eyes of CPAs
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Technology is changing our lives, our ways of interacting, of seeing the world, of working. Even in accounting! We can’t deny it; the CPA profession is transforming, as are organizations. And this is a good thing, because you have everything you need to be a change leader.
In our short video series, “Changer d’ère”, convinced and convincing CPAs tell you about the digital transformation and its impact on… absolutely everything, but mainly on the role that you can play, regardless of your area of activity. Listen to what they have to say!
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The digital era: So what’s it all about anyway?
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We’ve been talking more and more about it, especially since the advent of the pandemic, which has forced us to reinvent ourselves. But what does this mean for CPAs? What impact will technologies such as automation, cloud computing, artificial intelligence and blockchain have on the profession? Will this affect all CPAs? To be well prepared to face the upheavals brought about by the digital era, one must have a firm grasp of the subject. Explore every aspect of the digital era in our online guide designed just for you.
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Finance in the digital era: Tools to pursue the shift
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More than ever in our new normal, organizations are being forced to rethink their management systems, processes, and functions to adapt to a changing environment. To benefit businesses, the Government of Quebec has drawn up a roadmap to financial management 4.0.
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Auditors: What if you were to get into the artificial intelligence game?
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Extracting data from prior periods, identifying anomalous transactions, reducing the time taken to review significant contracts… Getting into the automation and artificial intelligence game can help assurance providers improve their work efficiency.
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Quick poll: Where is your organization in its digital transformation?
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Answer the question and check out the results in the next CPA Newsletter.
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EXPERT ADVICE AND RESOURCES
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ASPE: Lease changes resulting from COVID-19
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Section 3065, Leases, now provides relief for both lessors and lessees on accounting for lease changes resulting from COVID-19. Enterprises that choose to avail themselves of the relief measures will not need to account for the changes in an existing lease as a new lease if certain conditions are met. These changes were published in the CPA Canada Handbook – Accounting.
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ASPE: Update of Section 3462, “Employee Future Benefits”
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This section was amended to clarify the valuation of defined benefit obligations for plans with a legislative, regulatory or contractual requirement to prepare a funding valuation. The amendments also remove the accommodation to allow the use of a funding valuation for defined benefit plans without a funding valuation requirement. These amendments were published in the CPA Canada Handbook – Accounting.
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Educational childcare service providers: Budget rules, occupancy rules and the general ledger guide
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The budget rules, the occupancy rules
as well as the general ledger guide for the 2020-2021 fiscal year are now available online (in French only) on the Ministère de la Famille website.
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2020-2021 audit report for childcare services
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The Working group on educational childcare services network has prepared new sample reports.
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FRR: Support for regional outreach program
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Component 1 of the Regions and Rurality Fund (FRR) is designed to support structuring projects whose benefits will have an impact on the territory of Quebec regions. Guidance to auditors has been issued regarding the final accountability report for this component.
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Notices of voluntary limitation, temporary striking off the roll and limitation of the right to practise has been issued recently.
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Expert advice and resources
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This email was sent by the Quebec CPA Order.
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You have received this email because it is a communication concerning the requirements of members of the Quebec CPA Order and/or candidates for the practice of the profession. For that reason, you cannot unsubscribe from this communication.
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