Quebec budget – Increased transparency and predictability for the recovery
To enable Quebec to emerge from the crisis with pride, the Order is reiterating its recommendations to the Minister of Finance, including the creation of a parliamentary budget officer position and the preparation of long-term economic and fiscal forecasts. See why these two proposals are more relevant than ever in the March 13 and 20 editions of La Presse+.
Publication of the initial list of determined transactions
We remind you that in order to fight against aggressive tax planning, mandatory disclosure has been extended to certain transactions or series of determined transactions. The Minister of Finance published the initial list of determined transactions in the Gazette officielle du Québec. Such transactions involve avoidance of the deemed disposition of a trust asset, payment to a non-signatory country, multiplication of the capital gains deduction and tax attribute trading. Your clients or organization may be affected by these new obligations.
Thinking of becoming a mediator in small claims respecting a fiscal matter?
CPAs seeking to do so can now become certified by the Order to become mediators in connection with tax disputes between taxpayers and Revenu Québec before the Small Claims Division of the Court of Québec.
The AASB approves a new quality management suite of standards
The standards Quality Managements for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements (CSQM 1); Engagement Quality Reviews (CSQM 2); and Quality Management for an Audit of Financial Statements (CAS 220 revised) will be issued in the CPA Canada Handbook – Assurance in May 2021.
Note that the first two standards will also apply to related service engagements, including compilation engagements.
It could take an organization decades to build up its reputation, but all it takes is one corruption scandal to destroy it. Sound compliance and ethics practices may significantly mitigate the risks of such a scandal occurring.
IASB Exposure Draft on regulatory assets and liabilities and virtual panel discussion
The IASB has issued an Exposure Draft proposing a new IFRS standard to give investors a more comprehensive picture of the financial performance of entities subject to rate regulation.
On April 13, a panel of experts will discuss the proposed accounting model and compare it to the model under U.S. GAAP. There will also be time for participants to ask questions and share their views.
Change in the application of the accounting standard respecting transfer payments in the Government of Quebec’s consolidated financial statements
The Minister of Finance announced a change of application of the accounting standard respecting transfer payments. This change is in response to a recommendation put forth by the Auditor General in 2013. The 2021-2022 budget and 2020-2021 public accounts will reflect this accounting change.
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