On the agenda: independence standards, support measures, AI in finance, sustainable development and more.
 
CPA Québec

CPA NEWSLETTER

THE OFFICIAL VOICE OF THE ORDER

NEWS

Agreed-upon procedures engagements and obligations set out in the Code of ethics of CPAs
As of January 1, CSRS 4400 applies to agreed-upon procedures (AUP) engagements, replacing Sections 9100 and 9110 of the CPA Canada Handbook. Among other things, the standard lists new conditions for accepting or continuing with AUP engagements and addresses compliance with independence standards.
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SUSTAINABLE DEVELOPMENT

Questions directors should ask about environmental and social risks and opportunities
Environmental and social issues are a leading disruptive force in business. Transform the associated risks into opportunities to enhance your organization’s competitive advantage.
FIND OUT HOW

EXPERT ADVICE AND RESOURCES

ASPE – Lease modification as a result of COVID-19 – Extension to December 31, 2022
Section 3065, Leases, has been amended to extend the optional relief for both lessees and lessors on accounting for COVID-19-related rent concessions by one year to December 31, 2022. This amendment is effective for fiscal years ending on or after December 31, 2021. Earlier application is permitted, including in financial statements not yet authorized for issue.
 

COVID-19 – Temporary expansion of federal government support programs
The Government of Canada has announced the temporary expansion of eligibility for the Local Lockdown Program and the Canada Worker Lockdown Benefit in response to new public health restrictions.
LEARN MORE
 

Artificial intelligence (AI) in finance: recommendations for responsible use
AI creates new opportunities, but it also causes uncertainty and risk for financial activities. See the recommendations from the AMF for promoting the responsible development and deployment of AI in finance.
READ THE REPORT (IN FRENCH ONLY)
 

Deduction for teleworking expenses and other changes to the Quebec tax system
The Government of Quebec will extend, for fiscal years 2021 and 2022, the use of the simplified method of applying for the deduction of teleworking-related expenses temporarily introduced last year. Additionally, the maximum amount that can be claimed will increase from $400 to $500 per year. The government also announced other changes to the Quebec tax system in its latest information bulletin.
TELEWORKING DEDUCTIONS
 
CHANGES TO THE TAX SYSTEM
 

CRA guidelines on the completion of T2 Schedule 141
Read the CRA guidelines on the completion of T2 Schedule 141 if you provide bookkeeping or tax preparation services but do not perform an audit, review or compilation.
SEE THE UPDATE PUBLISHED BY CPA CANADA ON DECEMBER 1
 

Review of the report to be prepared on the capitalization rate of cooperatives, in compliance with the requirements of the Cooperative investment plan act
Members of the Sector-specific working group on cooperatives and the Technical working group on assurance reports have reviewed the report to be prepared on the capitalization rate of cooperatives subject to the requirements of the Cooperative investment plan act, which stipulates that the capitalization rate of cooperatives must be below 60%.
READ THE REPORT (IN FRENCH ONLY)
 

In brief
  • 2021 fall economic update summary – Federal
     
  • Update to the report to be prepared as part of the Agreement relating to the consignment, the recuperation and the recycling of non-refillable beer and soft drink containers (in French only)
     
  • The Ministère de la Santé et des Services sociaux has confirmed that the audit engagement on units of measure will be suspended for the 2020-2021 fiscal year.
NEWS
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EXPERT ADVICE AND RESOURCES
View all the published articles
 
YOUR FILE
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