http://www.mnp.ca/media-centre/blog/tags/accountingAccounting Blog Post RSS FeedCopyright 2012MNP All rights reserved.The Public Company Accounting Oversight Board (“PCAOB”) released Audit Standard 5 (“AS5”) in 2007 in response to exorbitant audit fees and compliance costs being incurred by public reporting issuers in the United States, related to meeting SOX 404 requirements.http://www.mnp.ca/en/media-centre/blog/2009/4/27/are-you-fully-leveraging-as5-to-improve-your-ceocfo-certification-process/Mon, 27 Apr 2009 00:00:00 GMTGenerally speaking, the Auditing and Assurance Standards Board (AASB) has agreed with the proposed change to the International Standards on Auditing (ISA) and will adopt them as the new Canadian Auditing Standards (CAS).http://www.mnp.ca/en/media-centre/blog/2009/6/11/the-new-canadian-auditing-standards/Thu, 11 Jun 2009 00:00:00 GMTFor years, there has been a cry for simplified financial reporting standards by the millions of private entities in Canada, their auditors and stakeholders. In 2002, the Accounting Standards Board (AcSB) approved the existing Differential Reporting model to address the concerns of private enterprises. http://www.mnp.ca/en/media-centre/blog/2009/6/22/private-enterprise-standards-the-call-has-been-answered/Mon, 22 Jun 2009 00:00:00 GMTUnder Canadian GAAP, management is required to test long-lived assets for impairment whenever circumstances indicate that their carrying amount may not be recoverable. The decline in the current economic environment, including reduced market prices for assets, may result in such a circumstance. http://www.mnp.ca/en/media-centre/blog/2009/8/18/evaluation-of-management-assumptions-during-the-economic-crisis-impairment-of-long-lived-assets/Tue, 18 Aug 2009 00:00:00 GMTAsking yourself these questions could save you a lot of money. The Scientific Research and Experimental Development (SR&ED) tax credit is a valuable incentive which can provide a refundable tax credit for Canadian businesses. For example, a private company that spends $100,000 on SR&ED can earn a net after tax savings of approximately $47,000.http://www.mnp.ca/en/media-centre/blog/2010/1/27/taking-advantage-of-the-scientific-research-and-experimental-development-sred-tax-credit/Wed, 27 Jan 2010 00:00:00 GMTThe first step in taking advantage of the Canada Revenue Agency’s (CRA’s) SR&ED tax credit incentives is to determine if you are performing qualified SR&ED work. Once you’ve established that, the next step is to produce documentation and evidence to support that eligible work was done and that eligible expenses were incurred.http://www.mnp.ca/en/media-centre/blog/2010/3/1/documenting-your-scientific-research-experimental-development-sred-claim/Mon, 01 Mar 2010 00:00:00 GMTIn 2011 (or maybe earlier), many Canadian enterprises are going to be adopting IFRS. If your company or organization is adopting IFRS, you have most likely just begun your transition. You may want to consider some of the issues these areas identified when they transitioned to IFRS, and learn from them.http://www.mnp.ca/en/media-centre/blog/2010/3/31/the-transition-to-international-financial-reporting-standards-ifrs-lets-learn-from-others/Wed, 31 Mar 2010 00:00:00 GMTThe Accounting Standards Board (AcSB) is another step closer to determining the future for Canadian not-for-profit organizations (NFPOs).http://www.mnp.ca/en/media-centre/blog/2010/5/4/not-for-profit-organizations-one-step-closer/Tue, 04 May 2010 00:00:00 GMTWho would have thought US healthcare reform would have such a unique and profound effect in Canada? Buried in the details of “The Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act” is a hidden provision that may well change how Canadian Corporations are taxed by the Internal Revenue Service (“IRS”).http://www.mnp.ca/en/media-centre/blog/2010/8/11/irs-uses-us-healthcare-to-catch-non-compliant-canadian-taxpayers-universal-coverage-may-have-new-meaning/Wed, 11 Aug 2010 00:00:00 GMTCanadian Auditing Standards will be applicable for all Canadian audit engagements for periods ending on or after December 14, 2010. So what does this mean for your company’s audit? There is one change, specifically, that you need to be aware of.http://www.mnp.ca/en/media-centre/blog/2010/9/8/changes-to-the-auditors-report-date-may-affect-your-audit/Wed, 08 Sep 2010 00:00:00 GMTWith the adoption of Canadian Auditing Standards (CAS) for credit unions with year ends on or after December 14, 2010, the auditor's report date will be the date that the Board of Directors approve the financial statements. What will this mean for your upcoming audit?http://www.mnp.ca/en/media-centre/blog/2010/9/28/what-credit-unions-need-to-know-about-the-new-canadian-auditing-standards-cas/Tue, 28 Sep 2010 00:00:00 GMTNon-profit organizations have certain specific features which make them particularly susceptible to fraud. So how can non-profits protect themselves? In this series, we will try and help non-profit organizations do just that by providing guidelines on how to safeguard their assets and reputation, starting at the (Tone at the)Top.http://www.mnp.ca/en/media-centre/blog/2010/10/27/preventing-fraud-in-non-profit-organizations-part-1-tone-at-the-top/Wed, 27 Oct 2010 00:00:00 GMTWith the recent oil spills, ongoing clean-up efforts, and an overall increase in environmental consciousness, Environmental or “Green” Accounting has come into focus.http://www.mnp.ca/en/media-centre/blog/2010/11/10/the-trend-toward-environmental-accounting/Wed, 10 Nov 2010 00:00:00 GMTThe Canada Revenue Agency currently has a tax credit program in place that may allow a Credit Union to receive a refund for a portion of expenditures made to address off-the-shelf system deficiencies, extensions to the application that are required to meet Credit Union business practices, or architecturally based shortcomings.http://www.mnp.ca/en/media-centre/blog/2010/11/17/how-credit-unions-can-use-innovation-as-a-tax-advantage/Wed, 17 Nov 2010 00:00:00 GMTAt MNP, our people are the driving force behind our success and the reason why we have grown to become one of the largest chartered accountancy and business advisory firms in Canada, with an ever growing presence in the GTA.http://www.mnp.ca/en/media-centre/blog/2010/11/24/putting-our-people-first-in-the-greater-toronto-area/Wed, 24 Nov 2010 00:00:00 GMTAfter choosing whether to adopt IFRS or the newly developed ASPE, our Private Enterprise clients ask us what they need to consider before deciding to “fair value” their property, plant and equipment upon adoption of their new accounting framework. This is what we tell them.http://www.mnp.ca/en/media-centre/blog/2010/12/1/fair-value-increase-on-adoption-of-new-accounting-standards-for-private-enterprises/Wed, 01 Dec 2010 00:00:00 GMTFraud schemes are limited only by the imagination of the perpetrators and fraudsters are a creative lot who don’t think twice of committing fraud against non-profit organizations – we have seen too many examples of this in the headlines.http://www.mnp.ca/en/media-centre/blog/2010/12/22/preventing-fraud-in-non-profit-organizations-part-2-understanding-your-risks/Wed, 22 Dec 2010 00:00:00 GMTIndividual Pension Plans (IPPs) are an excellent vehicle for business owners to save for retirement on a tax effective basis. We're going to focus on one particular benefit of IPPs, referred to as terminal funding. This is a large contribution opportunity which arises when the business owner retires.http://www.mnp.ca/en/media-centre/blog/2010/12/28/ipp-terminal-funding/Tue, 28 Dec 2010 00:00:00 GMTWhen the current generation wishes to transfer growth to the next generation to limit the exposure to taxes on death, they will almost always look at using an estate freeze. If the individuals own assets personally that are accruing value, the assets would normally be transferred to a corporation to effect the estate freeze.http://www.mnp.ca/en/media-centre/blog/2011/1/11/deviations-on-the-typical-estate-freeze/Tue, 11 Jan 2011 00:00:00 GMTGiven the significant increases in land and quota values over the last number of years, it is becoming increasingly difficult to transfer the family farm at fair market value. This tax-deferred rollover can be an invaluable tool in succession planning and benefit future generations.http://www.mnp.ca/en/media-centre/blog/2011/1/26/transitioning-the-family-farm/Wed, 26 Jan 2011 00:00:00 GMTIf you are considered as a Selected Listed Financial Institution, you will be required to file a form known as the Special Attribution Method for your upcoming fiscal year end. This form is required to be filed once per year within three months of your fiscal year end, commencing for all fiscal year-ends after July 1, 2010.http://www.mnp.ca/en/media-centre/blog/2011/2/9/will-hst-legislation-changes-impact-my-credit-union/Wed, 09 Feb 2011 00:00:00 GMTAmong professionals, the group most susceptible to fraud is dental practices. We'll go over the reasons why dentists are at risk more than any other professionals group and discuss what dentists can do to protect themselves and their practice.http://www.mnp.ca/en/media-centre/blog/2011/2/16/anti-fraud-issues-for-dental-practices/Wed, 16 Feb 2011 00:00:00 GMTOn January 31, 2011, Transparency International Canada issued a press release highlighting the fact that the RCMP’s Sensitive Investigations and International Anti-Corruption Unit currently has 23 active investigations into suspected breaches of the Canadian Foreign Public Officials Acts (CFPOA).http://www.mnp.ca/en/media-centre/blog/2011/2/24/canadas-anti-corruption-legislation-after-more-than-10-years-could-increased-enforcement-be-near/Thu, 24 Feb 2011 00:00:00 GMTThe year 2010 contained significant GST/HST developments that affected the financial services sector. Complex legislation dealing with imported taxable supplies and input tax credits (ITCs) were put into force. It also provides detailed rules for classifying and allocating expenses and purchases for input tax credit purposes.http://www.mnp.ca/en/media-centre/blog/2011/3/3/gsthst-developments-in-the-financial-sector/Thu, 03 Mar 2011 00:00:00 GMTContinuing our discussion of Game Company located in Red Deer, Alberta- the question we will answer is with regards to the tax rate applied to the purchase of supplies.http://www.mnp.ca/en/media-centre/blog/2011/3/22/a-case-study-on-hst-part-ii-gsthst-rates-on-supplies/Tue, 22 Mar 2011 00:00:00 GMTFederal Minister of Finance James M. Flaherty delivered the Conservative government’s Federal Budget on Tuesday, March 22, 2011.http://www.mnp.ca/en/media-centre/blog/2011/3/22/federal-budget-announcement-2011/Tue, 22 Mar 2011 00:00:00 GMTFinance Minister Ken Krawetz presented Saskatchewan’s 2011 Provincial Budget on March 23, 2011.http://www.mnp.ca/en/media-centre/blog/2011/3/23/saskatchewan-budget-announcement-2011/Wed, 23 Mar 2011 00:00:00 GMTIn his Budget today, Ontario’s Finance Minister Mr. Dwight Duncan avoided making any of the “tough choices" necessary to balance the budget earlier than the planned 2018 fiscal year. His 2011 Budget contains no perceptible cuts to programs or expenditures.http://www.mnp.ca/en/media-centre/blog/2011/3/29/ontario-budget-announcement-2011/Tue, 29 Mar 2011 00:00:00 GMTEstate planning is simply not complete without considering life insurance.http://www.mnp.ca/en/media-centre/blog/2011/4/5/creative-uses-of-life-insurance-for-estate-planning/Tue, 05 Apr 2011 00:00:00 GMTFinance Minister Rosann Wowchuk presented Manitoba’s 2011 Provincial Budget on April 12, 2011. http://www.mnp.ca/en/media-centre/blog/2011/4/12/manitoba-budget-announcement-2011/Tue, 12 Apr 2011 00:00:00 GMTIf you’re a dentist, you’ve told your patients that good hygiene is one of the most important things they can do to maintain the health of their teeth. But has anyone ever told you that developing a good hygiene practice is also one of the easiest and most important things you can do to maintain and improve the value of your dental practice?http://www.mnp.ca/en/media-centre/blog/2011/6/8/the-value-of-good-hygiene/Wed, 08 Jun 2011 00:00:00 GMTMany organizations in both the private and public sectors operate on the assumption that their employees and business partners are honest and as a result don’t give a lot of thought to fraud until it happens. By then, the damage caused may be extensive not only from a financial standpoint but reputationally as well.http://www.mnp.ca/en/media-centre/blog/2012/3/12/march-is-fraud-prevention-month-is-your-organization-doing-enough/Mon, 12 Mar 2012 00:00:00 GMT