MNP Comment Letter - General Presentation and Disclosures Exposure Draft (International)

Category: IFRS

MNP Comment Letter - General Presentation and Disclosures Exposure Draft (International)



Thank you for the opportunity to comment on the above ED.

The proposed new standard would apply to all entities that prepare financial statements in accordance with IFRS. In Canada, a wide range of entities prepare their financial statements in accordance with IFRS, including not-for-profit organizations, public and private entities, government business enterprises, government business partnerships and other government organizations.

MNP LLP (“MNP”) supports initiatives to improve how information about an entity’s performance is communicated in the statement of profit or loss and related disclosures. We agree that it is imperative to have a set of disclosure requirements that ensure sufficient transparency and disaggregation of information. However, we believe that the specific proposals within the ED would create implementation challenges for MNP’s small to mid-size clients within the entity groups described above. Specifically, we have concerns about the substantial time and cost that would be necessary for these entities to implement and comply with the new requirements. These entities generally have fewer accounting resources available and simpler accounting systems. We also expect that the proposed changes will result in higher audit fees charged to these entities.

MNP Comment Letter - General Presentation and Disclosures Exposure Draft (International)

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Michelle Balmer

Michelle Balmer CPA, CA

Vice President, Assurance

Michelle Balmer, CPA, CA, is a Senior Assurance Services Partner with MNP. With 14 years of experience in public practice, Michelle helps a broad range of public and privately held companies in a variety of industries. She also works on special projects, including costing studies, benchmarking and best-practice studies, operational analyses, litigation support and due diligence.

As a key member of MNP's Assurance team, Michelle has played an instrumental role in assurance policy development, implementing accounting and assurance standards firm-wide and educating assurance practitioners regarding methodologies and new pronouncements. She also provides technical advice and consultation on accounting and assurance issues, as well as on rules of professional conduct issues, to all MNP practitioners.

Michelle was certified a Chartered Accountant (CA) after obtaining a Bachelor of Commerce degree from the University of Alberta. She has been actively involved with the Institute of Chartered Accountants of Alberta, including the Chartered Accountants School of Business, in an instructional and marketing capacity. An avid volunteer, she has assisted numerous groups such as the Easter Seals of Alberta, Paralympic Sports Association and Junior Achievement of Northern Alberta.