Blog

Provide clear and comprehensive disclosures of all material financial information to ensure transparency and facilitate accurate stakeholder decision-making. This includes detailed notes on accounting policies, significant estimates, and judgments that impact reported figures, helping users understand how figures are derived. Disclose related-party transactions transparently, specifying the nature, amount, and terms to prevent potential conflicts of […]

Adopt IFRS standards in Canada requires strict adherence to specific reporting principles, particularly regarding revenue recognition, asset valuation, and lease accounting. Ensuring compliance with these core areas helps maintain transparency and comparability across entities. Proper classification of financial instruments remains essential. Canadian companies must distinguish between liabilities, equity, and hybrid instruments according to IFRS 9, […]

Proper financial documentation is crucial for non-profit organizations operating in Canada. Meeting the specific reporting requirements set by regulators ensures your organization remains compliant and demonstrates accountability to donors, beneficiaries, and the public. Filing annual financial statements according to the Non-Profit Corporation Act or Charities Act involves preparing detailed reports that include statement of financial […]

Focus on evaluating which financial information significantly influences the decisions of users; precise assessment of materiality enhances the relevance and clarity of your reports. Prioritize identifying thresholds that are tailored to your organization’s size, industry, and specific circumstances, rather than relying solely on generic guidelines. Use concrete numerical benchmarks combined with qualitative considerations to determine […]

Following the Public Sector Accounting Board (PSAB) standards is a requirement for most Canadian public sector entities to ensure transparency, consistency, and accountability in financial reporting. These standards set out comprehensive guidelines for recording, measuring, and disclosing financial information, helping stakeholders make informed decisions. Organizations such as provincial governments, municipalities, school boards, and healthcare authorities […]

Start by contacting the provided referees directly through a phone call or email. Ask specific questions related to the accountant’s work ethic, professionalism, and reliability. Confirm the duration of their professional relationship and double-check the accuracy of the references given by the candidate. Prioritize verifying recent work experiences to ensure the accountant’s skills are current […]

Providing clear and accurate financial documents significantly increases your chances of loan approval. Lenders rely on these statements to assess your company’s financial health, cash flow, and repayment capacity. Ensuring your statements are well-prepared and up-to-date can make a vital difference in the borrowing process. Canadian financial institutions prioritize transparency and consistency. Well-structured income statements, […]

Public companies in Canada must adhere to strict financial reporting requirements mandated by regulators such as the Canadian Securities Administrators (CSA) and the Canadian Accounting Standards Board (AcSB). These guidelines require detailed quarterly and annual financial disclosures, including audited financial statements prepared according to International Financial Reporting Standards (IFRS). By meeting these standards, companies maintain […]

Manage sales taxes effectively by registering for a Goods and Services Tax (GST)/HST account once your Shopify store exceeds the $30,000 revenue threshold in a 12-month period. This ensures compliance and avoids penalties. Determine which provinces require Collecting Provincial Sales Tax (PST) or Quebec Sales Tax (QST), as these rates vary across regions. Shopify’s built-in […]

If your goal is to obtain a clear understanding of a company’s financial statements without the need for extensive scrutiny, a Notice to Reader review stands out as a practical option. It provides basic assurance that the financial statements are free of obvious errors, making it suitable for straightforward purposes such as internal decision-making or […]