How This New Accounting Rule Could Affect You

Accounting laws are continuously changing, which affects tax preparation, financial reporting, and bookkeeping processes. These legislations are typically complex to understand and require interpretation from a professional to save valuable time and money.

The latest amendment, due to be implemented in December by the Auditing and Assurance Standards Board (AASB), changes the standard format for presenting financial statements. The current method of using Notice to Readers will transition to Compilation Engagements.

This new standard brings more uniformity to the preparation of financial statements as there are now minimum standards that are defined more clearly.

The new rule also means that extra work is required on a file by practitioners, which may increase the cost of services. In addition, it will require more client participation. However, it’s worth the time and effort as it will add value to the end-of-year work.

If you need assistance in comprehending the latest rule change, get in touch with Andrea Brace, CPA in Kamloops, British Columbia, today. With over twenty years of accounting experience, we will help you with all your accounting requirements.

Our founder, Andrea, is passionate about accounting and invests her time and resources into obtaining continued financial education. It enables us to offer the best possible service while utilizing the latest tools. We offer assistance with full-cycle accounting and reporting, personal/corporate tax preparation, budgets and forecasts, Canada Revenue Agency (CRA) requests, payroll, payables, receivables, and government compliance.

As highly qualified and discreet professionals with excellent references, we offer a broad range of project training which benefits our clients immensely. We serve clients across Kamloops, Savona, Chase, Merritt, Logan Lake, Clearwater, Salmon Arm, and the surrounding areas.

If you have any accounting questions, please get in touch with us by clicking here. To learn more about the other services we have to offer, please click here.