Training
Accounting and assurance standards – What’s new for 2024-2025
Length: 2 h 30
New training for 2024-2025
Summary
Over the past year, CPA Canada has published only one significant change to accounting standards and none in assurance standards. CPA Canada has published amendments to the French version to harmonize translations, and a few adjustments to auditing standards.
However, several topical issues and publications are of particular relevance to practitioners. Despite the lack of change in accounting and assurance standards, CPA must remain alert to professional practice and current issues. Your responsibilities as a CPA are to know, understand, master and apply these requirements to your mandates.
Objectives for the day:
- To identify and understand the changes made to the standards
- To understand practical applications of these new requirements in the documentation of assurance files
- To determine the changes required in the financial statements and the impact of applying them in disclosures
Too often, professional inspection criticizes practitioners for not being up-to-date on the latest changes. So let’s be proactive with this course.
Agenda
- New:
- AcG-21 Accounting for life insurance contracts with cash surrender value
- Changes:
- Amendments to the French texts to harmonize the French translations of the manual
- Section 3400 Products
- Non-refundable upfront fees or payments, effective date
Assurance
- Changes:
- Amendments to French texts to harmonize French translations of the manual
- New requirements for the auditor to communicate to those charged with governance the relevant rules of professional conduct.
- CAS 600, Audit of group financial statements (including the use of the work of component auditors)—special consideration:
- o Special considerations published in March 2024 by CPA Canada
- o Are you certain you do not need to apply CAS 600?
Codes of ethics of Comptables professionnels agréés du Québec *
- Table of concordances
- Impact on the practitioner’s communications
- With the client
- With other CPA
*: The purpose of this section of the Code of Ethics is not to present the Code of Ethics, but to identify new obligations for the practitioner in these communications and to present examples.
Professional Inspection
- Comments on the Ordre des CPA du Québec’s professional inspection for 2024.
- Cautionary note on auditing the fair value of investments
- CPAB publications (2)
- Recommendations to auditors on identifying and assessing the risks of material misstatements
- Factors to consider when auditing entities using a service company
Last but not least
- Presentation of the changes made to Paradigme Questionnaires
- Discussion of the changes’ impacts on work methodology
- Discussion with participants
Soyez les premiers informés!
Inscrivez-vous à notre infolettre et soyez à l’affût des formations disponibles et des nouveautés.