Accounting exams, IFRS 8 greedflation, and more Canadian accounting news
Subscribe to our weekly e-newsletter and get all of the week’s tales. Click here to sign up.
TORONTO, Nov. 27, 2022 – The headline information of the previous week in Canadian accounting was the publication of the exam results from the September Common Final Examination. Over 4 thousand college students handed the nationwide examination and at the moment are on their technique to changing into chartered skilled accountants. The examination had not one of the drama related to the CFEs of the previous few years, from technical failures to pandemic planning, though some college students did complain that provincial outcomes platforms have been sluggish to load as a result of busy servers.
The idea of accounting exams has been beneath some scrutiny not too long ago as a result of a scarcity of accountants in different nations, particularly the US and UK. For instance, Fortune Magazine reported that the uniformity of the CPA examination within the US, is one purpose why the MBA is the “go-to diploma.” The Monetary Occasions recently reported that, “Confronted with a pointy decline within the variety of individuals taking exams for entry to the occupation, and a slide in curiosity in college accounting programs that hints at deeper bother to return, the business is attempting to reverse the development.”
Whereas the examination is seen as one among a number of boundaries to the occupation which might be contributing to the scarcity, the explanations for a scarcity of accountants has been debated. The Enterprise Occasions within the UK recently reported that the Huge 4 companies have launched a worldwide hiring spree as a result of enterprise demand. However “one other a part of the reply is a post-Covid workers exodus.” And now, on to extra information from the previous week in Canadian accounting.
How IFRS camouflages the conglomerate income of grocery monopolies
Early in November, we reported on the work of Samantha Taylor, a senior teacher of accounting at Dalhousie’s Rowe College of Enterprise, who defined why it “it’s inconceivable to inform whether or not an organization like Loblaw, which sells clothes strains (Joe Recent) and prescribed drugs (Buyers Drug Mart) inside a few of its grocery shops, is cashing in on grocery gross sales development.” (Trace: It’s all about Inside Monetary Reporting Requirements.)
This previous week, David Milstead at the Globe and Mail took up the difficulty, explaining to readers why IFRS 8 (Working Segments) enable conglomerates like Loblaw to “muddy the waters” and make it dificult to precisely accuse an organization of “greedflation.” Milstead is without doubt one of the few Canadian reporters that’s prepared to do the heavy lifting on accounting requirements in his articles.
Feds impose carbon pricing on Maritimes amidst “theatre and drama”
Probably the most controversial Canadian tax of the twenty first has been imposed on the Maritime provinces of Nova Scotia, Prince Edward Island, and Newfoundland and Labrador, after their very own proposals have been deemed to have “fallen wanting the federal benchmark for emissions reductions,” stated the CBC this past week. After the feds accepted Saskatchewan’s plan earlier this week, it implies that most of Canada, together with its largest provinces, all run provincial plans, whereas Manitoba and the Maritimes wll run the federal system.
Surroundings and Local weather Change Minister Steven Guilbeault couldn’t assist however name out Nova Scotia Premier Tim Houston for a degree of “theatre and drama” unseen in different provinces, together with Alberta. The Nationwide Observer reported that Politics remain heated around carbon tax for Atlantic Canada. Nova Scotia Premier Tim Houston has lengthy been a vocal opponent of the tax in a province the place a minimum of one coal mine is reopening to money in a single greater commodity costs. The carbon tax is not going to take impact till subsequent Canada Day.
Accounting Dealbook: MNP scores once more in Quebec
Homegrown accounting agency MNP continues to broaden its footprint in Quebec. This past week it picked up Malenfant Dallaire S.E.N.C.R.L., headquartered in Quebec City, to add to its 26 offices. To get a way of the dimensions of the acquisition, recall that PwC Saskatchewan, which was not too long ago acquired by BDO Canada, has three companions and 40 CPAs. The group at Malenfant Dallaire has 9 companions and 30 group members.
Fast Hits: Articles of Curiosity
Canadian
The details of the Laurentian University bankruptcy story are damning. Will they lead to change? (TVO In the present day)
Eby announces dedicated B.C. housing ministry, as Opposition seeks audit of providers (Canadian Press)
B.C. auditor highlights costs of 2021 disasters, pandemic relief payments (Pattison Media)
Manitoba municipality loses half a million dollars in alleged e-transfer fraud (CBC)
CBA head calls for ‘more carrot, less stick’ when it comes to tax policy on banks (Monetary Publish)
Danielle Smith makes clean break with Jason Kenney era, at cost of Heritage Savings Trust Fund infusion (Globe and Mail)
B.C. used car buyers furious over provincial tax changes that have them paying more (CBC)
The CRA is already challenging real estate transactions ahead of new anti-flipping rules (Monetary Publish)
Worldwide
The PCAOB Is Missing In Action on Climate Risk (Harvard Legislation College Discussion board on Company Governance)
First Accounting Firm With HQ in Metaverse Is Sued Over FTX Meltdown (Bloomberg Tax)
The PCAOB Thinks It Deserves a 12.6% Raise (Going Concern)
By Canadian Accountant workers.
