For private companies, small businesses and non-profit organizations, we provide professional financial information to clients when the information will be used for management or third parties such as lenders, potential investors, or required by the industry etc.
We will speak with clients how the financial information will be prepared. It is unlikely to follow a general purpose framework. We will let our clients know what it would look like when a general purpose framework is followed in the future if required or needed.
We will let our clients know what it would look like when a general purpose framework is followed in the future if required or needed.
| CSRS4200The new Canadian Standard on Related Services (CSRS) 4200, Compilation Engagements replaces Section 9200, compilation engagements and Assurance and Related Services Guideline AuG-5, Compilation Engagements - Financial Statement Disclosures. CSRS4200 is effective for compiled financial information for periods ending on or after December 14, 2021. Learn more
Basis of Accounting
A note describing the basis of accounting applied is required to improve the understandability of financial information. Management is required to obtain third party approval of the expected basis of accounting. Learn more |