Month: November 2017

• Employee Discounts
• Personal Use Property
• The Taxation of Partnerships
• Deduction of Car Expenses
• Electronic Distribution of T4 Information Slips
• Around the Courts

IASB includes:

• Revision of IFRS Framework completed
• IFRS 17 “Insurance Contracts” published
• IASB publishes exposure draft on Annual Improvements to IFRS Standards 2015-2017 Cycle
• Exposure draft on IFRS 8 “Operating Segments” published
• Published exposure draft on IFRS 9 “Financial Instruments”
• IASB publishes exposure draft on IAS 16 “Property, plant and equipment”
• IFRIC 23 “Uncertainty over Income Tax Treatments” published.

EU Endorsement includes:

• EU Endorsement Status Report.

ESMA includes:

• ESMA issues report on the application of IFRS 13 “Fair Value Measurement”
• ESMA issues Q & A on the Guidelines on Alternative Performance Measures
• ESMA – Enforcement decisions published.

In the 2017 Federal Budget, the Department of Finance proposed rule changes on how professionals report income for tax purposes. 

Specifically, Finance has proposed to eliminate professionals’ use of billed-basis accounting for income tax purposes in order to prevent a deferral of taxation.  Accordingly, the new rules will significantly affect the cash flow of professional businesses in the short term as income taxes may need to be paid on income that is recognized before cash is actually received from clients.  The proposed changes will apply to taxation years that begin on or after March 22, 2017. (more…)