Audit and Accounting

Top four tax and accounting mistakes made by entrepreneurs

Ellis Orlan • July 06, 2022 Let’s face it – as a business owner, your time is a precious commodity. You’ve got a business to run and grow, and your time is not best served brushing up on the latest business accounting rules and regulations. But accounting is an important function in every business, and any one of these tax or accounting mistakes ... Read more

Audit, review, or compilation: what’s the difference?

Fuller Landau team • January 28, 2022 Year-end financial statements provide a ‘snapshot’ of your business’ finances. However, the level of detail required, and the associated level of reporting, varies considerably based upon the type of engagement. To determine what engagement is appropriate for your business, it is important to understand the difference between the varying leve ... Read more

Amendments to Retractable or Mandatorily Redeemable Shares Issued in a Tax Planning Arrangement

Fuller Landau team • June 17, 2021 In 2018, new accounting standards for private enterprises (ASPE) were issued under Section 3856 Financial Instruments relating to the classification and measurement of retractable or mandatorily redeemable shares (ROMRS) issued in a tax planning arrangement. These amendments are effective for fiscal years beginning on or after January 1, 2021. What ... Read more

Using revenue recognition to manage cash flow

Gordon Jessup • October 07, 2019 We recently were asked to assist a foreign construction company with their Canadian corporate income tax returns. They were in the midst of their first Canadian project and had worked with their local accountant in determining their net income. For accounting purposes, they determined their net income using the percentage of completion method. This ... Read more

The importance of cash flow management

David Filice • September 23, 2019 Business owners usually evaluate financial performance based on profitability. Continuous efforts are made to improve the bottom line by generating new sales in addition to applying cost cutting measures. The common assumption is that to obtain financing from bankers and other key stakeholders, strong profitability is the only measure that counts. ... Read more