Assistance to Preparers

1. Financial statement preparation

Under both International Financial Reporting Standards (IFRS) and Accounting Standards for Private Enterprises (ASPE), for example, where any of the following apply:

  • management has no time available due to the competing demands of running the finance function for the business;
  • the financials have a broad readership (such as outside investors or they are to be used in a public document as part of a transaction) which demands a higher financial reporting bar;
  • a need exists to establish enhanced internal controls over financial reporting;
  • a desire for a higher level of quality control due to accounting for complex transactions or events;
  • separating the preparation of the financial statements from the audit is required to protect the auditor’s independence and objectivity; or
  • there is a need or desire to ensure best practices are adopted.

Financial statement preparation includes documenting the financial reporting and accounting positions taken by the entity in determining: accounting policies, recognition and presentation issues, as necessary. The goal is that all documentation created is easily auditable, to ensure the audit cost is managed.

2. Ad hoc projects

For example:

  • Adoption of new accounting standards:

–  Revenue from Contracts with Customers (IFRS 15);
–  Leases (IFRS 16);
–  Financial instruments (IFRS 9); or
–  Amendments to Presentation of Financial Statements (IAS 1).

  • Consultation on the accounting treatment for complex transactions or events.