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TORONTO, November 27, 2022 – Last week’s headline news in Canadian accounting was the publication of exam results from September’s Common Final Exam. More than 4,000 students have passed the national exam and are now on track to become Chartered Professional Accountants. While some students complained of slow loading of provincial result platforms due to congested servers, the exam was devoid of any of the drama associated with CFEs in the past few years, from technical glitches to pandemic planning.
The concept of accounting exams has recently come under some scrutiny due to the shortage of accountants in other countries, particularly the US and the UK. For example, Fortune magazine reported that one of the reasons why the MBA is the “go-to degree” is the uniformity of the CPA exam in the US. The Financial Times recently reported that “universities are facing a sharp decline in the number of people taking exams for entry to the profession and a decline in interest in accounting courses that hint at deeper problems ahead. tendency.”
The reasons for the shortage of accountants have been discussed, with the exam being seen as a barrier to the profession. The UK’s Business Times recently reported that the Big Four firms have started global recruitment due to business demand. But “another part of the answer is the exodus of employees post-Covid.” Now, on to more of the past week’s news in Canadian accounting.
How IFRS hides the collective profits of grocery monopolies
In early November, we reported on the work of Samantha Taylor, a senior instructor at Dalhousie’s Rowe School of Business, who explained why, “It’s impossible to tell if (Joe Fresh) is a clothing company like Loblaw. Pharmaceuticals (Shoppers Drug Mart) is profiting from grocery sales growth at some of its grocery stores. (Hint: This is all about internal financial reporting standards.)
This past week, David Milstead of the Globe and Mail took up the subject, explaining to readers why IFRS 8 (Operating Segments) allows companies like Loblaw to “muddy the waters” and makes it difficult to accurately accuse a company of being “greedy.” Milstead is one of the few Canadian reporters willing to weigh heavily on accounting standards in his articles.
Feds set carbon price on maritime amid “theatre and drama”
The most controversial Canadian tax of 21 was imposed on the maritime provinces of Nova Scotia, Prince Edward Island, Newfoundland and Labrador after their own proposals were deemed to “fall short of federal standards for emissions reductions.” This past week, C.B.C. After the feds approved Saskatchewan’s plan earlier this week, much of Canada, including its largest provinces, will run provincial plans, while Manitoba and the Maritimes will run the federal system.
Environment and Climate Change Minister Steven Guilbeault couldn’t help but call out Nova Scotia Premier Tim Houston for a level of “theatre and drama” not seen in other provinces, including Alberta. Politics are heating up over Atlantic Canada’s carbon tax, the National Observer reported. Nova Scotia Premier Tim Houston has been a staunch opponent of the tax in a province that has reopened at least one coal mine to cash in on higher commodity prices. The carbon tax doesn’t come into effect until next Canada Day.
Accounting Dealbook: MNP scores again in Quebec
Homegrown accounting firm MNP continues to expand its footprint in Quebec. This past week it acquired Quebec City-based Malenfant Dallaire SENCRL to add to its 26 offices. To get a sense of the size of the acquisition, recall that BDO Canada’s recent acquisition of PwC Saskatchewan has three partners and 40 CPAs. The team at Malenfant Dallaire has nine partners and 30 team members.
Quick Hits: Articles of interest
Canadian
The details of Laurentian University’s bankruptcy story are disturbing. Will they lead to change? (TVO Today)
EB announces dedicated BC housing ministry as opposition seeks to audit providers (Canadian Press).
BC auditor highlights 2021 disaster costs, pandemic relief payments (Pattison Media)
A Manitoba municipality lost half a million dollars in e-transfer fraud (CBC).
CBA chief calls for ‘more carrot, less stick’ on banks’ tax policy (Financial Post)
Danielle Smith ties neatly to the Jason Kenney era at the expense of the Heritage Savings Trust Fund infusion (Globe and Mail).
B.C. used car buyers angry over provincial tax changes paying more (CBC)
CRA is already challenging real estate transactions ahead of new anti-flipping rules (Financial Post).
international
PCAOB missing in action on climate risk (Harvard Law School Forum on Corporate Governance)
First Accounting Firm to HQ in Metaverse Sues FTX Meltdown (Bloomberg Tax)
The PCAOB considers this a 12.6% increase (going into concern).
By Canadian Accountant Staff.
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