 Scott Park, CPA, CA
A new standard for compilation engagements called Canadian Standard on Related Services (CSRS) 4200, Compilation Engagements has been issued by the Auditing and Assurance Standards Board of Canada. This new standard is a significant update to what was previously called a “Notice to Reader” engagement and is effective for compiled financial information for periods ending on or after December 14, 2021. The new standard will affect the work we do for you when you engage us to help you complete your year end financial statements and related tax return. Following the new standard will require us to spend more time on your year end. The standard setters believe that the changes they have made will help users of compiled financial information have a better understanding of the level of work we have performed as well as the underlying basis of the compiled financial information presented.  Scott Park, CPA, CA
For most businesses, there comes a point when it’s time to hire a professional to handle the financial function of your business operations. If you are at this point in your business, then congratulations! You have grown your business to the stage where you should be handing off some of those hats you wear as a business owner. Although your initial thought may be to hire a full-time or a part-time bookkeeper, a smarter decision may be to outsource your bookkeeping needs to a team of professional accountants. Here are the top reasons why you should consider outsourcing your accounting and tax needs to a professional accounting firm.  Scott Park, CPA, CA What is Business Valuation? A business valuation is the process of determining what the economic value of a business or company is worth. There is generally no one single way to establish what a business is worth. That’s because business value can mean different things to different people.
 Scott Park CPA, CA A common question I am often asked by entrepreneurs and those looking to create a new start-up business is whether they should start a proprietorship or incorporate?
And secondly, for those that have already started their business as a proprietorship the next question becomes when should they consider incorporation? |
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