Deferred revenue (or unearned revenue) and deferred contributions (and/or restricted contributions) are likely among the most difficult concepts to understand in your financial statements, yet these amounts often significantly impact your results from operations.
Accounts payable and accrued liabilities generally are more problematic to capture completely in internal statements due to the number of estimates involved, or the delays in receiving information. Nevertheless they are as important as accounts receivable, if not more so.
All board members, including those involved with non-profit organizations, are held to a minimum standard of care and diligence when it comes to the finances of an organization. This is why, at a minimum, it is important for a non-accountant to understand what “accounts receivable” are on an internal financial statement. Check out our other articles on Financial Literacy.
Board members are often bored during the financial discussion or financial statement presentation at a meeting. If they are lucky, they have someone with a financial background as a treasurer or chair of the finance committee. This article addresses how the financial process of your organization should operate and how it impacts you because you share the responsibilities for ensuring that proper financial controls are in place.
By Casey Murray, CPA, CA, LPA, Principal Canada Recovery Hiring Program In their April budget, the federal government announced the creation of a new Canada Recovery Hiring Program (CRHP). Bill C-30, the Budget Implementation Act is now before parliament. CRHP benefits will be available retroactively to June 6th and will run until November 20th, 2021. […]
By Natalie Evans, CPA, CGA, LPA – Partner, Head of Assurance, Advisory Services Check out other articles on fraud prevention and detection: A Potential New Attack on Your Bank Account | New Canadian Standards for Review Engagements and Auditor Reporting Standards | Beware of Emails and Calls Claiming to be the Canada Revenue Agency The […]
The pandemic has caused a major upheaval in the way we live and work. As businesses begin to plan for the future and the opportunities of our post-COVID world, these changes will have a major impact on strategic priorities. Adding to the changing business environment is the launch of Ottawa’s new Official Plan, which has […]
Gabriel Pizza’s President and CEO George Hanna and Chad Saikaley‘s in-depth discussion on how Gabriel’s weathered the pandemic storm by modernizing a key part of its operation, including: How risk analysis and financial projections were used to assess the impact of COVID-19 on the business What contingency plans were considered to reduce the financial impact […]
The application deadline to apply for the CEBA loan was extended to March 31, 2021. We understand that some banks will be opening applications for the additional CEBA loan of $20,000 on December 4th, 2020. CEBA details for new and existing applications are as follows: Existing CEBA clients: Another $20,000 available (in addition to the original […]
On November 30th, the federal government delivered its Fall Economic Statement. The statement included a number of updates to existing COVID-19 relief programs, as well as changes to other existing tax relief programs. Of note, there were no changes to income tax rates for individuals or corporations on any type of income earned, or other […]