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Inside Integra Newsletter - May 11, 2020 - Reading time 10 minutes


INTEGRA EDUCATION


Educate your staff and stay connected - a benefit of Integra membership available at no cost, and CPE certificates are issued for live events.  
All past webinar recordings can be easily found on the Integra website - link here


Marketing Committee Meeting

May 13 - Round table discussion for Integra members who have a dedicated marketing role in their firm.  Topic: Success Stories
Email Laurie Daschuk to be added to the list - 8am PST/ 11am EST/ 3pm UK/ 4pm Central Europe

LATAM Region Call

May 15 - Round table discussion for Integra members in Latin America.
Email Laurie Daschuk to be added to the list - 2pm EDT

Webinar - US Payroll Tax Credits for SMEs

May 21 / May 22nd  - Think LLP Partner, Jeff Morris, will be conducting two webcasts on the various Covid-19 Payroll Tax Credits for small and midsize businesses. 

Email Greg Elias to be added to the list - gelias@thinkllp.com
(1) Thursday, May 21st, at 8:00 am PST / 11:00 am EST    
                          OR
(2)  Friday, May 22nd at 1:00 pm PST / 4 pm EST


HR Committee Meeting

June 18Round table discussion for Integra members who have a dedicated HR role in their firm.  This meeting will be about work at home arrangements.
Email Laurie Daschuk to be added to the list - 9am PST/ 12 pm EST/ 5pm UK/ 6pm Central Europe

Webinar Recordings Now Available 

Paycheck Protection Program
Presented by Don DeGrazia, Steven Swartz & John Hagerson  - Gold Gerstein Group


All of Integra's past webinars are available on our website here...

*Free Book Download* 

From Joseph Brunsman - our speaker at the Global Conference in Washington DC

OPEN BEFORE CRISIS

http://www.integra-international.net/wp-content/uploads/2020/05/Open-Before-Crisis-FREE-COPY.pdf


Overview
"Open Before Crisis is hands-down the most comprehensive and easy to read guide that every CPA Firm and frankly small business leader should read. The content goes far beyond simply a conversation about cyber insurance and provides both education and guidance to protect you, your staff, your vendors and your clients from the what-if scenario of a cybersecurity attack."

These are the firms that have uploaded information to our Covid-19 Crisis Page in the Members Only portal:

Under the Quick Links tab...

Cresa - Rent Relief Forms

Brazil - IL Management
Canada - Gilmour Group / Levi & Levi
Finland - Administer Oy
France - DPA Expertise Conseil
Malaysia - Pro B Centre
Malta - ARQ Group
Russia - Quality Partners
UK - Wilder Coe Ltd.

United States:
Salmon Sims Thomas 
Fenner Melstrom & Dooling
HMWC CPAs
KSTD
Leaf Saltzman
Gold Gerstein Group
Abeles & Hoffman
Glass Jacobson Financial Group

Thank you to all the firms - and we have room for more!
The October Conference in London is postponed until 2021.

We are hosting the September Tax Workshop as a virtual event.  


If you have any questions please contact Susanne or Laurie.

 

FIRM UPDATES

Welcome Our New Members


NAS Chartered Accountants
Abu Dhabi, United Arab Emirates


Mr. Shefeek Salim, CMA, CPA is Director (Tax and Audit), serving the industries with result oriented consultation and training on Tax and Audit, covering the biggest public sector companies in India and Major Private Sector companies and SMEs in the  United Arab Emirates. 





AAANZ Board Meeting
Another Great Zoom Call
April 21



FMD Partner Daniell Patterson recently had the opportunity participate in a video discussion. In this segment, Patterson provides insight and advice for getting through the current market and uncertainty of the Coronavirus pandemic era.


https://www.youtube.com/watch?v=gT9khPe34eE&feature=emb_title


Send us your news...
Susanne & Laurie love
to hear from you! 
Welcome Our New Members


KGRN Accounting Associates
Dubai, United Arab Emirates


Mr. Gopu Rama Naidu, FCA, CPA, ACCA is the founder with over 20 years of experience as a trusted adviser assisting companies on financial analysis, financial reporting, auditing, internal control policies and procedures and strategic and provides strategic 
leadership and direction for new and growing entities.
 



Asia Region Zoom Call
April 29


Don and Judith Gibson (Auckland), Wayne Soo (Singapore), Laurie Daschuk Global administrator (Vancouver), Omar Nama (Manila), Simon Cheung (Hong Kong),
Bill Sims AAANZ Chair (Dallas), Tetsuji Oshiro (Shanghai), Greg Marino (Melbourne), Eddy Yeung (Hong Kong), Maurice Watson (Sydney),
Dr Chua and Alex Kang (Kuala Lumpur), Fuad Dharmawan (Jakarta), Ted Chiba (Tokyo).

More Audit & Accounting Alert - Special Edition -
Covid-19 Crisis information and resource links

IASB
International Accounting Standards Board (www.ifrs.org)

  1. Discussion Paper - Business Combinations—Disclosures, Goodwill and Impairment published March 19, 2020. The goal is to improve the disclosure about acquisitions and the accounting for goodwill. The Board’s preliminary view is to help investors better understand an acquisition and its subsequent performance by requiring disclosure of management’s objectives for the acquisition in the year of acquisition, and how the acquisition has performed against those objectives in subsequent periods. To improve goodwill accounting, the Board would simplify impairment testing by providing relief from the quantitative annual impairment test and simplify how value in use is estimated. The comment period ends on September 15, 2020.

IFAC
International Federation of Accountants (www.ifac.org)
  1. Is Cash Still King? Maximising the Benefits of Accrual Information in the Public Sector, report issued February 26, 2020, jointly with ACCA “not only confirms that a complete public sector transition to accrual accounting will serve the public interest, but also contains 30 specific recommendations to improve accrual implementation.”

ACCA
Association of Chartered Certified Accountants (www.accaglobal.com)
  1. Is Cash Still King? Maximising the Benefits of Accrual Information in the Public Sector, report published February 26, 2020, jointly with IFAC “not only confirms that a complete public sector transition to accrual accounting will serve the public interest, but also contains 30 specific recommendations to improve accrual implementation.”
  2. Global Economic Themes, report published February 19, 2020, in conjunction with the Industry Management Association, “examines three of the longer-term structural issues that are affecting the global economy as well as the global economic impact of the US-China trade tensions. The three issues are: the Euro – fiscal integration needed; China - becoming rich before it becomes old?; the USA – public debt challenges.

IIRC
International Integrated Reporting Council 
(www.theiirc.org)
  1. An overview of integrated reporting for Chartered Secretaries and Chartered Governance Professionals, guidance published March 12, 2020, “shares insights into the fundamental concepts of the International <IR> Framework, the structures that need to be in place to adopt it and the specific role Chartered Secretary and Chartered Governance Professionals can play in its implementation.”

WORLD ECONOMIC FORUM
(www.weforum.org)
  1. How Can Trade Rules Support Environmental Action?, report published March 26, 2020. “As governments and businesses grapple with the effects of COVID-19, other global challenges remain. Once the immediate crisis abates, countries must intensify environmental action to tackle climate change, pollution, and biodiversity loss, even while restarting their economies. Trade policy has a vital role to play. This briefing paper by the Global Future Council on International Trade and Investment highlights the links between trade and the environment, summarizes efforts to date and outlines five ways in which trade rules could support environmental action.”
  2. Toward Common Metrics and Consistent Reporting of Sustainable Value Creation, White Paper published January 22, 2019, “proposes a common, core set of metrics and recommended disclosures that International Business Council members could use to align their mainstream reporting and, in so doing, reduce fragmentation and encourage faster progress towards a systemic solution, perhaps to include a generally accepted international accounting standard.”
Africa, Europe, India and the Middle East (AEIME)

FRC– Financial Reporting Council of the UK(www.frc.org.uk)
  1. Auditor Reporting Bulletins, issued March 30, 2020, provide guidance for auditor reports on revised accounts, Companies Act reports, and include illustrative statutory auditors reports on United Kingdom private sector financial statements.

Americas, Asia, Australia & New Zealand (AAANZ)

AICPA American Institute of Certified Public Accountants(www.aicpa.org)
  1. Auditing Standards Board – Statement on Auditing Standards 139 - Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes From SAS No. 134, issued March 20, 2020, “aligns these three AU-C sections (the AUC 800 series) with the relevant auditor reporting standards in SAS No. 134, thereby updating the form and content of auditors’ reports addressed in the AU-C 800 series to be more consistent with the standards of the International Auditing and Assurance Standards Board and recent updates to PCAOB standards.” Effective for periods ending on or after December 15, 2020.
FASB Financial Accounting Standards Board (www.fasb.org)
  1. Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, ASU No. 2020-04, issued March 9, 2020, to “provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting.” Effective as of March 12, 2020 through December 31, 2022.
  2. Codification Improvements to Financial Instruments - An Amendment of the FASB Accounting Standards Codification, ASU No. 2020-03, issued March 9, 2020, “makes narrow-scope improvements to various aspects of the financial instruments guidance, including the current expected credit losses (CECL) standard issued in 2016. Effective at various dates.
GASB– Governmental Accounting Standards Board(www.gasb.org)
  1. Exposure Draft - Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements: Notes to Financial Statements, issued February 21, 2020. “The proposals set forth in the Exposure Draft would replace the existing criteria for disclosing information in notes to financial statements. The proposals elaborate on the types of information that should be disclosed in notes and the types of information that are not appropriate for note disclosures.” The comment period ends April 17, 2020.
  2. Exposure Draft - Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans, issued March 9, 2020, “is designed to mitigate financial reporting costs associated with certain defined contribution pension plans, defined contribution other postemployment benefit (OPEB) plans, and other employee benefit plans.” The comment period ends April 10, 2020.

SEC– Securities and Exchange Commission(www.sec.gov)                      
  1. Amendments to the “accelerated filer” and “large accelerated filer” definitions in Exchange Act Rule 12b-2., issued March 12, 2020. “The amendments would allow smaller issuers that have been public for more than five years, but have not yet reached $100 million in revenues, to continue to benefit from the JOBS Act exemption as they build their businesses, while maintaining important investor protections… As a result of these amendments, and unlike larger issuers, these smaller companies will no longer be required to obtain a separate attestation of their ICFR from an outside auditor.”

 

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