office of the chief accountant

Office of the Chief Judge. Regardless of whether an operating segment is defined by the nature of products or services or the geographical area, reporting issuers must provide complete information of all material disclosures required by IFRS 8. Staff observed instances where relatively smaller segments had been aggregated with certain reportable segments. Report directly to the chief financial officer (CFO) Recruit, manage, and oversee all accounting departments; work with other accounting managers If you have any questions about this report, please contact: Guidelines for Consultations with the OCA: http://www.osc.gov.on.ca/en/Companies oca 20111130 rfc-with-oca.htm. President & Chief Executive Officer. Identification of such function may require an entity to exercise judgement in making such a determination. Dec. 7, 2020, Remarks before the 2020 AICPA Conference on Current SEC and PCAOB Developments (Kevin Cherrstrom) Dec. 7, 2020, Remarks before the 2020 AICPA Conference on Current SEC and PCAOB Developments (Jillian Pearce) A chief accounting officer or CAO is an official at a company responsible for overseeing the company's accounting operations. Financial information about business segments can be as important as information about the reporting issuer as a whole. Business Plan The Office of the Chief Actuary (OCA) is an independent unit within OSFI that provides a range of actuarial valuation and advisory services to the Government of Canada. IFRS 8 paragraph 5(b) defines an operating segment to be a component of an entity at the level at which the relevant operating decisions are made, rather than the overall strategic decisions. You must be able to take large amounts of accounting information, analyze results, and make changes where necessary to benefit the company. 34.13 m of textual records (171 boxes) Context area. These include information relating to products and services of the entity, geographic areas of operations, as well as major customers. Although this factor alone may not lead to a determination that an asset is impaired, management should understand what factors may have contributed to the decline in market capitalization in order to assess whether there are additional indications of impairment that may be present. Our observations in the area of asset impairment disclosures identified the following areas that could be improved to provide investors with useful and meaningful disclosure: • description of the issuer's cash generating units (CGUs); • explanations of the events and circumstances that contributed to the impairment loss; and, • explanations of the basis of key assumptions and the valuation approach used to determine the recoverable amount. Among other things, the SEC’s chief accountant discussed activities relating to public company financial reporting, accounting and auditing policy updates, and financial reporting considerations related to COVID-19 at a conference this week. Currently, IFRS 8 does not require detailed disclosure on aggregation of operating segments. For example, start-up operations may be considered operating segments before earning revenues. IFRS 8 paragraph 34 requires an entity to provide information about the extent of its reliance on its major customers by providing specific disclosure relating to the amount of revenues attributed to its major customers. at the 'strategic level' vs. the 'operating level') could result in too low of a number of segments being identified, and inadequate information provided to investors about the various business operations. In assessing whether reporting issuers correctly identified operating segments, we considered financial statement disclosures as well as information presented in other continuous disclosure documents that might provide useful insights in the various segments of an issuer. March 31, 2021, Statement on OCA’s Focus on High-Quality Financial Reporting During an Unusual Year and a Discussion of our Upcoming Priorities (Sagar Teotia) We remind reporting issuers that when determining whether information about individual countries is material, management should consider whether the information would influence the economic decisions of users. For the purposes of assessing impairment, Issuer XYZ's assets are grouped and tested at the cash generating unit level. [email protected], Financial Reporting and Auditing Considerations of Companies Merging with SPACs (Paul Munter) Introduction The Office of the Chief Accountant (OCA) of the Ontario Securities Commission is publishing this bulletin to highlight observations about asset impairment and segment disclosures in reporting issuer financial statements prepared in accordance with International Financial Reporting Standards (IFRS). On April 3, 2020, the Office of the Chief Accountant (OCA) issued a statement regarding the importance of high-quality financial reporting in light of the significant impacts of COVID-19. Office of the Chief Accountant fonds; University of Toronto. Accession. Yesterday, the staffs of the Office of Chief Accountant and Corp Fin issued guidance regarding disclosure of the accounting impact of the Tax Cuts and Jobs Act, just signed into law on December 22. 4B.3 EXAMPLE -- improved disclosure on identification of operating segments. However, we also noted that some other reporting issuers identified the CODM to be the entire Board of Directors or the executive team. An entity is required to assess at the end of each reporting period whether there is any indication that an asset is impaired, and if any such indication is present, an entity is required to estimate the recoverable amount of the asset. Disclosure of estimates and key assumptions. The Company has not begun earning revenues. Without this disclosure, investors are not able to fully understand and evaluate the reporting issuer's approach to determining the recoverable amount. As such, it is not adequate to solely rely on the fact that the entity has yet to begin its generation of revenues to conclude that the entity operates in a single operating segment. {1} The Annual Improvements to IFRS cycle 2010 -- 2012 included an amendment to IFRS 8 proposing additional disclosure regarding what aggregation criteria was applied in determining reportable segments. In the fourth quarter management noted indications that CGU X may be impaired in light of the following conditions: • The technology underlying CGU X's products has recently been challenged by newer products that offer additional functionality that the CGU X product is not able to support. Dec. 7, 2020, Remarks before the 2020 AICPA Conference on Current SEC and PCAOB Developments (Jeffery Joseph) • vague disclosure of management's assessment of operating segments and how the management has determined it operates in one reportable segment. This site and the Office of the Chief Judge do not provide … In her role, Carol leads the qualifying and regulatory body of Ontario’s more than 94,000 CPAs and 22,000 students. For the purpose of impairment testing, IAS 36 requires that goodwill be allocated to the company's CGUs, or groups of CGUs that are expected to benefit from the synergies. As Chief Counsel, Ms. Guinan will provide legal guidance to the Chief Accountant and the other OCA groups in support of the Commission's mission. Issuer XYZ considers both qualitative and quantitative factors when determining whether an asset may be impaired. • Are the segment disclosures providing sufficient information to allow investors to easily understand how the segments have changed? In addition, Staff observed instances of reporting issuers not providing the required disclosure of the basis for attributing revenues from external customers to individual countries. During the year ended December 31, 20X2, the Company earned significant sales revenue from two customers in the amount of $633 (20X1 -- $650) and $563 (20X1 -- $642). • Is the CODM identified at an appropriate 'operating' level within the organization? During the course of our work, we observed that the disclosure required for key assumptions was not always provided, such as management's approach for determining the discount rate or growth rate used for discounted cash flow calculations. Market capitalization lower than net book value. Vancouver, British Columbia, Canada. Staff observed instances of reporting issuers that had not restated prior period data to reflect a change in reportable segments and did not provide the additional disclosure required by IFRS 8 paragraph 30. The Office of the Chief Accountant is responsible for accounting and auditing matters arising in the Commission’s administration of the federal securities laws, such as oversight activities of standard setting organizations and the PCAOB. Additionally, the Chief Counsel leads OCA's support of the Division of Enforcement on matters related to financial reporting and auditing. 3 March 2021. The following table sets out operating earnings for the years ended December 31, 20X2 and 20X1. Search 83 Chief Accounting Officer jobs now available in Toronto, ON on Indeed.com, the world's largest job site. However, in some instances Staff observed that information in these other documents related to components of the business that were not consistent with the number of segments identified (and the resulting segment disclosure) in the financial statements, which raised questions relating to the inconsistencies. 1946-1970. Extent and medium. Office of the Chief Accountant Date(s) 1827-1948 (Creation) Level of description. The Office of the Chief Accountant (OCA) of the Ontario Securities Commission (OSC) is publishing this bulletin to highlight observations about various financial reporting topics relevant to reporting issuers that prepare financial statements in accordance with International Financial Reporting Standards (IFRS). • For some entities where it was apparent that aggregation was applied, it was unclear to Staff as to how the specific aggregation criteria in IFRS 8 were met after considering other information presented in an entity's MD&A or other notes to the financial statements. In his position with the Office of the Chief Accountant at the Ontario Securities Commission, Alex is responsible for providing specialized accounting advisory services to the Commission, its senior management and staff, as well as market participants. The Company's primary business activities include the publication of hard copy subscription materials as well as online media. Determination of cash-generating units (CGUs). Office of the Chief Accountant Date(s) ca. When determining the CODM, reporting issuers should consider whether the management level identified is appropriate for the organization and whether the disclosure is appropriately reflecting how operating decisions are made. The Accounting Group leads the SEC’s efforts to oversee accounting standard-setting by the Financial Accounting Standards Board (FASB) and to monitor international accounting standard-setting by the International Accounting Standards Board (IASB). ABC Group (ABC) operations includes hard copy publications operating under the name AAA, BBB and CCC. He is 2019–20 Departmental Results Report and 2021–22 Departmental Plan of the Office of the Auditor General of Canada. Identifiers for corporate bodies. 21, 2020, STAY CONNECTED 11 March 2021 ... of the Environment and Sustainable Development. Given the challenging economic environment that has been present for several years in Canada and throughout various regions of the world, Staff have been interested in how reporting issuers have been complying with the disclosure requirements of IAS 36 with the objective of assessing the overall quality of disclosure and to identify areas where disclosure could be enhanced. 3D.2 EXAMPLE -- improved disclosure of the basis for management's key assumptions in determining FVLCS$, • enhanced explanations about the key assumptions used. Staff found that for those reporting issuers that disclosed major customers, many only presented aggregated revenue information, as shown in the example below. Suite 337 - 800 Hornby Street. The typical staff person in OCA has ten to fifteen years of public accounting, industry and/or regulatory experience. If not, is there sufficient explanation provided to investors? SEC accounting office acknowledges challenging year for auditors. Determination of a CGU and the allocation of goodwill to each CGU is an important initial step in performing annual and periodic goodwill impairment testing. Office of the Chief Accountant (1946-1970) Repository. During this uncertain and volatile economic climate, we expect that changes in key assumptions are likely to occur more frequently than in stable conditions. IAS 36 requires an entity to disclose information about the key assumptions used to determine the recoverable amount when it is based on VIU or FVLCS using a valuation technique (e.g., discount cash flow method). Through its MMM segment, the Company enters into a variety of business in the media industry. Staff have observed instances where the statement of comprehensive income would identify a loss from discontinued operations that includes asset disposals, yet there were no impairment losses recorded in prior periods when the reporting issuer had originally identified the asset as held for sale. • basis for attribution of revenues to the individual countries is not provided, 4E.2 EXAMPLE -- improved geographic disclosure, • Provides clear and detailed revenue information for individual countries for which the amounts are considered to be material. In the current economic climate, reporting issuers' market capitalization may be less than the carrying amount of the issuer's net assets. Revenues are derived mainly from sales of online advertisements and other services. Identification of the CODM at a level that is too high within the organization (i.e. Apr. Management uses the information presented for each mine in setting the budget and dedicate other resources to the individual mine. This information is important in meeting the overall objective of IFRS 8 to provide insights as to the different types of business activities that an entity engages in and the different economic environments in which it operates, as well as to provide some comparability amongst entities. Absorbed in 1970 by the Office of the Comptroller. IFRS 8 further explains that the term CODM identifies a function, and not necessarily a manager with a specific title. University of Toronto. • Are the segment disclosures providing sufficient information to allow investors to essily understand how the segments have changed? Dec. 7, 2020, Remarks before the 2020 AICPA Conference on Current SEC and PCAOB Developments (Jeffrey Nick) The Company's operating segments, before aggregation, have been identified as the Company's individual operating and development stage mines. Measuring the recoverable amount (whether it is FVLCS or VIU) is a critical step in the impairment analysis as it determines whether an impairment charge should be recognized in the financial statements. The absence of this information was due to concerns related to a potential competitive harm; however, we note that IFRS 8 does not exempt issuers from providing these important disclosures for reasons of competitive harm. Office of the Chief Accountant (1946-1970) Repository. • In circumstances where an entity changed how it had aggregated its assets into CGUs from the prior year, reporting issuers often failed to provide disclosures to identify the change in the aggregation and the reason for the change. • Information presented in other documents, including MD&A, press releases and investor presentations, where the disclosure of quantitative data indicated that the quantitative thresholds for segment disclosure were exceeded. Places. The Company's reportable segments are components of the Company's operating segments after aggregation and consist of the geographical regions in which the Company operates. For the purposes of assessing impairment, Issuer ABC's assets are grouped and tested at the cash generating unit (CGU) level. The recoverable amount of a CGU is determined to be the higher of its fair value less cost to sell (FVLCS) or value in use (VIU). Restated financial statement information is important as it allows investors to compare year over year trends in the reportable segments. Dec. 7, 2020, Remarks before the 2020 AICPA Conference on Current SEC and PCAOB Developments (Sheena Lam) We noted that in many instances reporting issuers provided only general disclosure about the events and circumstances that led to a material impairment loss. Regardless of whether an entity has single or multiple reportable segments, IFRS 8 paragraphs 31 to 34 require entity-wide disclosures, where applicable unless the information is not available and the cost to develop it would be excessive. Identification of the chief operating decision maker (CODM). This includes insights about important areas such as the valuation of assets, how assets are being used within an organization, and how management has exercised its judgement in making the determinations that result in the information provided in the financial statements. In addition, the application of IAS 36 is an area of interest to Staff given that it contains different recognition, measurement and disclosure requirements compared to pre-changeover Canadian generally accepted accounting principles (GAAP) that was in effect prior to 2011. • Has the entity provided appropriate segment information throughout the various filings of financial information? Approximately 70% of the Company's consolidated revenues are generated from sales made to three customers. IFRS 8 paragraph 5 states that an operating segment can be one which engages in business activities for which it has yet to begin to earn revenues. Chief Accounting Officer Job Duties and Responsibilities. The Office of the Chief Accountant is concerned with annual reporting and audit requirements by employee benefit plans, and enforcement of those provisions through the imposition of civil penalties against a plan administrator whose annual report is rejected, as provided in Part 1, Sections 103 and 104, and Part 5, Section 502, of Title I of ERISA. • The primary customers for CGU X's products have informed Issuer XYZ that future orders will be lower than originally anticipated in light of the recent functionality limitations noted above. Principal and Deputy Chief Information Officer. In Staff's view, when this type of information is provided outside of the financial statements that is not consistent with segment disclosures within the financial statements, investors would benefit from an explanation of the reason for the inconsistencies. Staff have observed instances where reporting issuers that identified operating segments by geographical area have provided only the entity-wide disclosures set out in paragraphs 31 to 34 and omit the disclosure requirements in paragraphs 20 to 30. Phone: (604) 660-2864. You requested that the Office of the Chief Accountant clarify the staff's interpretation of certain accounting issues and their application under generally accepted accounting principles relating to … History of 52-723 - OSC Staff Notice 52-723 – Office of the Chief Accountant Financial Reporting Bulletin; November 24, 2016: OSC Staff Notice 52-723 – Office of the Chief Accountant … Your information will not be placed on mailing lists or released to any third party, except as may be authorized by law. The recoverable amount of this CGU was based on the estimated fair value less cost to sell based on estimated cash flows over a 5 year period and a discount rate of 11%. In Staff's view, the significant accounting policy disclosure in the above example provides entity specific and improved disclosures regarding the application of IFRS 8 criteria in the identification of operating segments, compared to the examples in 4B.2 above. This information is especially important in a situation where key assumptions result in a recoverable amount that exceeds, but is very close to, the carrying amount of a CGU. Issuer XYZ owns 20 retail stores in various cities in Ontario, with no more than one store residing in each city. The Company reports its continuing operations in one reportable segment, 'marketing', based on the business activity of the Company and its subsidiaries. ABC's CGUs are the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. 1 Twitter 2 Facebook 3RSS 4YouTube Investors and analysts have emphasized the importance of transparent disclosure about operating segments because it gives a view of the business as it is seen through the eyes of management. Extent and medium. University of Toronto. Accordingly, no segment information has been provided in these consolidated financial statements. During the course of our work, we observed that, certain reporting issuers failed to comply with the disclosure requirements in IAS 36 in identifying whether FVLCS or VIU was determined to be the recoverable amount. The Board noted that entities would be unlikely to suffer competitive harm from the required disclosures since most competitors have sources of detailed information about an entity other than its financial statements. General account books, land survey reports, land transaction records and letter books of King's College and University of Toronto (ca. The Office of the Chief Accountant (OCA) is responsible for accounting and auditing matters arising in the Commission’s administration of the federal securities laws, particularly with respect to accounting policy determinations, the form and content of financial statements to be filed with the Commission, and internal control over financial reporting (ICFR) matters. These documents included a reporting issuer's management discussion and analysis (MD&A), press releases, annual information form, investor presentation materials and other information presented on company websites. Mr. Geer serves as a senior technical official on matters related to accounting, auditing, internal controls, financial disclosure, and regulatory reporting. The Office of the Chief Accountant (OCA) of the Ontario Securities Commission is publishing this bulletin to highlight observations about asset impairment and segment disclosures in reporting issuer financial statements prepared in accordance with A. OCA staff works closely with domestic and international private-sector accounting and auditing standards-setting bodies, and consults with registrants, auditors, and other Commission staff regarding the application of accounting standards, auditing standards, and financial disclosure requirements. During the period, ABC company recorded an impairment charge in CGU X due to weaker than expected performance. If an entity determines that there is an impairment loss to be recognized, or reversed, during the period, IAS 36 paragraph 130(a) requires an entity to disclose the events and circumstances that led to the recognition or reversal of the impairment loss. Regardless of the different business activities and different economic characteristics of businesses, some reporting issuers' note disclosure indicated that they operated in only one segment since they were not earning any revenues in their various businesses. • informs users of the level tested for impairment. Significant changes with an adverse effect on the entity that have taken place, or are expected to take place in the near future, are an important source of internal information that is identified in paragraph 12(f) of IAS 36. Dates of existence. C. Aggregation of operating segments to form reportable segments. Office of the Chief Accountant. The significant assumptions applied in goodwill impairment test are described below. The objective of this bulletin is to provide useful information to market participants that may assist in preparing future financial reports. Staff observed this to be an area of deficiency where information was not always provided, or was unclear. • for which discrete financial information is available. IFRS 8 requires disclosures of the revenues and non-current assets attributed to individual countries if they are material. Identification of the CODM at a level that is too high within the organization (i.e. Office of the Chief Accountant Groups The Accounting Group provides expert advice related to accounting and financial reporting matters. BC44 The Board concluded that a 'competitive harm' exemption would be inappropriate because it would provide a means for broad non-compliance with the IFRS. Accession A1973-0005 - University of Toronto. Office of the Chief Accountant. In order to remain competitive in the marketplace CGUX has reduced CGU X's product prices. However, paragraph 22(a) requires the disclosure of factors used to identify the entity's reportable segments, including the basis of organization and whether segments have been aggregated.{1}. Since a change in the grouping of assets for a CGU from year to year may affect impairment testing results, a description and reason for the current and former aggregation approach is important since it provides financial statement users with insight as to why management is making this change. In the above table, "Other" represents revenues attributed to countries to which the attributable revenues are less than 10% of total consolidated revenues. The Company has three reportable segments, as follow (where each mine has been identified as an operating segment): 'Other' consists of the Company's business activities of exploration properties which are not operating segments on their own. Wolfe served in the U.S. Securities and Exchange Commission’s (SEC) Office of the Chief Accountant (OCA) from 2011 to 2020, most recently as a Senior Associate Chief Accountant … • Are investors receiving an adequate level of information about the various business operations of the entity? 3A.1 EXAMPLE -- description of CGUs that did not meet Staff's expectation. A. Staff in the OCA (we or Staff) have recently been focussing on disclosures provided by reporting issuers in the area of asset impairment and segment reporting in order to assess the overall quality of disclosures and identify areas of concern in the application of the two standards. International Accounting Standard 36 Impairment of Assets (IAS 36) and International Financial Reporting Standard 8 Operating Segments (IFRS 8) require comprehensive disclosures that are designed to provide users of financial statements with useful information. Information on products and services provides valuable information as it assists users of financial statements in the assessment of both past performance and future prospects for growth of the entity. V6Z 2C5. The two customers were located in Brazil and Colombia, with each having their entire revenue reported in the Brazil and Colombia reportable segments, respectively. Trends in the discounted cash flow projections 'operating ' level within the organization to join rapidly! Publications operating under the name AAA, BBB and CCC name AAA, BBB and CCC each and... On matters related to accounting and financial reporting and other Risks ; Remedies are Apr! 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