There are significant changes to the way businesses report their financial information. The new Canadian Standard on Related Services (CSRS) 4200, Compilation Engagements, outlines significant changes for small and mid-sized companies as well as their stakeholders. The new standard is in effect for compilation engagements ending on or after Dec. 14, 2021.
Does your business need to provide financial statements to lenders? Are your financial statements required to be accompanied by a ‘compilation' report? Will you be required to in the future? If so, we've developed a collection of resources to help you understand the changes and the impact they will have on compilation engagement financial statements going forward. See our resources below:
Webinar: New Compilation Standard: Effects on financial statements and how they are compiled
A new Compilation Engagement Standard impacting financial statements for private companies is now in effect. During our live discussion on February 10, 2022, we explained the changes affecting how practitioners compile financial statements and the impact on reporting your businesses financial information.
Additional Resources
Changes to your financial statements - FAQ
For the first time in over 30 years, the standard on compilation engagements has changed. We've summarized the most common questions about these changes in our latest update. Visit our FAQ here
Webinar: New Compilation Engagement Standard – Understanding you financial statements
Understanding your financial statements is crucial to your business's success. During our live discussion on Oct. 14, 2021, we explained in detail the changes to your Notice to Reader financial statements that all public accountants are required to make. If you missed the webinar or would like to watch it again, you can view the recording here.
New compilation engagement standard - FAQ
Our interactive FAQ summarizes the changes under CSRS 4200 so you can confidently hold conversations with your stakeholders and clients. To find out what you need to know now, visit our explainer page.
New compilation engagement standard - Three easy next steps
To help you get started, follow these three easy steps to assess your business needs now and into the future:
- Find out exactly what's changing. These changes are significant–our explainer page provides clarity on these changes so you can be sure you have the right information.
- Understand how it impacts your financial statements. While many of these changes are technical, the new standard has been designed to enhance communication between businesses and their advisors.
- Map the impact to your business and financial statement needs. Knowing what has changed and the resulting impact on your financial statements will enable you to make the right decisions for your business.
We know that your business continues to evolve. As always, your BDO advisor is here to help. Feel free to reach out to us with any questions–about your financial statements or your business.
The information in this publication is current as of April 5, 2022.
This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO Canada LLP to discuss these matters in the context of your particular circumstances. BDO Canada LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.