While international financial reporting in Canada is completing its first year, auditing under International Financial Reporting Standards, or IFRS, is in its infancy, so we thought we would highlight 10 key IFRS transitional issues facing junior issuers to assist you, as audit committee members, in fulfilling your responsibilities.
The Canadian Securities Administrators (CSA) have proposed a set of sweeping changes that could potentially have a significant impact across the financial reporting and governance landscapes for venture issuers.
The duties performed by a director are considered employment services for Canadian income tax purposes. As such, Canadian corporations are subject to various withholding, remitting and reporting obligations on directors' fees paid to non-residents of Canada. Where the duties are performed -whether inside or outside Canada - will determine the nature and extent of the requirements.
