Chartered Accountant Work On Assignment Basis Watch

U.S. beat us in curling and hockey: could icewine be next? (10/03/2018)

[CBC] Only in Canada you say? Not anymore, apparently. Americans are making icewine proudly proclaiming they're following the Canadian standards. But does it pass the taste test? Read More

Trump steel tariffs may leave these U.S. steelworkers jobless (10/03/2018)

[Reuters] FARRELL, Penn. (Reuters) - Mick Lang has been a steelworker for nearly 40 years and voted for businessman Donald Trump in the hopes he would bring about a renaissance for the long-suffering U.S. steel industry. Now he worries President Trump's tariffs on imports of the metal will cost him his... Read More

[CBC] If you're deeply suspicious of the way gas prices rise in lockstep, you're not alone. Most Canadians suspect that something fishy is happening at the pumps. But there's a big difference between following a competitor and collusion. Read More

Q&A: What a Bay Street star says it will take to boost women's ranks in finance industry (10/03/2018)

[CBC] For 25 years, Camilla Sutton has been a mover and a shaker on Bay Street. In January, she became president and chief executive officer of Women in Capital Markets, tasked with improving the role of women in Canada's finance industry — no small feat. Sutton recently sat down with CBC... Read More

Court rules Latvian bank ABLV may keep Luxembourg branch (10/03/2018)

[Reuters] LUXEMBOURG (Reuters) - Latvia's ABLV Bank, accused by U.S. authorities of large-scale money laundering, will be allowed to look for new investors for its Luxembourg branch after a court there ruled against forced liquidation by EU authorities, the bank said. Read More

Britain funds export of CSeries jets in aftermath of trade row (10/03/2018)

[Reuters] (Reuters) - Britain has thrown financial support for the first time behind exports of Bombardier CSeries jets part-built by Northern Ireland workers caught up in a recent trade row. Read More

EU, Japan start push for exemptions from Trump tariffs (10/03/2018)

[Reuters] BRUSSELS (Reuters) - The European Union and Japan urged the United States on Saturday to grant them exemptions from metal import tariffs, with Tokyo calling for "calm-headed behavior" in a dispute that threatens to spiral into a trade war. Read More

France signs deals worth $16 billion in India; to deepen defense, security ties (10/03/2018)

[Reuters] PARIS/NEW DELHI (Reuters) - French and Indian companies signed contracts worth 13 billion euros ($16 billion) on the first day of President Emmanuel Macron's visit to India on Saturday, the French presidency said in a statement. Read More

Post-bailout credit line for Greece probably not needed: rescue fund head (10/03/2018)

[Reuters] ATHENS (Reuters) - Greece will probably not need a precautionary credit line after its bailout ends in August if the country sticks to reforms, the head of Europe's rescue fund said in an interview released on Saturday. Read More

Trade war between U.S. and Europe can still be avoided: Germany (10/03/2018)

[Reuters] BERLIN (Reuters) - A trade war between Europe and the United States can still be averted, German Economy Minister Brigitte Zypries said on Saturday, adding she hoped that talks in Brussels this weekend could help to prevent an escalation. Read More

China steel exports may fall further in 2018: top executive (10/03/2018)

[Reuters] BEIJING (Reuters) - Chinese exports of steel products may continue to fall this year due to strong domestic demand and reductions in capacity due to environmental commitments, the chairman of state-owned mill Fujian Sangang Group Co Ltd said. Read More

U.S. Justice Department, AT&T spar over merger in final pre-trial documents (09/03/2018)

[Reuters] WASHINGTON (Reuters) - The U.S. Justice Department and AT&T Inc on Friday presented starkly different futures for online video if the wireless and pay-TV giant is allowed to buy Time Warner Inc, as they laid out their cases for a blockbuster antitrust trial. Read More

Crown corporation embroiled in legal battle over missing Bombardier jet (09/03/2018)

[CBC] A Canadian Crown corporation is fighting an international legal battle in the U.K. and South Africa to reclaim a private jet it helped a wealthy South African-based family purchase. Read More

'Pharma Bro' Martin Shkreli gets 7 years in securities fraud case (09/03/2018)

[CBC] "Pharma Bro" Martin Shkreli was sentenced Friday to seven years in prison for defrauding investors in two failed hedge funds. Read More

Canada's unemployment rate nudges down to 5.8% in February (09/03/2018)

[CBC] Canada's job market added about 15,000 jobs in February, less than expected but enough to nudge the unemployment rate down to 5.8 per cent. Read More

Toys 'R' Us Canada carries on business as usual amid reports of U.S. liquidation (09/03/2018)

[CBC] Toys R Us Canada says it's business as usual amid reports that the retailer's U.S. counterpart is preparing to liquidate operations in the United States. Read More

U.S. allies line up for exemptions from Trump's aluminum, steel tariffs (09/03/2018)

[CBC] From Japan and South Korea to Australia and Europe, officials are also seeking exemptions from U.S. President Donald Trump's tariffs on U.S. steel and aluminum imports — something he has given Canada and Mexico for now — while Chinese producers are calling on Beijing to retaliate in kind. Read More

Jobs figures, tariff exemptions push Toronto, U.S. markets into the green (09/03/2018)

[CBC] North American markets rallied today on U.S. jobs figures and a Canadian reprieve from U.S. President Donald Trump's tariffs on steel and aluminum. Read More

Goldman CEO Blankfein prepares to exit as soon as year-end: WSJ (09/03/2018)

[Reuters] (Reuters) - Lloyd Blankfein could step down as Goldman Sachs Group Inc chief executive as soon as the end of the year, the Wall Street Journal reported on Friday, swiveling the focus to fierce competition between the two contenders to replace him. Read More

Uber to inform Canadians affected by data breach (09/03/2018)

[CBC] Uber will inform all Canadians whose personal data may have been compromised in a 2016 breach after Alberta's privacy commissioner ruled it must notify impacted drivers and riders in the province. Read More

Tax Alerts

Using numbers and financial statements, an accountant describes the health of a company, organization or individual, by using their skills in math, accounting, law and finance. They analyze profits and losses, providing information that investors and business owners need in order to evaluate how a company is doing over a period of time. This information forms the basis of a company's report and legal filing reports. The following are some of the duties that an accountant may have to perform:

  • Determines payroll requirements; maintains payroll data; prepares and processes monthly payrolls
  • Interacts with internal and external auditors in completing audits
  • Explain billing invoices and accounting policies to staff, vendors, and clients
  • Prepare and review budgets, revenue, expenses, payroll entries, invoices, and other accounting documents
  • Analyze and review budgets and expenditures for local, state, federal and private funding, review contracts, and grants
  • Prepare profit and loss statements and monthly closing and cost accounting reports
  • Analyze revenue and expenditure trends and recommend appropriate budget levels, and ensure expenditure control
  • Compile and analyze financial information to prepare entries to accounts, such as general ledger accounts, and document business transactions
  • Supervise the input and handling of financial data and reports for the company's automated financial systems
  • Resolve accounting discrepancies
  • Establish, maintain, and coordinate the implementation of accounting and accounting control procedures
  • Recommend, develop and maintain financial data bases, computer software systems, and manual filing systems

Types of Accounting:

Public Accounting -
This would be an accounting service to the general public, and is considered to be more professional than private accounting. Certified and non-certified public accountants can provide public accounting services.

Private Accounting -
This would be accounting that is limited to only a single firm, where an accountant receives a salary on an employer-employee basis. This term is used even if the employer is in a public corporation.

National Income Accounting -
Rather than the usual business entity concept, national income accounting uses the economic or social concept in establishing accounting. This type of accounting is responsible in providing the public estimates of a country's annual purchasing power. The GNP (gross national product) refers to the total market value of all the goods and services produced by a country, usually within a calendar year.

Fiduciary Accounting -
This type of accounting is done by a trustee, executor, administrator, or anyone in a position of trust. The accountant's job is to keep the records and prepare the reports, which may be authorized by or under the jurisdiction of a court of law. The fiduciary accountant will control all property subject to the estate or trust.

Fund or Governmental Accounting -
This type of accountant will work for a non-profit organization or a branch or unit of any level of government. The double-entry system of accounting with journals and ledgers is used, the same as conventional accounting. The services of private or public accountants can be used, like any business entity. Special funds accounting is used for control since profit motive cannot be used as a measure of efficiency.

Forensic Accounting -
Forensic accounting is the specialty practice area of accountancy that describes engagements that result from actual or anticipated disputes or litigation. "Forensic" means "suitable for use in a court of law", and it is to that standard and potential outcome that forensic accountants generally have to work. Forensic accountants also referred to as forensic auditors or investigative auditors, often have to give expert evidence at the eventual trial. All of the larger accounting firms, as well as many medium-sized and boutique firms, have specialist forensic accounting departments. Within these groups, there may be further sub-specializations: some forensic accountants may, for example, just specialize in insurance claims, personal injury claims, fraud, construction, or royalty audits.

Investment Accounting -
Investment accounting, portfolio accounting or securities accounting - all synonyms describing the process of accounting for a portfolio of investments such as securities, commodities and/or real estate held in an investment fund such as a mutual fund or hedge fund.

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