New compilation standard: Guidance resources

Check out our free, practical guidance to the new compilation standard. Understand why the changes are important and learn how to communicate and implement them effectively.

We have issued the following comprehensive guidance materials to raise awareness about the new compilation standard that is effective for periods ending on or after December 14, 2021 (with early application permitted).

Practitioner's Alert

Learn about the new standard on compilation engagements, CSRS 4200, Compilation Engagements and how it impacts you. Understand the changes you can expect to see and learn how those changes will impact your performance of compilation engagements.

Covers:

  • why the change was needed
  • significant differences between the previous and new standard
  • services excluded from CSRS 4200
  • description of the basis of accounting
  • the new compilation engagement report

Management Briefing

This briefing will facilitate discussions between management and practitioners on the new compilation standard. It will help management understand how they meet any requests or requirements from third parties who use compiled financial information.

Includes:

  • an illustrative example of the new compilation engagement report
  • an explanation of the new note required that will describe the basis of accounting applied in the preparation of the compiled financial information
  • expected changes in the new compilation engagement
  • summary of other possible engagements

Third Party Briefing

This briefing is designed to support discussions between management, third parties, and practitioners on the new compilation standard. It will help third parties understand the nature of a compilation engagement and other services available and inform them of the changes resulting from the new standard.

Includes:

  • an illustrative example of the new compilation engagement report they can expect to see
  • an explanation of the new note required that will describe the basis of accounting applied in the preparation of the compiled financial information
  • what is a compilation engagement
  • why a change was needed
  • summary of other possible engagements

For additional information on compilation engagements, visit frascanada.ca/compilations

Compilation Engagements Guidance Task Force

Members:

Michael Frankel, FCPA, FCA
Richter
Montréal, QC

Tom Gillespie, CPA, CA
Clearline
Vancouver, BC

Jules Hawkins, FCPA, FCA
Hawkins & Co. Accounting
Windsor, ON

Raymond Mack, FCPA, FCA
Kenway Mack Slusarchuk Stewart LLP
Calgary, AB

Annie Smargiassi, CPA, CA
Ordre des comptables professionels agréés du Québec
Montréal, QC

Stephen Shupe, CPA, CA
Shupe & Company
Dartmouth, NS

Observer:

Jennifer McCann, CPA, CA
Focus ROI
Toronto, ON

Author:

Jane Bowen, FCPA, FCA
Ontario Tech University
Oshawa, ON

Staff:

Yasmine Hakimpour, CPA, CA
CPA Canada

Taryn Abate, CPA, CA, CPA (IL)
CPA Canada

Svetlana Berger, CPA, CA, MAcc
Auditing and Assurance Standards Board