News in brief: Report calls for ‘big picture’ thinking on tax policy
A new CPA Canada brief reviews the current tax policy against government promises (Getty Images/Hinterhaus Productions)
CPA CANADA BRIEF CALLS FOR RETHINKING TAX EXPENDITURES
A new CPA Canada briefing, Simpler Measures, Better Outcomes: It’s time to rethink tax expenditure, encourages the Canadian government to “step back and consider the big picture” given its more than 30 election campaign promises around tax policy to achieve a variety of goals.
The brief explores why adding new tax expenditures requires careful reconsideration and why current tax expenditures need more scrutiny. In particular, a case is made for the government to:
- Reverse the slide in Canada’s global tax competitiveness
- Evaluate tax expenditures by the right criteria
- Reconsider proposed tax expenditures
- Take stock of past experiences
- Relaunch a tax expenditure review
- Take a wise approach to tax
“Before making the tax system more complex and inefficient for Canadians and businesses, we believe the government should assess the best ways to use the tax system to deliver policy choices in the public interest,” the brief says. “This includes examining whether tax expenditures are the right approach to achieve the government’s aims efficiently and effectively.”
Read the whole brief for deeper insights.
FORESIGHT INITIATIVE PUTS FOCUS ON TRUST AND ETHICS
A series of thought leadership papers under the Foresight: Reimagining the profession initiative highlight the importance of trust and ethics amid an era of complexity and digital change.
The papers, developed in collaboration with the International Federation of Accountants (IFAC) and the Institute of Chartered Accountants of Scotland (ICAS), offer guidance for ways to approach ethical decision-making and identifying and mitigating bias, while navigating digital disruption in today’s changing environment. In addition, they tackle a variety of trust and ethics issues offering practical guidance and solutions.
The first two papers (in a series of four) are available to read now:
- Complexity and the professional accountant: Practical guidance for ethical decision-making
- Technology is a double-edged sword: Opportunities and challenges for the accountancy profession
And, publishing later this month, watch for:
ISSB VICE-CHAIR AND SPECIAL ADVISOR APPOINTED
The International Sustainability Standards Board (ISSB) will have a vice-chair, as of March 1, and a special advisor to the chair was appointed on February 1.
The trustees of the IFRS Foundation appointed Sue Lloyd as vice-chair, a role which—in addition to supporting the recently appointed ISSB chair, Emmanuel Faber—will focus on technical standard-setting issues and developments. Lloyd currently serves as vice-chair of the International Accounting Standards Board (IASB).
Janine Guillot, who serves as chief executive of the Value Reporting Foundation, was appointed as special advisor to Faber.
Another special advisor from the Asia-Oceania region, who will focus on the ISSB’s engagement with developing and emerging economies as well as smaller companies, will also soon be appointed.
WEBINARS EMPHASIZE SUSTAINABILITY IN STANDARDS SETTING
The Independent Review Committee on Standard Setting is hosting two webinars this month to share their thinking on the future of accounting and auditing standard setting that includes sustainability.
The first is The future of accounting and auditing standard setting (and yes, that means sustainability too), which will be held on February 15, 2022. Host Edward J. Waitzer, will break down the committee’s current work, including its recommendations to establish a Canadian sustainability standards board; the governance and oversight framework of the standard-setting system; as well as the role of public interest in diversity, equity and inclusion when developing standards.
The second webinar is A call for action on sustainability reporting standards, to be held on February 23. Hosted by Michael Jantzi, the focus will be on the key matters and recommendations the committee outlined in its consultation paper on the reasons that a Canadian sustainability standards board would benefit our country’s public and private organizations, over and above the new ISSB.
Registration for both webinars is still open and participants can read the committee’s consultation paper to help prepare.
INTERNATIONAL CPAS LEARN ABOUT LEADERSHIP, PROTECTING MENTAL HEALTH
In its continuing commitment to members around the world, the International team recently held separate online seminars on leadership and mental health for Caribbean-based CPAs.
On January 25, CPA Canada’s Trinidad and Tobago Chapter held a webinar, hosted by CPA Maxine Attong, that discussed what leadership is and how to ignite that spark within yourself. The author of Change or Die: The Business Process Improvement Manual and Lead Your Team to Win inspired attendees with actionable tips to achieve leadership goals.
Meanwhile, on January 27, CPA Canada’s Barbados Chapter held a workshop on the nature of our mental health and wellness challenges and experiences, while outlining strategies and techniques to work through them.
The session was needed because, throughout the pandemic, CPAs around the globe have worked hard to protect clients and the economy, putting a strain on their own well-being.
“Learning to protect and enhance their own mental health and the wellbeing of those around them will pay off for CPAs in terms of job satisfaction, engagement, performance and productivity,” said Nikita Bayne, Chair of the CPA Canada Barbados Chapter Advisory Council.
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