The year 2017 ended with the signing of the U.S. tax reform bill. After a fairly quiet start of the year in terms of IFRS developments, a series of topics were addressed in March. Also, let’s not forget that on January 1 2018, IFRS 9 and IFRS 15 came into effect!
At Mazars, more than ever, we believe that businesses can thrive only by creating shared value for all their stakeholders. Publishing our 2017 Yearbook document is a way to take stock of what we have achieved this past year. As a part of our 2016-2017 Annual Report, the Yearbook also aims at providing a clear and global image of who we are and how we prepare the future. From open innovation to stewardship, from the future of the audit profession to our teams' perspective on the future, we have chosen to shed light from various angles on the notion of transformation.
Our Closer Look in this edition presents the traditional overview of all the standards and interpretations applicable as at December 31, 2017 financial statements.
Phasing out of restrictions on the granting of input tax refunds (ITRs) to large businesses as of January 2018
The last few months have been relatively busy for the IASB with the publication of two exposure drafts, a Practice Statement and some last-minute finishing touches to IFRS 9. Our “Closer Look” this month concerns an aspect of the preparation of financial statements: guidance on making materiality judgments.
The IASB confirmed the IFRIC’s tentative decision on the modification of financial liabilities under new IFRS 9. The far-reaching impact of this decision is discussed in this edition.
Important GST/HST Changes Proposed by the Department of Finance Canada for Investment Limited Partnerships
On September 8, 2017, the Department of Finance Canada released legislative proposals to amend the Excise Tax Act (ETA) to encompass Investment Limited Partnerships (ILPs).
On July 18, 2017, Minister of Finance Bill Morneau announced the launch of consultations on tax planning using private corporations. Canadians are invited to submit their comments on the government’s proposals. The deadline for interested parties to submit their comments is October 2, 2017.