What's new in Version 2008.01
Jan 1, 2008
- Version:
- This release was available in three formats, one for use with CaseWare Working Papers 2006, one for use with CaseWare Working Papers 2005 and one for use with CaseWare Working Papers 2004. Template features are identical in each file set.
- Checklists:
- All the audit programs, disclosure checklists, review checklists, and compilation checklists are now current up to the November 2007 release of the CGA Canada Public Practice Manual. For details of these changes, please refer to the CGA Public Practice Manual.
- Financial statements:
- An option has been added to the File Profile enabling users to choose whether or not to display and print percentages on the financial statements. This feature is now built into the financial statements and does not require a separate financial statement file. To access this feature in an existing client file, use the UPDATE button in the Financial Statements and in the File Profile.
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Not-for-profit entities: The financial statements have been modified to comply with the new GAAP requirement (effective for periods that commence October 1, 2006 or later) to report certain financial instruments at fair value and to report certain unrealized gains and losses directly on the Statement of Changes in Net Assets.
- To access this feature in an existing client file that has been rolled forward:
- 1. Use the UPDATE button in the Financial Statements
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2. Copy the mapping from the template into the client file. Using the “Copy template feature:
- a. Select “Some Components”
- b. Press the “Select…” button next to Groupings/Mapping,
- c. Check only the “Mapping” checkbox
- d. Press the “Select…” button next to Mapping
- e. Select “Merge source file’s mapping structure (new numbers are added)” and “Autofill account properties using mapping structure”, then press OK
- f. Press OK
- g. Press OK
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3. Add new GL accounts as required and assign them to the new mapping numbers. The new mapping numbers are:
- 395.11 Accumulated unrealized gains/losses (unrestricted)
- 395.12 Current unrealized gains/losses (unrestricted)
- 395.13 Reclass for realized gain/loss (restricted)
- 395.21 Accumulated unrealized gains/losses (restricted)
- 395.22 Current unrealized gains/losses (restricted)
- 395.23 Reclass for realized gain/loss (restricted)
- Using these mapping numbers, and the related changes in the financial statements, the template is designed to accommodate the reporting of one of the four possible items of revenue, expense, gain or loss that is identified in the CICA Handbook – Accounting to be reported on the Statement of Changes in Net Assets. In the event that a client has more than one to report (for example: unrealized gains/losses both on investments and on foreign exchange conversions for a self-sustaining foreign operation), we recommend combining them in the appropriate mapping codes, and disclosing the separate items in a note to the financial statements.
- For new clients, the template includes GL accounts (3411, 3412, 3413, 3421, 3422, 3423) that are mapped to the new mapping numbers.
- Comprehensive income: This update includes only those changes described above for NPOs, and does not include “Comprehensive income” for use by for-profit enterprises. This new GAAP provision is not yet required for most non-publicly accountable enterprises (it is effective for periods commencing October 1, 2007 or later), and we anticipate that many such enterprises may wish to instead adopt the alternative accounting basis that is proposed by the CICA (Framework for Owner Managed Enterprises) which, in its draft form, does not require the use of Comprehensive income. Further information about the proposed “Framework” is available on the CICA website: http://www.cica.ca/index.cfm/ci_id/41086/la_id/1
- Integration of “Comprehensive income” into the templates is an ongoing project.
- Several enhancements to the notes to the financial statements have been added.
- The template now allows users to combine the Statement of Operations and the Statement of Changes in Net Assets for certain simple NPO operations. This option is available by selecting or deselecting the separate Statement of Changes in Net Assets in the index to the financial statements. Users should note that this option should only be used when there is only one category of net assets to report. (e.g. when there are unrestricted net assets only – and there are no “net assets invested in capital assets”, no “restricted net assets”, and no “unrealized gains/losses”)
- Client letters:
- The engagement letters and representation letters were revised for consistency with the current version of the CGA PPM
- Small audit program:
- The Preliminary analysis and Final analytical review working papers were revised for consistency with the current version of the CGA PPM. The final analytical review working paper is now a CaseView document.
- The substantive procedures planning audit working papers were revised for consistency with the current version of the CGA PPM.
- A new Risk Tolerance worksheet and a file inspection checklist were added for use by an Engagement Quality Control Reviewer.
- Client profile – sources of information (3C.1) was added back to the template.
- All documents now include a provision for the EQCR’s initials and date of review.
- CaseView Working Papers:
- Several minor enhancements were made to various working papers.
- Help and Getting Started files:
- Updated and expanded recommended procedures.
- New documents:
- Document 2.2 (EQCR file inspection checklist / 159) was added (a Word document) to the audit and review templates for use when the file is selected for an objective review by an Engagement Quality Control Reviewer.
- Document 3B.5 (EQCR Risk tolerance worksheet / F-340) was added (a Word document) to the audit template for use when the file is selected for an objective review by an Engagement Quality Control Reviewer.
- Document 2C.4A (Final analytical review / D-101) was added as a CaseView document to replace the former CaseWare document 2C.4.
- File Profile:
- Updated version information and added feature described above under “Financial statements”.