Stay Informed: CRA and Accounting Standards Update – January 2017

Stay Informed: CRA and Accounting Standards Update – January 2017

Update from the CRA

Do you use form RC59, Business Consent, to get online access to your business clients’ information in Represent a Client? If you do, here are three important things you should know:

1. After May 15, to request online access to tax information for a business, you will need to complete the authorization request in Represent a Client. Form RC59 will no longer be used to authorize online access.

To complete an authorization request:

  1. Log into Represent a Client.
  2. From the Welcome page, select “Review and update.”
  3. Select “Authorization request” at the bottom of the “Manage clients” tab and follow the instructions.
  4. Print the signature page for your client to sign.

Scan and send the signed copy of the signature page to the CRA using Submit documents.

2. When you use Represent a Client, you’ll have access to your business clients’ information in five days or less instead of the 15 days it takes today with form RC59.

You can also see which business clients have authorized you and if the authorizations expire by selecting “Businesses that have authorized this business (or RepID)” under the “Manage clients” tab.

3. What if I don’t use Represent a Client?

The services offered on Represent a client can change the way you do business. Give it a try! And if you still prefer your current process, you can still use form RC59 to request access to your business clients’ information by telephone or mail.

This information has been provided by the Canada Revenue Agency.

Other updates from the Accounting Standards Board

AcSB Decision Summary – December 15, 2016
An executive summary of discussions and decisions with respect to the topics addressed at this meeting.

Not-for-Profit Advisory Committee Notes – November 17, 2016
These meeting notes provide a summary of discussions held.

Final IFRIC Interpretation – Foreign Currency Transactions and Advance Consideration
The IASB has issued an Interpretation that addresses the exchange rate to use in transactions that involve advance consideration paid or received in a foreign currency. The Interpretation is effective for annual periods beginning on or after January 1, 2018 with earlier application permitted.

Final Amendments – Annual Improvements to IFRS Standards 2014 – 2016 Cycle
The IASB has issued final amendments to three IFRSs as part of its Annual Improvements project. The amendments have varying effective dates.

Final Amendments – Transfers of Investment Property (Amendments to IAS 40)
The IASB has issued narrow-scope amendments to IAS 40 Investment Property clarifying the requirements on transfers to, or from, investment property. The amendments are effective for annual periods beginning on or after January 1, 2018 with earlier application permitted.

Public Sector Accounting Board

PSAB Decision Summary – December 15-16, 2016
An executive summary of discussions and decisions with respect to the topics addressed at this meeting.

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