Friday News Roundup 21.05.28: New non-GAAP rules, botanical budgets, MNP Sudbury, Sage and more

Wrapping up the odds and ends in this week’s Canadian accounting news

May 28, 2021 Author: Canadian Accountant

TORONTO, May 28, 2021 – Despite a shortened work week, due to the past holiday weekend, there were plenty of odds and ends from the world of Canadian accounting news to report on.

Securities regulators finally approve non-GAAP disclosure requirements

Five years after red flags were raised as to the non-GAAP measures companies were getting away with in Canada, the Canadian securities regulators finally published new disclosure rules for voluntary reporting. Why did it take so long? The Canadian Securities Administrators proposed new rules in 2018 but went “back to the drawing board” after pushback from various sectors.

The CPA who started the controversy, Veritas chief executive Anthony Scilipoti, was quoted in the Globe and Mail late Thursday by David Milstead: “I’m impressed that it has more teeth than even the U.S. regulations. And I’m impressed that they didn’t back down [to critical feedback].” As for the CSA, it appears its patience with stakeholders finally ran out: ““We see no reason to delay this project for multiple years and have decided to proceed.”

Globe and Mail shines light on Toronto Botanical Garden

Canadians usually think of botanical gardens as fun for “little old ladies who garden,” not for governance struggles and budget battles. But Showdown at Toronto Botanical Garden is pitting green thumbs against accountants shone some bright sunlight on the financial goings-on at the TBG.

The TBG was led by two chartered professional accountants, David McIsaac (CEO) and Gino Scapillati (Board Chair), who presided over a “dramatic increase in spending,” according to an earlier article in the Toronto Star, to fund its expansion. According to the G&M, “More than half the TBG’s board resigned last month” and McIsaac plans to leave in September.

MNP adds Sudbury, Ontario accounting firm

Another week, another merger. This time, MNP LLP has joined forces with McLelland Crawford Topp LLP in Sudbury, where MNP has had a presence since 2013. “Sudbury has emerged as the major economy in Northeastern Ontario, with significant expansion in the retail, government and not-for-profit sectors in recent years," said Rob Mozzon, MNP's Regional Managing Partner for Northern Ontario. "We've been proud to play our part in the Sudbury community, helping clients of all shapes and sizes to achieve their goals.”

Sage Intacct data centre launched in Canada

If you’re in corporate accounting or finance, here’s a new business tool: the Sage Intacct Canada Data Centre, which leverages Amazon Web Services (AWS). “The in-country presence will help Sage Intacct customers scale and accelerate their digital transformation strategy, while complying with federal and provincial privacy legislation.”

The cloud-based financial management platform is part of the market-dominating AWS Marketplace used by many corporations across Canada. This announcement adds a new level of in-country presence that will help accounting and finance departments accelerate their digital transformation strategy, while complying with federal and provincial privacy legislation.