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ESOPs changes the rules

Article Abstract:

The Employee Share Ownership Plans (ESOP) experience in the US poses new accounting, auditing and valuation challenges to chartered accountants as Canada implements the program. ESOP is a retirement benefit plan which purchases shares from either the employing firm or the shareholders and distributes them to the employee in the case of resignation, dismissal, death or retirement. ESOPs are valuable tools in the drive to solve problems in terms of productivity and competitiveness, thus accountants are duty bound to ensure the success of the ESOP.

Accounting and auditing, Employee stock ownership plans

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Reporting with a purpose

Article Abstract:

Provision of timely and precise information to decision makers is a vital responsibility of chartered accountants (CAs). Such reponsibility requires CAs to possess needed skills in extracting information from raw data. In gathering information, it is important for CAs to have knowledge not only on what constitutes data but also on the different ways of extracting data so as to effectively define what the information is and place it in context.

Accounting

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Mixing it up

Article Abstract:

Accountants should consider a number of factors when deciding on the best salary-dividend mix for a business owner-manager that will the yield the most tax savings. These include taking into account the unique situations of each owner-manager, assessing the relationship between corporate and personal tax rates apply to the business and determining the feasibility of proposed salaries or bonuses.

Personal Tax Planning, Taxation, Personal finance, Tax planning, Business enterprises

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