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Cost reduction
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Staying on top of standard-setting initiatives


Vol. 9-09
March 6, 2009

 

Playing to win

10 ideas for surviving the downturn and positioning for the future

Not long ago, it seemed that Canada would be relatively sheltered from the effects of the global recession. Now it’s clear that is not the case. Unfortunately, most companies that prepared their budgets and plans when the economy was stable are now feeling the effects of having to make quick cuts to reduce costs and protect their margins. But in their rush to reduce spending, many are making short-term decisions that could weaken their competitiveness in the long term.

Playing to win: Ten ideas to survive the downturn and position for the future is a new Deloitte report that offers ten practical tips to help companies reduce costs more effectively and position themselves for the eventual upturn of the economy.

The report is based on findings from a Deloitte survey that asked Canadian consumer business and manufacturing executives how they are being affected by the downturn and how they are managing their costs. According to the survey, many Canadian companies were surprised by the speed and impact of the economic downturn. In fact, more than 50% admitted they underestimated the severity of the downturn to the Canadian market when developing their plans and budgets. Additionally, results indicate that many companies may be underestimating the percentage of budget cuts needed to stay afloat if the recession continues on the same trajectory.

Read Playing to win.

This Week in Review

Standard-setting Activities Digest
The Standard-setting Activities Digest (the Digest), published on a monthly basis not only represents an excellent starting point towards the original published text of the standard-setting organization but also present a single source of reference for current standards, future standards, exposure drafts and projects. You may register here to receive automatically a publication alert in your email. The following items have been released this week and will be included in the next edition of the Digest:
 

  United States
  AICPA Activities
  Proposed Statement on Auditing Standards, Audit Sampling
This exposure draft addresses the auditor’s use of statistical and non-statistical sampling when designing and selecting the audit sample, performing tests of controls and tests of details, and evaluating the results from the sample.
 
  PCAOB Activities
  PCAOB Reproposes Auditing Standard on Engagement Quality Review
The proposed standard would require an engagement quality review for audits and reviews of interim financial information performed in accordance with the standards of the PCAOB. 
  International
  IASB Activities
  Improving Disclosures about Financial Instruments (Amendments to IFRS 7)
The amendments require enhanced disclosures about fair value measurements and liquidity risk.
 

Press review
(EXTERNAL WEB SITE LINKS - Some sites may require free registration)

  Date Publication Article
  2009/03/07 The Washington Post Underwater Stock Options Get a Lifeline From Firms
  2009/03/06 US Congress Perlmutter-Lucas Bill To Establish New Federal Accounting Oversight Board

Review the proposed bill (will be available soon)
  2009/03/06 Deloitte US Going Global: International Outlook for Private Companies
  2009/03/05 CFO.com The Growing Concern over "Going Concern"
  2009/03/05 FASB Financial Crisis Advisory Group Meeting
  2009/03/05 IASB IASB enhances financial instruments disclosures
  2009/03/05 CFO.com Former SEC Chief Accountant Blames FASB for Meltdown
  2009/03/05 Deloitte US Staying One Step Ahead - Perspectives on Investing in China  
  2009/03/04 Law.com Eight Steps Companies Can Take to Prevent Whistleblower Liability
  2009/03/04 Financial Week Third of companies not complying with new tax reporting rule
  2009/03/04 The New York Times An Empty In-Box, or With Just a Few E-Mail Messages? Read On
  2009/03/04 Forbes The U.S. Financial System Is Effectively Insolvent, an editorial from Nouriel Roubini
  2009/03/03 Board Member Three Critical Issues That Will Help Directors Sleep at Night
  2009/03/03 CFO.com How Auditors Self-audit: PCAOB Revises Plan
  2009/03/03 Web CPA Make Financial Statements Less Frustrating
  2009/03/03 Hitachi XBRL

An Interview with Gerald Trites, Project Director of XBRL Canada
  2009/03/02 Deloitte US Credit Crisis Advisory: The Financial Stability Plan  
  2009/03/02 The National Law Journal Companies in Dangerous Position as SEC Prepares to Flex Its Muscles
  2009/03/02 Business Finance Your CFO's Recession Survival Kit
  2009/03/02 Currency Administrator of National Banks Comptroller Dugan Urges Less Pro-Cyclical Approach to Reserves
  2009/03 CAmagazine In this issue:

Table of contents
  2009/03 The Investment Professional The Hard Sell – SEC in a Quandary over Its Push for IFRS (PDF)
  2009/03 FEI Magazine In this issue (Free Registration Required) :
  2009/03 GT Financial Analysis Lab Cash Flow Trends and Their Fundamental Drivers: A Continuing Look, The S&P 500 Non-financials (Qtr 3, 2008) (PDF)
  2009/02/26 Deloitte US Credit Crisis Advisory: Declaration of the Summit on Financial Markets and the World Economy  
  2009/02/23 Web CPA The post-IFRS world, editorial from Ian Mackintosh, chair of both the Accounting Standards Board in the U.K. and the National Standard-Setters Group
  2009/02/11 OECD Corporate Governance Lessons from the Financial Crisis (PDF)
  2009/01/25 Deloitte US The Responsible and Sustainable Board


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