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Other Canadian Standards

Compilations of Future-oriented Financial Information (FOFI) and Pro Forma

Summary

This project will replace Assurance and Related Services Guideline (AuG) 16, Compilation of a Financial Forecast or Projection, with a new Canadian Standard on Related Services (CSRS). 

AuG-16 was first issued in 1993 and has not been updated since.  When the AASB issued a new CSRS 4200, Compilation Engagements, to replace Section 9200, Compilation Engagements, the AASB determined that it should conduct preliminary research. The purpose of the research was to understand the implications of CSRS 4200 on AuG-16 and challenges faced by practitioners when assisting entities in compiling FOFI or pro forma.

The public interest issues identified by the research include the following:

Staff Contact(s)

Svetlana Berger, CPA, CA, MAcc Associate Director, Auditing and Assurance Standards Board

Amalia Spensieri, CPA, CA Principal, Auditing and Assurance Standards Board

Project Status

  • Information gathering

    Completed in 2020

  • Approving project

    Project proposal approved in April 2021

    The FOFI Task Force deliberated issues while seeking input from the Reference Group

  • Engaging Communities

    The AASB approved the CSRS 4250 exposure draft for consultation on June 11, 2024

    The AASB published the exposure in September 2024

  • Deliberating feedback
  • Final pronouncement

Virtual Roundtable Discussions – AASB Exposure Draft, “Proposed CSRS 4250, Compilation Engagements on Future-oriented Financial Information and Pro Forma”

Join us for an upcoming roundtable discussion on our new Exposure Draft to share your insights. You will help ensure our work reflects the needs and concerns of interested and affected parties. Happening November 12 (English) and November 14 (French), 2024.

Volunteer Opportunity – Field-test Selected Requirements in the AASB’s Exposure Draft, “Proposed CSRS 4250, Compilation Engagements on Future-oriented Financial Information and Pro Forma”

Share your expertise! Volunteer to field-test selected requirements in AASB Exposure Draft, “Proposed CSRS 4250, Compilation Engagements on Future-oriented Financial Information and Pro Forma,” and help shape the development of the standard.

What You Need to Know – Compilations of FOFI and Pro Forma

Want to learn how our proposals and upcoming changes may impact you as a practitioner, a user of FOFI or pro forma, management, or a staff member charged with governance? We’re creating a short resource to highlight key facts from our Exposure Draft, along with a survey to gather your feedback based on what you’ve read. Don’t miss out on this helpful guide and the opportunity to share your insights through the survey.

News


October 10, 2024

Resource

What You Need to Know about Proposed Canadian Standard on Related Services (CSRS) 4250, Compilation Engagements on Future-oriented Financial Information and Pro Forma

Short on time but want to know how this change impacts you as a practitioner, a user of FOFI or pro forma, management, or a staff member charged with governance? Read our educational guide for more details! 

News


October 10, 2024

Resource

What You Need to Know about Proposed Canadian Standard on Related Services (CSRS) 4250, Compilation Engagements on Future-oriented Financial Information and Pro Forma

Short on time but want to know how this change impacts you as a practitioner, a user of FOFI or pro forma, management, or a staff member charged with governance? Read our educational guide for more details! 

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal voting process.