After more than 3 decades of keeping things the same in the accounting world, CPA has developed a new reporting standard for small and medium sized businesses.

What you need to know:

The previous Notice to Reader financial reports are no longer, they have been replaced by a new Compilation Engagement Report

Minimum levels of documentation have been increased. This means you will likely be asked more questions about your business and requested to provide more documentation that previously.

So you can expect see things a bit differently when it comes to your year end financials.