The Latest Accounting Trends as 2023 Begins

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Cybersecurity, climate concerns, sustainability and the increasing shortage of accountants have created increasing challenges for accounting professionals in Canada. These issues make accounting professionals’ work even more demanding.

Learn more about the importance of these issues for accounting professionals in Canada in 2023.

 

Climate Impacts & Sustainability are Top of Mind

As the global push toward decarbonization accelerates and the impacts of climate change are realized, stakeholders are demanding that organizations provide better climate-related disclosures. With ESG and climate change regulations on the horizon, audit committees should ensure their organizations are prepared for mandatory reporting, and are integrating climate risk into their operations, controls and governance.

Sustainable Finance is growing in popularity as asset owners, customers and potential employees look for organizations that provide a financial return and generate measurable benefits for the environment and society. Increasingly, companies are incorporating environmental, social and governance (ESG) risk reporting.

Cybersecurity Increases in Importance

Accounting cybersecurity is essential for the following reasons:

  • Hackers’ increasing sophistication in lifting confidential information makes cyberattacks on companies common.
  • Social insurance numbers, financial information, and other sensitive details in companies’ databases increase the risk of cyberattacks.
  • Lifting clients’ personally identifiable information can cost a business millions of dollars.
  • Impacted clients may discuss their experiences and damage the company’s reputation.

Chartered Professional Accountants (CPAs) must remain updated on regulatory and legislative changes impacting cybersecurity incident reporting and disclosures. They also must help identify the risks of cyberattacks, develop the steps to prevent these attacks, and understand what to do if an attack occurs.

Manitoba Recruits Immigrant Accountants

As the economy rebounded Manitoba is coming out of a year of strong growth with employers desperately looking for workers to fill available jobs. Manitoba is addressing the shortage of accountants. As a result, the province is offering programs that encourage immigrants to work as accountants in Canada.

The Manitoba Provincial Nominee Program (MPNP) nominates candidates who want to live in the province to the federal government for Canadian permanent resident status.

 

Benefits of Working with Internationally Trained Accounting Professionals

  • Help meet your labour needs. Over the coming years, immigrants will play an increasingly significant role in Canada’s labour force
  • Increase your competitiveness: Many internationally-trained professionals and other immigrants have the skills and talents to help your organization compete in the global marketplace
  • Provide diversity to your team
  • Provide skills & expertise that may not be readily available in the local market
  • Make your organization more effective: Internationally-trained professionals can bring fresh perspectives into your organization by stimulating new thinking and ways of doing things

Need Help Adding to Your Accounting Team?

Mercer Bradley has the experienced accounting candidates you need to reach your business goals. Find out more today!

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