What's new - Caseware ReviewComp Winter 2021 (v1.2106.0)

For a demonstration of what's new, watch the video below.

Timestamps for ReviewComp features:

  • 00.39s - 01.22s

  • 02.05s - 03.35s

Here is a listing of what's new for the Caseware ReviewComp Winter 2021 release.

Update to the AAII tax calculation

In accordance with the CRA legislation, ReviewComp now includes the updated Adjusted Aggregate Investment Income (AAII) calculation. For Canadian controlled private corporations with tax years after 2018, the small business deduction is now determined by AAII.

Netfiling Canadian foreign reporting tax returns

Caseware ReviewComp corporate tax certification updates now include netfiling Canadian foreign reporting tax returns (T1134, T1135, T106) for corporations with year-end dates up to May 31, 2022.

Update to Basis of Accounting note as per CSRS 4200

In the Notes Library, the Basis of Accounting note that is now required under the new CSRS 4200 standards has been removed from the General category and is now listed as its own Basis of Accounting category.

Basis of Accounting category.

The 6-15 Financial statements optimiser document also includes a Basis of Accounting question for common exceptions.

Basis of Accounting question in the Optimiser.

To learn more, see Add a note from library to the financial statements.

Workflow enhancements to engagements

Caseware ReviewComp now allows practitioners to perform certain engagement types without having to complete a compilation. For example, users can now complete a Corporate Tax engagement, or a simple bookkeeping engagement without completing reporting components, such as the Knowledge and Understanding of the Entity and the Compilation Engagement Report.

Corporate tax certification updates

Caseware ReviewComp corporate tax certification for the preparation of the Federal (T2) and the Alberta (AT1) tax returns is updated to include corporations with year-end dates up to May 31, 2022.

Changes to Federal and Alberta tax forms

In accordance with the CRA Income Tax Guide: Chapter 1 & 2 Federal and Chapter 3 Alberta updates, the following tables list the changes made to the Federal and Alberta tax forms.

Federal tax forms

Form Description
Schedule 200 T2 return Added 1 new line (352).
T183 Added 3 new lines (930, 931, 932).
Schedule 6

Added 1 new line (902).

Modified 1 diagnostic rule.

Schedule 384 Removed Part 9.
Schedule 388 Added 1 new line (575).
Schedule 570

Added 5 new lines (110, 225, 325, 330, 335).

Added 4 new diagnostic rules.

Alberta tax forms

Form Description
AT1 Added 2 new lines (095, 096).
Schedule 5 Removed, form is no longer required.
Schedule 8 Removed, form is no longer required.
Schedule 12 Removed 1 line (092).
Schedule 14 Removed, form is no longer required.
Schedule 29

Added 1 new line (265).

Modified 5 lines (120, 122, 126, 134, 220).

Removed 1 line (124).

Support for the CSRS 4200 standard

Caseware ReviewComp now supports the new CSRS 4200 standard. To learn more, see Implement the 4200 Compilation standards.

Update to the Notes Library

A comprehensive review of the Notes Library has been performed in this release. New note disclosures have been added and existing notes have been updated, where applicable. Minor improvements have been made to the ASPE note disclosures such as grammatical errors, note inconsistencies and search functionality.

Formatting enhancements to financial statements

Formatting enhancements have been made to the 6-20 Financial statements document. The Table of Contents, financial statement areas, financial statement names and groupings now display consistent capitalization.

Note: The What’s New video located at the top of this page includes a demonstration of some enhancements that were included in the Caseware ReviewComp Fall 2021 release. For more information, see the features listed below.

Simple Electronic Signature log in a PDF document

You can now view and download a signature log as a PDF for documents that were electronically signed by clients in query documents.

To learn more, see Review contact responses and Attach documents to an engagement file.

PEG content updates

Caseware ReviewComp now supports the 2021 CPA Canada PEG form content updates. In the event there is reason for withdrawal, you have the option to record your conclusion in 5-95 Worksheet - Withdrawal.

Form Extent Description of Revisions
5-95 – Worksheet — Withdrawal New New worksheet to document situations where withdrawal from a review engagement may be the appropriate conclusion.

Enhanced procedures in financial statement areas in checklists

To enhance the overall workflow experience, additional instructions have been added to procedures in the financial statement area checklists. The instructions include prerequisites, reference information and links to relevant documents to help you complete the checklists.

Enhanced procedures in FSA checklists.

Multiple signoffs for a role

You now have the option to allow more than one user to sign off on a role. To enable multiple signoffs for a role, go to the Engagement Settings dialog then select Roles | Multiple Signoff.

To learn more, see Modify signoff roles.

Hide sub-level headings for notes in financial statements

In the 6-20 Financial statements document, the Notes Print Settings now include an option to automatically hide sub-level headings for notes in the PDF output if there are no subsequent notes in that group.

The Hide sub-level headings option in the Notes Print Settings.

The option to hide sub-level headings in the PDF output is also available for individual notes in the More actions menu if there are no subsequent notes in that group.

To learn more, see Set up the print options in the financial statements and Hide sub-level headings for a note.

Hide note heading.

Print settings for tax returns

When printing tax returns, you now have the option to customize the print settings. You can customize the disclaimer, configure the header and create bulk print preferences directly within a tax form.

Fixes

The following list features a brief description of the issues that have been resolved in this release.

  • When you add or modify the content of a procedure in a Checklist, the text cursor may become inactive while you are entering text or when you stop doing so.

  • In the Data page under the Tax (GIFI) Groups tab, the group balances do not display.

  • Technical issues prevent the T1134 tax form from being netfiled.

  • The Enclosure Letter does not retain balances calculated in the installments work chart from the INS Worksheet - Installments form.

  • In the S32 - (T661) Alberta tax form, Line 429 calculates incorrectly.

  • In the AS12 - (AT112) Alberta tax form, Line 002 calculates incorrectly.

  • In the AS16 - (AT238) Alberta tax form, Line 035 calculates incorrectly.

  • In the Diagnostics page, for engagements with a start year of 2021, the diagnostics for T1134 don’t display the document links to fix the line errors.

  • In the Diagnostics page, if it is the final tax year before amalgamation, an error message incorrectly displays.

  • The S570 - Ontario Regional Opportunities Investment Tax Credit tax form uses 366 days as the Number of days in the current tax year, instead of 365.

  • Printing the S421 - BC Mining exploration tax credit tax form displays overlapping text.

  • In the S308 - NL Venture capital tax credit tax form, under the Historical Data and calculation table, the Applied and Balance to carry forward columns are calculated incorrectly.