To watch the webinar (in French), click here.

You can also download the document (in French).

Businesses often put production cost on the back burner. Yet this is an essential decision-making and profitability management tool.

If any of the following comments sound familiar, you could find some answers in the webinar:

  • I have trouble setting a sale price for my services or products.
  • I can’t determine who my profitable customers are.
  • When I submit a bid, the results aren’t in line with estimated margins.
  • Sales are up, but profits are down.
  • I haven’t updated my production cost in years.

Calculating production cost can answer many questions that are often a source of stress for managers.

Our management consulting experts specializing in production cost and profitability analysis will outline the benefits of applying best practices in this area and the pitfalls to avoid.

You can also view a video about a client who implemented production cost (in French).

This free information session is a Raymond Chabot Grant Thornton presentation.

OUR SPEAKERS

Christiane Caisse, Senior Manager, Finance and Production Cost

Ghyslain Cadieux, Senior Manager, Finance and Production Cost

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Welcome to IFRS Newsletter – a newsletter that offers a summary of certain developments in International Financial Reporting Standards (IFRS) along with insights into topical issues.

We begin this third edition of the year by looking at the publication of IFRS 17 Insurance Contracts. After twenty years in the making, this new standard will have an impact on entities’ data, technology solutions and investor relations as well as their financial reporting.

We then move on to look at new proposals published by the International Accounting Standards Board (IASB), including proposed amendments to IAS 16 Property, Plant and Equipment. Further on in the newsletter, you will find IFRS related news at Grant Thornton and a general round-up of financial reporting developments. We finish with a summary of the implementation dates of newer standards that are not yet mandatory, and a list of IASB publications that are out for comment.

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You often hear, tell me how much you earn and I’ll tell you what tax bracket you’re in.

Talk about social status triggers considerable reaction, particularly in the context of taxes and public finances. Information about social classes and their contribution to public funding abounds. The general perception is that it’s better to have the so-called “rich” pay more taxes to fill government coffers and cover public spending than to ask more of the middle class.

Since the middle class often feels it’s the big loser, governments tend to present themselves as its strongest defender, something current Prime Minister Trudeau focusses on in his political discourse defending the interest of the middle class. But what exactly is the middle class?

The authors of a recent study by the Chaire en fiscalité et en finances publiques at the Université de Sherbrooke, under the leadership of Professor Luc Godbout, sought to determine whether the perception of the middle class was accurate. It comes as no surprise, the study revealed that there is a significant gap between the subjective perception of the middle class and the objective reality based on reported annual income and household structures (single person, couple, with or without children).

The middle class

A single individual without children with income between $28,500 and $57,00 is in the middle class. A couple without children is considered to be in the middle class if their income is between $40,500 and $80,500 and, for a couple with two children, the middle class range is between $57,000 and $114,000.

Perceptions

The study reveals that while 56% of individuals believe they are in the middle class, in reality, only 38% of them actually are. More surprising, only 6% of individuals feel they are rich but the percentage is actually 27%. In other words, only one higher income individual in five knows that he or she earns more than the middle class. This perception of the middle class is a bonus for government. Any policy announcement targeting the middle class is viewed positively by some 60% of the population, but the policy actually only applies to 40%.

Taxes paid

The study also revealed that people have an incorrect view of their tax contribution. Their perception is that the lower and middle classes, representing 73% of the population, pay 72% of taxes with 28% being paid by richer taxpayers. In reality, more prosperous individuals account for 27% of taxpayers and pay 70% of the taxes, with the lower and middle classes contributing 30%.

Taxpayer, beware of perceptions. The numbers speak for themselves!

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The Internet of Things (IoT) is the inter-networking of physical devices and places with the internet. A wide range of IoT applications has been introduced in recent years in areas where technology could easily fulfil several needs.

Products abound for smart homes (electronic meters, thermostats, lighting, refrigeration and locking devices, etc.), smart cities (waste management, parking management, etc.) and smart plants (automatic procedures). Experts believe, however, that the IoT is just getting started, considering the growing number of new applications on the market.

This article takes a light-hearted look at some of the most unusual IoT applications. As you can see, the possibilities are only limited by one’s imagination.

Distance gardening

The Telegarden was developed at the University of Southern California to view and interact with a remote garden filled with living plants. Members can plant, water, and monitor the progress of seedlings via the tender movements of an industrial robot arm.

Smart washrooms

Students at MIT wired a dorm’s washrooms and created a Website to see which stalls are available or in use and for how long.

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Automatic feeding technology

If you have a pet, you know you need someone to look after it when you’re away. What if family or friends aren’t available? You can now get a remote operated food dispenser with a webcam to manage your pet’s feeding schedule. You’ll know kitty is happy at home while you’re taking selfies in Paris.

Baby care

A New York company has created a wireless diaper, with a cellular sensor that lets Mom or Dad know when it’s time for a diaper change.

Raymond Chabot Grant Thornton - image

Pill bottles

A smart pill bottle app has been developed that can be adapted to prescription medication bottle caps to let patients know if they’ve taken their meds at the prescribed times. The caps connect wirelessly to a base station, and the cap lights up if the patient hasn’t taken his or her pill within 30 minutes of the prescribed time. If the bottle isn’t open after an hour, an alarm rings. After two hours, a text or phone message is sent.

These are but some of the hundreds of IoT examples on the Internet. While some may seem frivolous, others could potentially improve many people’s quality of life. Will you have the next IoT brainstorm?

29 Aug 2017  |  Written by :

Manager, Tax, Raymond Chabot Grant Thornton

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