According to Om Malik, Google is rumored to be coming out with an online spread­sheet appli­cation tomorrow, but I don’t think it’s going to have much of an impact. Why? Well, in my experience at least, every­thing I do in Excel is with data that I don’t want anyone, even Google (imagine that), to have […]

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Dennis over at AccMan Pro has commented on the difference between rules-based US GAAP and inter­na­tional principles-based IFRS, and his thoughts echo mine: Recent commentary has suggested the idea of conver­gence between US GAAP and IFRS won’t happen until hell freezes over. I’ve long held the view that the rules based US GAAP system is […]

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Appar­ently FASB is going to overhaul the US GAAP for leases. I’m not sure what exactly is going to be changed, or why it needs changing, but it’ll be inter­esting to see. Of course, Canadian standards are moving towards harmo­nization with Inter­na­tional Financial Reporting Standards (IFRS), so we might not see Canada following the US […]

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David Dodge, the governor of the Bank of Canada and the current architect of our monetary policy, suggested the province of Ontario should revamp the provincial sales tax (PST) to more closely resemble the value-added federal GST in a rare appearance before the Commons industry committee. The suggestion is a solid one, as it would […]

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The short answer is no. Here is a story from the Associated Press that claims the FASB is going to “tackle the thorny question of accounting for leased equipment and property.” Excuse me? Have we just been ignoring leases until this point? Does any journalist do research any more? Lease accounting isn’t new, although it is […]

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