CA Magazine might be freely giving away their content for the benefit of all stake­holders in the CA profession and public accounting in general, but the goodwill doesn’t extend to the CICA when it comes to Canadian accounting and auditing standards. The CICA, through the Accounting Standards Board (AcSB), develops public accounting standards through a […]

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In Canada, the Accounting Standards Board (AcSB) has already taken the first steps of conver­gence with inter­na­tional standards by outlining the plan under which publicly accountable enter­prises will transition completely to IFRS. The change will occur over the next 5 years, and the Board expects the changeover process to be complete by fiscal years beginning […]

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The Canadian Accounting Standards Board (AcSB) has finalized some new sections of the Handbook which include guidance on accounting for financial instru­ments. Financial instru­ments include invest­ments, hedges, deriv­a­tives, and loans and receiv­ables. The Canadian standard attempts to harmonize our GAAP in a way with FASB Statement 133, “Accounting for Deriv­ative Instru­ments and Hedging Activ­ities,” and […]

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The Scotsman: The Institute of Chartered Accoun­tants of Scotland will tell high-powered US financiers at a conference in New York that individual judgment should play a bigger role than strict adherence to a rule book. Ah, this old classic. Once again the rules-based US system is coming under attack by external sources, this time from Scottish […]

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So everyone and their grandpa is still upset about the recent change to income trusts intro­duced by the Canadian federal government. The change was, of course, to implement a tax on trust income similar to corporate income tax. The outrage epicentre is Bay Street, Canada’s version of Wall Street, in the heart of the financial […]

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