Tag Archives for GAAP

Changes to GAAP for private companies in Canada

Since the mid 90s there has been debate within accounting circles on whether there should be two versions of GAAP – one for public companies and one for private companies. Big GAAP and little GAAP. The logic is that there … Continue reading

25. May 2009 by Neil
Categories: Accounting Standards | Tags: , , , , , , , , , , | 5 comments

Simplified accounting rules for small business

The CICA announced late last year a draft version of a new accounting framework for small, owner-managed businesses. The framework is being developed because these types of companies don’t have complex reporting needs like public companies, non-profit organi­za­tions, or private … Continue reading

01. April 2008 by Neil
Categories: Accounting Standards | Tags: , , , , , , , | 4 comments

Changeover to IFRS confirmed for 2011

The Accounting Standards Board of Canada has confirmed recently the changeover date to IFRS for publicly accountable for-profit organi­za­tions, set for periods beginning on or after January 1, 2011. The announcement is available in PDF format. It sounds like we’re going … Continue reading

17. February 2008 by Neil
Categories: Accounting Standards | Tags: , , , | Leave a comment

A little help for the transition to IFRS

A while ago I received an email informing me of a newsletter available for Canadian accounting profes­sionals detailing the transition from Canadian GAAP to inter­na­tional standards, IFRS. The newsletter is provided by The Finance Group, headed up by Gordon Heard, … Continue reading

04. February 2008 by Neil
Categories: Accounting Standards | Tags: , , , | 2 comments

IFRS and principles too weak to work?

Al Rosen, in the second of a three part series in the Financial Post about the transition from Canadian GAAP to IFRS: IFRS is too weak in its current form for investors to accept on par with current Canadian standards. … Continue reading

16. January 2008 by Neil
Categories: Accounting Standards | Tags: , , , , | 3 comments

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