Canada’s CAs have announced guidance for a key metric of income trusts, that of distrib­utable cash. The term ‘distrib­utable cash’ generally refers to the cash that an income trust could poten­tially distribute to unit holders. Investors use this infor­mation when assessing the entity’s ability to fund future distri­b­u­tions and to help value their invest­ments. But […]

More →

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 […]

More →

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 […]

More →

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 […]

More →

Since the last one went so well, and since there have been many posts this week on my fellow accountant blogs that I’d like to highlight, here’s another quick round-up of three inter­esting nuggets: Dan Meyer of Tick Marks talks about a new standard in the US called FIN 48, which requires companies making assumptions […]

More →