Tag Archives for standards
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
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
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
Income trusts get distributable cash standard
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 … Continue reading
Are accounting standards public enough?
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 … Continue reading