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 to have to know and be able to apply two sets of principles, asContinue reading “Changeover to IFRS confirmed for 2011”
Category Archives: Accounting Standards
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, CA, and all three issues to date are available for download (in PDF format). TheContinue reading “A little help for the transition to IFRS”
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. Nonetheless, we are on course to implement IFRS in just three years. He quotes andContinue reading “IFRS and principles too weak to work?”
Protecting the public interest, Web 2.0 style
Richard Murphy’s on fire these days, taking it One World Trust, explaining the power of blogging and giving it to New York CPAs. Too many in accountancy see their role to be increasing the wealth of the wealthiest in our society… and they’re politically cynical enough to pander to their clients and ignore the ethicsContinue reading “Protecting the public interest, Web 2.0 style”
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 assessing the entity’s ability to fund future distributions and to help value their investments. ButContinue reading “Income trusts get distributable cash standard”