Canada’s government announces Start-Up Visa Program

Canada’s federal government recently announced a Start-Up Visa Program aimed at attracting international entrepreneurs to the country. Overall it is sending the right message to global entrepreneurs, that Canada welcomes them and their ideas in the hopes of creating jobs in here in an area of growth. I hope it won’t create an uneven playing […]

Mystery payments at Canadian construction company

This is interesting: An internal review at Canadian construction company SNC-Lavalin of certain payments approved by the CEO has resulted in that executive’s departure from the company. The payments in question were approved directly by the CEO after the CFO rejected them. Documentation was apparently sketchy, as the review revealed that the projects they were […]

IFRS for small and medium-sized enterprises

I received an email late yesterday from the IASB with the following message: The International Accounting Standards Board (IASB) issued today an International Financial Reporting Standard (IFRS) designed for use by small and medium-sized entities (SMEs), which are estimated to represent more than 95 per cent of all companies. The standard is a result of […]

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 are sections of GAAP that do not apply to non publicly accountable entities, and time […]

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 companies with significant third party investors or creditors. I haven’t begun working on public company […]