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 ofContinue reading “IFRS for small and medium-sized enterprises”
Tag Archives: IFRS
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 timeContinue reading “Changes to GAAP for private companies in Canada”
IASB and FASB can’t get on same page
The international and US accounting standards bodies are both adjusting their mark-to-market rules in favour of politicians and bankers. FASB did it last month. IASB is working on it as quickly as they can. And yet, the two cannot agree on just how far they should bend over backward for the special interests. After pressureContinue reading “IASB and FASB can’t get on same page”
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 companyContinue reading “Simplified accounting rules for small business”
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 to have to know and be able to apply two sets of principles, asContinue reading “Changeover to IFRS confirmed for 2011”