Further to our earlier post “Accounting for Changes to GAAP for Canadian Private Companies“, the Canadian Institute of Chartered Accountants (CICA) has now released its guide to the new Private Enterprise GAAP. Resources, FAQs and other information about the new standards can be found here. The CICA’s guide is also available here. Note that when you save this guide, it has an .aspx extention which is hard to open. Simply change this extention to .pdf and the file will open as a regular PDF file.
Happy accounting!
Companies in the midst of the transition to International Financial Reporting Standards (IFRS) from the current Canadian GAAP are required to make detailed disclosures throughout the process. The Ontario Securities Commission (OSC) is monitoring the transition, and has found that these disclosures are not always up to snuff.
The CICA had written a good summary of the issue and provides IFRS resources for firms. The OSC also offers resources which provide insights as to what is expected in terms of disclosure. See the following links:
CICA Summary:
http://www.cica.ca/transition/intheloop/
OCS News Release:
http://www.osc.gov.on.ca/en/NewsEvents_nr_20100205_52-718_osc-ifrs-transition.htm
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