I feel odd recommending a book written about the American tax system to people who are, for the most part, Canadian. However “The Benefit and The Burden: Tax Reform – Why We Need it and What it Will Take” is written by former Reagan policy analyst Bruce Bartlett and he gives one of the most comprehensive examinations of that nation’s
Read more
Change management in your organization can translate into whether your company weathers a storm or sinks to the depths of the ocean. Here are 8 tips on how organizations and their leaders can effectively manage change: Effectively managing change is not possible in isolation of risk and crisis management. Risk, crisis and change management have clear interdependencies. Thus, in order
Read more
In today’s technologically driven landscape it is pretty much impossible to run a business without a proper website. Websites are essentially online store fronts for your business. If it doesn’t look good, it will deter people from wanting to explore your brand more. This is why it is important to keep your site updated and well designed. Using the analogy
Read more
The first thing I would suggest is have an open door process where employees feel safe to voice their opinion. There should be many avenues where employees can go to express their views. While most organizations have an open door process, not all have a process in place which facilitates open communication and the minimization of fear. Most open door
Read more
TheGAAP.net is pleased to announce the availability of IFRS Simplified: by Mike Morley IFRS Simplified is a fast and easy to understand overview of the new International Financial Reporting Standards.
Read more
Everyone has twenty four hours each day for a lifetime. Time is constant, yet we are not. We consistently ask ourselves “Where did the time go?” How each of us manages our time is a reflection of our personality type, our lifestyle, our beliefs, our abilities, our expectations, and the expectations and demands placed upon us by others. What can
Read more
The principle of comparability refers to the ability to compare financial statements from year-to-year, company-to-company, and industry-to-industry. IFRS requires that financial statements focus primarily on the needs of the users of the financial statements rather than the desires of those producing the statements. Comparability is one feature that definitely benefits the end user. Being able to easily compare financial statements
Read more
Accountants certainly have a challenge to meet when it comes to applying the IFRS principle of relevance. IFRS says that an item is relevant if the information about that item has the potential to influence significantly the decisions of lenders, investors, and other users of the financial statements. The IFRS principle of relevance corresponds to the GAAP principle of materiality.
Read more
The AcSB has issued an Exposure Draft proposing amendments that will affect private enterprises and not-for-profit organizations. Stakeholders are encouraged to submit their comments by December 15, 2016. As reported by The Standard. OMMENTS TO THE AcSB MUST BE RECEIVED BY DECEMBER 15, 2016 Respondents are asked to email their comment letters (in a Word file) to: ed.accounting@cpacanada.ca Please address
Read more
In the first part of the series, we talked about clarity, the first of the four IFRS principles. In this article we’ll examine the second principle, reliability. True and fair Reliable information means that the financial statements are a reflection of the company’s economic reality. In other words, are they a true and fair presentation of the company’s operating results
Read more