Background: Issue of clarifying how entities classify debt, especially when it comes up for renewal was originally discussed in Annual Improvements to IFRSs (2010-2012 cycle) whereby amendments were proposed to clarify that a liability is classified as non-current if an entity expects, and has discretion, to refinance or roll-over the liability for at least 12 months (after reporting period end)
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Accountants: This IFRS Webinar is important for some and imperative for others Webinar – Developments in IFRSs: 2015 Mid-year Update The Standard announced “Tune in to this webinar on June 19, 2015 (French) or June 26, 2015 (English) to get an up-to-date briefing on IFRSs.” It is important that International Financial Reporting Standards (IFRSs) be kept up to date by all those who
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Standards for Private Enterprises – Webinar Webinar – Developments in ASPE and NFPO Standards: 2015 Mid-year Update The Standard announced that on June 17, 2015 (English) and June 10, 2015 (French) tune in to this webinar “to hear about what is happening with accounting standards for private enterprises and not-for-profit organizations.” This webinar features the following speaker: Brian Drayton, FCA, CMC, member
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The AcSB Annual Plan sets out the AcSB’s objectives and planned activities for: publicly accountable enterprise, private enterprises, and not-for-profit organizations along with other initiatives to be undertaken in 2015-2016. The key elements that will be considered in the Annual plan are summarized as follows: The maintenance of the separate strategies for “each major category of reporting entity.” The AcSB will continue to support the
Read moreCanada’s CFO of the Year for 2015: Canadian Tire’s Dean McCann Dean McCann, Executive Vice-President and Chief Financial Officer (CFO) of Canadian Tire Corporation, Limited, has been selected for this year’s distinction. On behalf of all TheGAAP.net members we would like to congratulate Dean for achieving such an admirable award. “Dean’s achievements at Canadian Tire – which include leading the
Read moreEric Turner has been promoted to the new Director, Auditing and Assurance Standards; effective on May 1, 2015. He has succeeded Greg Shields who retires as of July 31, 2015. For more than 20 years Eric has been with CPA Canada and its predecessor. During that time Eric has distinguished himself through effective staff support for many complex standard-setting initiatives.
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Reporting revolution! Significant changes to the auditor’s report are getting closer. The AASB plans international standards for auditor reporting in 2017. The Auditing and Assurance Standards Board (AASB)’s recent developments are bringing closer the reality of significant changes to the auditor’s report (form and content). Eric Turner, CPA, CA (Director, Auditing and Assurance Standards, CPA Canada) goes on to say
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The Chartered Professional Accountants of Canada and Natural Resources Canada have sponsored a new strategic initiative that will help companies adapt to the effects of climate change by indentifying the risks and opportunities. This multi-year initiative to help businesses and organizations better understand and adapt to the implications of climate change was announced by the Chartered Professional Accountants of Canada
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AASB Decision Summary The Auditing and Assurance Standards Board (AASB) summary of decisions has been prepared for information purposes only. These decisions are tentative and reflect only the current status of discussions on projects and other matters. These might change after further deliberations by the AASB. Note: Decisions are final only after a formal voting process. These are a couple
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RRSP Contributions – just because a taxpayer has made an eligible contribution is no reason to automatically claim the deduction. If a contribution takes a taxpayer into a lower tax bracket – consider not claiming all of the contribution and using it next year against higher taxable income. Rollovers – Remember that theT2057 is an election for the deemed proceeds
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