Thursday, August 06, 2009

Canada - Issues in Private Company Reporting

Canada's Accounting Standards Board (AcSB) is finalizing the development of a “made in Canada” private company GAAP option for companies that choose not to adopt IFRS. The new standards are expected to be available for early application for fiscal years ending December 31, 2009. They will incorporate changes in accounting for financial instruments and certain types of pension plans, and maintain or enhance existing reporting options for goodwill and other intangible assets, income taxes, subsidiaries, joint ventures and other investments. The remaining recognition and measurement standards will follow the existing CICA Handbook with few, if any modifications. For more information, read the research report on Issues in Private Company Reporting. The report was prepared collaboratively by Financial Executives Institute (FEI), the Canadian Financial Executives Research Foundation (CFERF) and KPMG Enterprise. It comprises the results of a survey of senior financial executives across Canada and the insights obtained through an Executive Research Forum held in Toronto on February 24, 2009.