Mondaq Canada: Accounting and Audit
On June 6, 2013, at the Toronto Centre CRA & Professionals Breakfast Seminar, the Canada Revenue Agency discussed (a) recent developments at the Income Tax Rulings Directorate and (b) the process through which the General Anti-Avoidance Rule in section 245 of the "Income Tax Act" may be applied in the course of an audit.
When you think about accounting, what may first come to mind may be number crunching, expense reporting or tax season. Admittedly, these are generally all true; however, I would like to introduce you to another side of accounting.
Bernie Madoff. Charles Ponzi. Enron. WorldCom. Most of us have heard of them. Some of us are glued to shows like CNBC’s American Greed, which focuses on the stories and details behind many white-collar crimes, many of which have affected everyday citizens. You would think we could learn.
The need for "loss quantification" arises in many types of insurance or litigation claims, particularly when an earnings loss has occurred.
The securities regulatory authorities in all Canadian provinces and territories except Ontario and British Columbia have announced their intention to issue harmonized interim local orders that provide exemptions from certain financial statement-related and audit requirements of Form 45-106F2 – Offering memorandum for non-qualifying issuers.
Two updates to the impairment standards provide an opportunity for many companies to reduce the cost and complexity of the annual test.
Many people think succession planning is estate planning (i.e. transfer of ownership). Instead, it is a
formal statement of what will happen to the management of the business when the owner/manager is no longer running it. Consider it to be a "will" for the business.
Deferred tax–you either know it or you don’t. Test yourself against one of our specialists, Cynthia Leung.
Partner in PwC’s Accounting Consulting Services in the UK, Peter Hogarth, provides an update on the leasing project and tells of his hopes for things to come.
The IASB and FASB met last month to discuss their joint project on revenue recognition. We outline the key decisions below.
Coincident with its new strategic priorities, the IASB has been doing some forward thinking about what its agenda priorities should be after it completes its existing projects (see "IFRS in the Pipeline").
Some months before the SEC released its report on IFRS that we discussed on the preceding page, the oversight bodies of the IASB, the IFRS Trustees and the Monitoring Board, unveiled a new strategic plan for the IASB – a new vision, if you will, establishing the IASB’s direction, operations, governance and funding for the next ten years.
Two things have happened recently that you need to be aware of if you’re a Canadian SEC registrant.
For Canadian rate regulated enterprises, the path to IFRS has been a rocky one, full of near death experiences.
Alas, the 2013 IFRS changes on the preceding page are just the beginning – there’s much more in the pipeline.
In June, the Canadian Securities Administrators issued their annual report on the results of their continuous disclosure review program for their year ended March 31, 2012.
One of the downsides for Canadian companies that moved to IFRS in 2011 is that it came in the middle of the IASB’s and FASB’s joint program to improve and converge IFRS and US GAAP.
Gather round. It’s time, once again, for taking stock of what’s happening in the Canadian financial reporting world. What? Is that a groan we hear? Stop it.
On August 22, 2012 the SEC adopted two new rules mandated by the Dodd-Frank Wall Act.
When determining the value of a business, an assessment must be made as to whether the premise of value should be based on a going concern approach or a liquidation approach.
Most Popular Recent Articles
The US Government Accountability Office recently released a report that encouraged the Internal Revenue Service to seek out off-shore filers who have circumvented the IRS’s recent Voluntary Disclosure programs in favor of "quiet disclosure."
On June 6, 2013, at the Toronto Centre CRA & Professionals Breakfast Seminar, the Canada Revenue Agency discussed (a) recent developments at the Income Tax Rulings Directorate and (b) the process through which the General Anti-Avoidance Rule in section 245 of the "Income Tax Act" may be applied in the course of an audit.
You’ve just received a letter from the Canada Revenue Agency. They intend to conduct a tax audit of your company for the past three years.
Since the early 1970s, no less than seven bills were introduced in Parliament and died on the Order Paper. The new Canada Not-for-profit Corporations Act (S.C. 2009, c. 23) (the "New Act") was assented to June 23, 2009 and came into force on October 17, 2011.
In our last newsletter we commenced a series of articles on the requirements to register in other parts of Canada if carrying on business there. Not-for-profit corporations all over Canada seem to be increasing their presence in many provinces and territories.
When determining the value of a business, an assessment must be made as to whether the premise of value should be based on a going concern approach or a liquidation approach.
When you think about accounting, what may first come to mind may be number crunching, expense reporting or tax season. Admittedly, these are generally all true; however, I would like to introduce you to another side of accounting.
Deferred tax–you either know it or you don’t. Test yourself against one of our specialists, Cynthia Leung.
Two updates to the impairment standards provide an opportunity for many companies to reduce the cost and complexity of the annual test.
