FRANÇAIS

Financial reporting and auditing are two of the CA profession’s core competencies. The Canadian Institute of Chartered Accountants is committed to supporting members and the business community through the transition to new accounting and auditing standards. The CA profession’s robust program of support includes background information, implementation tools and educational opportunities.

Visit our Canadian Standards in Transition website at www.cica.ca/TRANSITION.

Here are our most recent resources:

International Financial Reporting Standards

This is a key time in the transition to International Financial Reporting Standards (IFRSs), particularly for adopters with calendar year-ends. The January 1, 2011 adoption date is just around the corner. The CA profession provides a wide range of resources to help you plan and execute a smooth transition.

  • Webinar: IFRS Ready…Or Not? This webinar focuses on transition issues faced by small and medium-sized companies. Webinar held May 11, 2010. Now available in archive.
  • Courses: Two IFRS Immersion courses are offered this year. IFRS Immersion 1 and 2 are four-day courses that include in-class technical lectures and small facilitated workshops. They are both aimed at senior accounting professionals. For dates and locations visit: *MISSING URL*
  • Additional resources: The CICA’s designated IFRS website provides helpful resources and learning opportunities. www.cica.ca/IFRS

Accounting Standards for Private Enterprises

Following extensive dialogue with stakeholders, new accounting standards for private enterprises take effect for fiscal years beginning on or after January 1, 2011. Early adoption is permitted. Learn more about the new standards and efforts to maintain and improve accounting standards for private enterprises.

  • Comparative Guide: The CICA’s Guide to Accounting Standards for Private Enterprises in Canada includes a summary comparison of the new standards (Part II of the CICA Handbook — Accounting) to Part V — XFI version. It is available for free download. *MISSING URL*
  • New Advisory Committee: The Accounting Standards Board (AcSB) has established the Private Enterprise Advisory Committee (PEAC) to help ensure the new standards continue to keep pace with the dynamic and changing needs of private enterprises. Click here for more information about PEAC or to communicate issues to the committee.

Financial Reporting for Not-for-Profits

The Accounting Standards Board (AcSB) and the Public Sector Accounting Standards Board (PSAB) have proposed changes to accounting standards for not-for-profit organizations.

Accounting Standards for the Public Sector

The Introduction to Public Sector Accounting Standards has been amended. The “government business-type organization” classification has been eliminated, and government organizations are now required to consider the needs of the users of their general purpose financial statements in assessing which standards are most appropriate for their purpose. It is anticipated that some government organizations that previously followed the CICA Handbook – Accounting (now Part V of the Handbook) will be transitioning to the CICA PSA Handbook for fiscal periods beginning on or after January 1, 2011.

  • Summary Comparison: This Summary Comparison of the CICA Public Sector Accounting Handbook and the CICA Handbook – Accounting provides an overview comparison highlighting certain differences.

Financial Reporting for Pension Plans

New accounting standards for pension plans have been issued. These new standards will apply to pension plans, and benefit plans that have characteristics similar to pension plans, and come into effect on January 1, 2011. The new set of standards is based on Section 4100, Pension Plans, with some modifications. They are contained in the CICA Handbook – Accounting, Part IV. Click here for more information.
 

Development of Canadian GAAP

The unprecedented changes in Canadian accounting standards are part of the ongoing development of Canadian GAAP. The following resources, featuring senior leadership of the Accounting Standard Board (AcSB), provide an overview of the changing financial reporting landscape.

  • Webinar: AcSB Update: Stay informed about developments in Canadian GAAP features Tricia O’Malley, AcSB Chair, Gordon Fowler, AcSB Vice Chair and Peter Martin, AcSB Director. This webinar current activities in each financial reporting framework in Canadian GAAP: IFRSs, accounting standards for private enterprises, not-for-profit organizations and pension plans. Webinar held May 4, 2010. Now available in archive.