Accounting Standards

 
International Financial Reporting Standards and Private Enterprise Standards for Canada

Canada has joined the international community in developing a globally consistent financial reporting model by converging Canadian accounting standards to International Financial Reporting Standards (IFRS). The transition date of January 1, 2011 does not leave companies with a lot of time to prepare for system changes and provide financial results on a comparative basis.

Convergence to IFRS has posed significant challenges for companies world-wide. Although new to Canada, companies in Britain, Ireland, Australia and Europe have adopted IFRS. One of the defining characteristics of IFRS is the use of fair value accounting in the application and presentation of financial results. Surveys conducted by the accounting professions in these countries have identified the following financial reporting risks with adopting IFRS.
• IFRS technical complexities including additional presentation disclosures, the selection of new accounting policies and volatility of earnings Continue »
 

Compliance

We have been implementing the Investor Confidence Rules (alternatively known as National Instrument 52-109) for Canadian public companies since 2005.

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Project Management

Outsourcing Information Technology audits and Enterprise Risk Management programs for public and private enterprises are the two most common demands for our project management services.

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Accounting Standards

We have the expertise and experience to converge Generally Accepted Accounting Principles to either International Financial Reporting Standards or Private Enterprise GAAP for Canadian enterprises.

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Extensible Business Reporting Language (XBRL)

Replacing SEDAR (System for Electronic Document Analysis and Retrieval) with XBRL for Canadian public companies is underway on a voluntary basis.

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