Canada Finalizes Private Company Accounting Standards

The Canadian Accounting Standards Board (AcSB) on Wednesday approved final accounting standards for private enterprises. The new standards will be issued by the end of the year and will be available for 2009 reporting for entities that choose to adopt them early, according to an AcSB press release.


The private enterprise standards give Canadian businesses the option to choose to adopt new Canadian standards or International Financial Reporting Standards (IFRS). Private enterprises must decide which of the sets of standards to adopt for years beginning on or after Jan. 1, 2011.


“As part of its overall strategy, the Accounting Standards Board concluded that when it comes to financial reporting standards, one size does not fit all,” said AcSB Chair Tricia O’Malley in the press release.


“The AcSB took the opportunity to address specific areas that were brought to our attention, such as disclosures, that unnecessarily overloaded preparers without providing benefit to users,” said Brian Drayton, AcSB member and chair of the Private Enterprise Advisory Committee, in the release.


AcSB’s decision to adopt separate standards for private enterprises follows its decision in 2008 to adopt IFRS for public companies by 2011.



Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.