2014 budget: transitioning towards a budget surplus

Employment still at the forefront

On the eve of an election year, Finance Minister James M. Flaherty opted to stay the course towards a balanced budget in 2015, banking primarily on employment support to drive economic growth.

Thus, the Economic Action Plan 2014 tabled today does not include any new taxes on families and businesses and balancing the budget in 2014 will generally rely on freezing departmental operating expenses. The conservative government projects that the deficit will decline to $2.9 billion in 2014–2015, with a surplus of $6.4 billion expected in 2015-2016, after taking into account a $3 billion annual adjustment for risk.

More forceful measures to further support the competitiveness of Canada and its businesses will most likely be announced next year in a more favourable budget context.

The following pages provide an overview of the budget’s tax measures.

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Navigating the changes to IFRS: a briefing for chief financial officers

The Grant Thornton International IFRS team has published the 2013 edition of Navigating the changes to International Financial Reporting Standards: a briefing for Chief Financial Officers. This publication has been designed to give chief financial officers a high-level awareness of recent changes that will affect companies’ future financial reporting.

To view this publication, click on the “Download” button on the right.

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Flash bulletins provide a summary of the most recent news and publications from standard setters on accounting standards for private enterprises (ASPE), not-for-profit organizations (NFPO) and pension plans.

To view this publication, click on the “Download” button on the right.

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The Grant Thornton International IFRS team has published a new guide, Intangible assets in a business combination – Identifying and valuing intangibles under IFRS 3 (hereafter the “guide”). The guide reflects the interaction of the requirements of IFRS 3 Business Combinations with those of IFRS 10 Consolidated Financial Statements and IFRS 13 Fair Value Measurement. It includes practical guidance on the detection of intangible assets in a business combination and also discusses the most common methods used in practice to estimate their fair value.

Download the document below.