02 May 2011

Flash…
… Accounting News

On December 15, 2009, the Accounting Standards Board (AcSB) of the Canadian Institute of Chartered Accountants (CICA) published Accounting Standards for Private Enterprises. As of fiscal years beginning on or after January 1, 2011, private enterprises that apply Canadian generally accepted accounting principles (GAAP) currently in effect will have to choose between this new set of accounting standards and those applicable to publicly accountable enterprises, i.e. International Financial Reporting Standards (IFRS). Accounting standards for private enterprises may, however, be early applied.