September | 2010 | Wiley Accounting Updates

The concept of Bankruptcy!

Posted 1:00 am by Gerry La Rocca & filed under Accounting Careers, Canadian Economy, Corporate Restructuring, IFRS.

The concept of bankruptcy is difficult to grasp and understand. Often the causes are due to Greed , Economic Conditions or Mismanagement. In essence Bankruptcy is a capitalistic concept-it is the loss of capital, an inability to pay a person’s or company’s creditors. Accounting is a tool that provides information to management, to identify the potential… Read more »

Four things that will slow Canada’s growth

Posted 9:24 pm by Gerry La Rocca & filed under Accounting Careers, Canadian Economy.

The Canadian economy is coming off a “sugar high” and will face four impediments that will slow growth going forward. 1. A weaker U.S. economy 2. Softness in Canadian housing 3. Fatigued consumers and 4. Fading stimulus will all conspire to limit growth to the 1.5% to 2.2% range U.S. exposure U.S employers have been… Read more »

Crime proceeds crackdown looms

Posted 11:56 pm by Gerry La Rocca & filed under Fraud Accounting, International Accounting, Taxation & Planning.

Big banks may face penalties The law requires large banks to list the ways in which they are exposed to possible money laundering and to assess that risk. Earlier this year, funding for the money-laundering watchdog, the federal Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC, was increased by $8 million. On July… Read more »

GAAP : Private Matters

Posted 9:16 pm by Gerry La Rocca & filed under Accounting Principles, IFRS.

“Give us standards that meet the needs of the people who use our financial statements.” That’s the message standard setters have heeded in developing new standards for private enterprises.　The profession has been waiting for this for a long time and finally, things are changing. The conventional wisdom in accounting standards used to be one size… Read more »