Posts By: Gerry La Rocca

Super Voting Shares! The Power to Control and receive $1.7 Billion

Posted by & filed under Accounting Careers, Corporate Restructuring, Financial Accounting.

Super Voting Shares:    Its a known fact that private corporations may issue to the initial founding shareholders’ shares that give the holders right to multiple votes, even preferred shares may have multiple voting rights, if properly structured by a corporate lawyer. This is why I always advise my students, that in the event they consider… Read more »

Internal Auditing a career to consider!

Posted by & filed under Accounting Careers, Auditing, Canadian Economy.

Profession: Internal Auditing is now a fully developed profession, Internal audit developed as an extension of the external audit role in testing the reliability of accounting records that contribute to published financial statements. These are exciting times for internal auditors, especially those who see themselves as agents of change within the organization. The drive to… Read more »

Going Full Throttle towards IFRS, could this cause more Accounting Shenanigans?

Posted by & filed under Accounting Principles, Fraud Accounting, IFRS.

Canada is in the midst of a seismic shift in accounting standards— one that will tie the country more tightly to international commerce, but might also result in investors being taken for a ride. Starting this year, Canadian public companies will issue financial statements using international financial reporting standards (IFRS) instead of the generally accepted… Read more »

Year-End Tax Planning-2010

Posted by & filed under Accounting Careers, Taxation & Planning.

Accountants are always keeping up to date on tax related issues.   Here are a few tax planning ideas to consider before 2010  and changes for 2011: 1.Federal Small business rate remains at 11% for Federal tax purposes 2.New Avoidance Transaction rules, must be reported after 2010. 3.Quebec Sales Tax Rate: Increasing from 7.5% to… Read more »

Canadian Audit Committee Update: Evolving issues for 2010

Posted by & filed under Accounting Careers, Advanced Accounting, Auditing, Financial Accounting, Fraud Accounting, IFRS.

Audit Committee Evolving Issues  focuses on communicating to stakeholders about the impact of adopting IFRS. Today’s changing business and economic conditions provide an opportunity for the audit committee to reassess its priorities and refocus its agenda. The purpose of the Audit Committee is to strengthen the integrity of the financial reporting process and the quality… Read more »

Assessing Operational Risk: A New Profession In The Making!

Posted by & filed under Accounting Careers, Canadian Economy, Fraud Accounting, Managerial Accounting.

Have you ever wondered what is the fundamental purpose of a Corporation: You are correct in assuming “To Make a Profit”. Henry Ford once said ” A Business that makes nothing but money is a poor kind of business”. Let us put ourselves into perspective and see what we are referring to. Looking back a… Read more »

Restructuring GM: Government Bailout a Success!

Posted by & filed under Accounting Careers, Auditing, Corporate Restructuring, Financial Statement Analysis, International Accounting.

General Motors started trading on the Toronto Stock Exchange on Thursday, a day after its IPO raised US$20 billion. From a starting price of US$33 a share it rose as high as $35.95 in intraday trading before settling at $34.01. It closed at $34.19 on the New York Stock Exchange, a gain of 3.61% in… Read more »