Posts By: Gerry La Rocca

System for Electronic Analysis and Retrieval (SEDAR)

Posted by & filed under Financial Reporting and Analysis, Financial Statement Analysis, Uncategorized.

Students and investors wishing to know more about our Canadian Public companies, should know about the SEDAR web site. Financial information is provided , such as: 1. Annual Financial statements  issued quarterly and year end 2.MD&A ( Management Discussion and Analysis reports) 3. Press Releases,  provide the most recent and up-to-date corporate disclosures   www.sedar.com is… Read more »

A Nation of Swindlers

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

The chair person of the Ontario Securities Commission noted that companies and their auditors “stretch the interpretation of accounting standards beyond all reasonable limits. In many cases, the reasoning to support positions is weak or nonexistent. In other cases, it is clear that conclusions are based on narrow interpretations of a few words in a… Read more »

When to Recognize Revenue ?

Posted by & filed under Accounting Principles, Financial Accounting, IFRS, Intermediate Accounting.

Despite a reliance on umpteen pages of principles and prescriptive rules for the preparation of financial statements, much depends on professional judgment and corporate governance. That’s why the quality of the company’s reported earnings is such an important consideration for analysts and investors. REVENUE RECOGNITION The question of when to recognize revenue is quite straightforward… Read more »

Taking a Private Company Public……Going Public!

Posted by & filed under Accounting Careers, Corporate Restructuring, Financial Reporting and Analysis, Taxation & Planning.

Why go public? Growing companies constantly search for new capital. Going public is one way to obtain that capital, but it takes time and money—and a lot of both! Your decision to go public should follow from your longer-term strategic objectives—seeking opportunities for growth, value creation, or an exit strategy. It’s a big decision. You… Read more »

David beats Goliath: Great-West Life co ordered to pay $456M to policyholders

Posted by & filed under Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis.

LONDON, Ont. – A stunning $456-million judgement in a class-action lawsuit against insurance giant Great-West Lifeco (TSX:GWO) is a sign the courts are being more aggressive in keeping tabs on how corporate Canada conducts its affairs. The Judgement: Justice Johanne Morissette ruled after a 45 day trial in London, Ont. that Great-West breached sections of… Read more »

The concept of Bankruptcy!

Posted by & 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 »

Crime proceeds crackdown looms

Posted by & 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 by & 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 »