Financial Accounting | Wiley Accounting Updates

Inconclusive evidence : IFRS one year later

Posted 11:50 pm by Gerry La Rocca & filed under Financial Accounting, IFRS, Uncategorized.

What, if any, are the potential economic consequences or benefits of the Canadian IFRS adoption? As the activities of preparing and auditing the first set of complete annual reports using international financial reporting standards (IFRS) are in full swing, it is easy to identify some costs of transitioning from Canadian GAAP to IFRS. So it… Read more »

RIM PlayBook sales hurt earnings targets

Posted 11:46 pm by Gerry La Rocca & filed under Financial Accounting, Managerial Accounting.

Inventory Write-Down: Research In Motion Ltd. will write off much of its PlayBook inventory and book a $360-million after-tax charge due to poor sales and discounting of the tablet, a move that will impact the BlackBerry maker’s financial targets. “RIM is committed to the BlackBerry PlayBook and believes the… Read more »

Flaherty calls Europe’s debt woes ‘dire’

Posted 11:21 pm by Gerry La Rocca & filed under Financial Accounting, Managerial Accounting.

Urgency to Reduce Debt: Finance Minister Jim Flaherty urged European leaders to find a solution to their debt crisis quickly, or risk further harm to the global economy. “This dire and pressing problem threatens not only Europe itself, but all countries,” Flaherty told a business audience at a luncheon for the Canadian Club in Toronto…. Read more »

How do Accountants Add Value to a Small Medium Enterprise

Posted 11:45 pm by Gerry La Rocca & filed under Accounting Careers, Corporate Restructuring, Financial Accounting, Taxation & Planning.

To Some! CAs are dull and colourless, but to SMEs (Small Medium Enterprises), they are trusted advisers, valuable sources of information and providers of many services Not True! Bland, boring and colourless are just a few of the common stereotypes that spring to mind when describing an accountant. But these are just urban myths. In… Read more »

Accounting Standards for Private Enterprises (ASPE) or (IFRS)

Posted 11:59 pm by Gerry La Rocca & filed under Accounting Principles, Advanced Accounting, Financial Accounting, IFRS, International Accounting.

Canadian Private Enterprises will soon need to make a choice Canadian publicly accountable enterprises will be required to use International Financial Reporting Standards (IFRS) for fiscal years beginning January 1, 2011. What about Canadian private companies? Canadian Private companies will have an option to adopt one of the two following sets of standards: International Financial… Read more »

Happiness is owning a small business!

Posted 9:16 pm by Gerry La Rocca & filed under Accounting Careers, Financial Accounting, Financial Statement Analysis, Managerial Accounting.

Small business owners in Canada are a happy group, a new survey says. In fact, 62% of Canadian small business owners would describe themselves as “very happy” with only 1% saying they are “very unhappy.” These are just some of the findings from TD’s Small Business Happiness Index, which examined the attitudes and behaviour of… Read more »

The Future of Private Company Reporting?

Posted 8:44 pm by Gerry La Rocca & filed under Accounting Principles, Advanced Accounting, Financial Accounting, Financial Reporting and Analysis, IFRS.

IFRS( International Financial Reporting Standards) for SMEs (Small Medium Enterprises) is a separate comprehensive set of standards for non-publicly accountable entities that is the result of a five-year development process with extensive consultation with SMEs worldwide. It simplifies many of the principles in full IFRSs for recognition and measurement, omits topics not relevant to SMEs,… Read more »

Bauer Performance Sports Ltd. to List on the TSX

Posted 6:03 pm by Gerry La Rocca & filed under Canadian Economy, Financial Accounting.

Bauer heads to the TSX Canadians claim that “hockey is our game,” but that boast disguises deep-seated unease over the creeping Americanization of the professional sport. That is why we hold on to nostalgic fantasies of the Jets returning to Winnipeg, the Nordiques going back to Quebec City, and the Maple Leafs returning… Read more »

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

Posted 10:01 pm by Gerry La Rocca & 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 »

Canadian Audit Committee Update: Evolving issues for 2010

Posted 11:30 pm by Gerry La Rocca & 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 »