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February 2, 2012 |
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Updated Guide on Reporting Implications of New Auditing and Accounting Standards The CICA has updated the
Reporting Implications of New Auditing and Accounting Standards Guide. The Guide, Issue No. 7 – January 2012, presents a series of issues in Question and Answer format which impact the form and content of practitioners' reports. It also presents a series of illustrative reports, including both audit and review engagement reports, many of which cover the period of transition for entities transitioning to new accounting frameworks from Part V of the CICA Handbook - Accounting.
Employee Future Benefits – Exposure Draft The Accounting Standards Board (AcSB) has issued an
Exposure Draft proposing amendments to the standards for employee future benefits that will affect private enterprises, not-for-profit organizations, and pension plans that have chosen the deferral and amortization approach for their defined benefit plans. Comments are requested by May 25, 2012. Transitional Guidance (Proposed amendments to IFRS 10) – Exposure Draft The International Accounting Standards Board (IASB) has issued an Exposure Draft entitled, Transition Guidance (Proposed amendments to IFRS 10). The objective of the proposed amendments is to clarify the transition guidance in IFRS 10, Consolidated Financial Statements, by confirming when an entity needs to apply IFRS 10 retrospectively, including the situations when the transitional relief applies. The AcSB encourages Canadian stakeholders to respond to the Exposure Draft by March 21, 2012. |
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