Accounting Standards:

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Accounting Standards

• New Directions

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The Current Situation in Canada
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Accounting Standards Oversight Council
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Now
GAAP Requirements
of Entities
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Access to Accounting Resources
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New Strategic Directions
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New Strategy

• Public companies
• Cdn GAAP International standards
• lengthy transition period ( 5 years, possibly
  longer)
• Private companies
• Comprehensive re-examination of financial
  reporting model based on user needs

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Timeline public companies

• Detailed AcSB work plan June 06
• Checkpoint review Apr-Sept 08
• Changeover to IFRS April 2011???

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Private Companies

• Research underway on users user needs
• Internal vs external users
• significant external users
• exempt entities
• First phase to be completed Sept 06
• International developments
• AICPA/FASB
• IASB SME project

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One scenario
?
GAAP Requirements
of Entities
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Another Scenario
GAAP Requirements
Capitalization of Entities
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Communications

• Ongoing communication is critical
• Detailed implementation plans to be published on
  the website
• Communications program targeting key messages and
  key stakeholder groups
• Research program will involve contacts with many
  in the private business sector

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Responding to Standards Overload

• AcSB is slowing pace of change
• Delayed effective dates
• Financial instruments
• More implementation guidance?
• More co-ordination among standard setters,
  regulators and others

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QUESTIONS??www.acsbcanada.org