New Resource Centres - HST, International Auditing Standards and Private Enterprise GAAP
The accounting profession is undergoing rapid changes with the release of several new rules, guidelines and pronouncements in various areas including the Harmonized Sales Tax, International Auditing Standards and Private Enterprise GAAP. In response to these developments we have prepared a number of Resource Centres on our website to keep you informed and prepared of these impending changes which may have a significant impact on your accounting and business processes. Please check the site frequently to make sure you are up to date with the latest information, tools and resources.
Harmonized Sales Tax Centre
With Ontario and BC ready to enact the Harmonized Sales Taxes (HST) on July 1, 2010, we have assembled a collection of industry specific brochures to help you navigate and prepare for this significant event.
International Auditing Standards Centre
International Financial Reporting Standards are not the only international standards coming to Canada - so are International Auditing Standards! While there are several changes that will affect auditors, some of these changes will be noticeable to clients and users of audited financial statements.
Private Enterprise Centre
Private enterprises have a choice to make as to which set of accounting principles they will follow when preparing their financial statements - International Financial Reporting Standards ("IFRS") or Private Enterprise GAAP ("PE GAAP"). Effective with fiscal periods beginning on or after January 1, 2011, private enterprises must adopt one of these sets of GAAP - existing Canada GAAP will no longer be an option.
Contact us today if you have any questions regarding these topics or if you are looking for additional specific guidance.