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Inside Internal Controls

News and discussion on implementing risk management

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That’s a wrap: Springboard profits, full cost accounting, and more from the Federal Court in Dow v. Nova

Overall, the decision provides clarification about the Federal Court’s approach to a diverse range of issues which can arise in accounting of profits cases. Moreover, the decision is the latest demonstration of the Federal Court’s willingness to consider flexible approaches to procedural and substantive issues to enable just and expeditious outcomes.

 

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beansTalk – a social network for bean counters

If you think Facebook is too personal and LinkedIn too general, maybe beansTalk is the social network for you—if you’re an accounting professional, that is.

 

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International Financial Reporting Standards – it’s all about the details

At the end of September, the International Financial Reporting Standards Foundation released an update to its Guide through International Financial Reporting Standards.

 

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Are spreadsheets part of your IFRS conversion plan?

I bet more than a few of our readers use spreadsheets in their accounting, payroll and HR processes. You might even be thinking of (or currently) using them in your efforts to convert from GAAP to IFRS. And why wouldn’t you? The CICA says, “Spreadsheets are dynamic tools that can provide a wide variety of functionality at minimal cost. Consequently, in an environment of stringent deadlines and temporary data processing needs, they are used to fill the gaps in functionality within the computing environment”. But there are risks…

 

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Exposure draft of new accounting standards for NPOs

Now that the financial reporting standards for public companies and private enterprises have been settled, the Accounting Standards Board is turning its attention to not-for-profits. The board’s objective is to ensure that accounting standards for not-for-profit organizations “are responsive to the diverse nature of the sector, allow for comparability between the private and public sectors and provide decision-useful financial statements for the multiple and varied users of these statements.”

 

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Hope for the HST

Regardless of your opinion about the new Harmonized Sales Taxes in Ontario and British Columbia, they’re here now and they’re probably here to stay—at least for the foreseeable future. So what do you do with that if you’re unhappy about the new taxes? Do you continue to scream and shout? Or do you try and figure out how you can make the most of the situation?

 

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