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Inside Internal Controls

News and discussion on implementing risk management

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GAAP

Generally accepted accounting principles for interim reporting

In many small and even medium-sized companies, financial reporting during the year does not include all of the adjustments made at the year-end (often in connection with the audit or review of the annual financial statements by an independent professional accountant).

 

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Revenue recognition

“Revenue recognition” refers to when sales and other revenues are recorded. Recognizing revenue is fundamental to accounting. In theory, you recognize revenue when you earn it. It sounds like it should be simple, but it isn’t.

 

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The challenges of IFRS transition in Alberta

The Alberta Securities Commission has released its 2011 Corporate Finance Disclosure Report. Not surprisingly, during this transition year, the commission came across several problems with reporting issuers’ IFRS conversion filings…

 

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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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