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News and discussion on implementing risk management

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IFRS

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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IFRS transitioners take note!

The Ontario Securities Commission has reviewed many Ontario issuers’ International Financial Reporting Standards financial reports and found them lacking in key respects. Based on first quarter 2011 IFRS filings, the OSC found three main deficiencies…

 

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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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Where to obtain IFRS for SMEs materials

In case your 2010 year-end tasks haven’t flowed over into the new year, you might want to know where to find relevant International Financial Reporting Standards (IFRS) documents. Remember, public enterprises must make the change from their current practices to IFRS by January 1, 2011. Private organizations that choose to adopt IFRS must switch by 2012.

 

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McCarthy Tétrault disclosure and governance seminar

When I entered McCarthy Tétrault’s 8th annual disclosure and governance seminar, I expected to be guided on an exhilarating ride through the thrill-a-minute world of lawyering—I mean, governance disclosure sure sounds intriguing, and the TD towers are pretty sexy—but I’ve got to say: it’s time to reassess my confidence in the way movies depict reality…

 

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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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