Gordon is the editor of ifrs in canada, a newsletter providing practical updates on accounting. As a result of adopting cica section 3855, financial instruments recognition and measurement, longterm debt is measured at fair value when initially recognized and, after initial recognition, at amortized cost using the effective interest method. Readers are always encouraged to refer to the specifics in the handbook section before making any decisions. This section establishes standards for the timing of recognition of revenue in the financial statements of enterprises. The cpa canada handbook accounting provides you with the direction you need to ensure your accounting practices are current and reflect the standards you will receive.
Aspe financial statement presentation and disclosure checklist. Accountants cica handbook section 3855, financial instruments recognition and measurement, section 3862, financial instruments disclosures, section 3863, financial instruments presentation, and section 1530, comprehensive income, the company has elected not to adopt these standards in its financial statements. As such, it may be helpful for preparers to look to part i of the cpa canada handbook accounting in applying the requirements of section 3400. The cica handbook subscription is provided by the institute of chartered accountants of manitoba. Section 3400 does not contain application guidance for either method of revenue recognition for longterm contracts. Knotia cica handbook accounting page 4 of6 a betterment. Basic accounting concepts and principles gaap and aspe. Ebscohost serves thousands of libraries with premium essays, articles and other content including prior period adjustmentssection 3600. The cpa canada standards and guidance collection is a complete electronic reference source, providing uptodate information on accounting and assurance standards, public sector accounting standards, and. Effective april 1, 2009, the university adopted the amendments in cica handbook section. Consolidated standards of practice practicespecific. Emgold mining corporation an exploration stage company interim consolidated financial statements for the three and six months ended june 30, 2009 and 2008.
Emgold mining corporation an exploration stage company. The amendments clarify the relationship between incurring expenditures and creating assets and clarifies that items which do not meet the definition of assets or liabilities, are not eligible for recognition. We have noted that the terms, conditions and circumstances of each arrangement may differ significantly and are often not adequately discussed in the revenue recognition policy as required by cica handbook section 3400 revenue. Mcdonald, julie 2012, canadian assurance cases, john wiley sons canada. Major spare parts and standby equipment that may qualify as property, plant and equipment section 3061, property, plant and equipment. Advice on funding does not necessarily include advice on the effect of a proposed change to a plan. Because the handbook is constantly being updated, a hardcopy version would quickly become outdated and is not recommended. The cpa on staff monitors the rab process and reports preferential. Ifric 16 hedges of a net investment in a foreign operation ias 8, ias 21, ias 39. Electronic access to the cica handbook can be obtained through the courselink site or the university of guelph library site. To learn more about these items or for application guidance, please contact. We offer a variety of cpd courses, tax preparation training, articles, publications, and technical resources to stay ahead in your career. Accounting standards handbook psa handbook as sections ps 4200 to ps 4270 and required gnf. See the full text of ifrss and cica handbook accounting for full text of standards page 1 of comparison of ifrss part i and canadian gaap part v as of december 31, 2009 introduction this comparison has been prepared by the staff of the accounting standards board acsb and has not been approved by the acsb.
This document provides a highlevel comparison of accounting standards for private enterprises. The accounting principles that are set out in part iv of the cpa canada handbook accounting, and the auditing standards in the cpa canada handbook assurance, apply to financial statements filed under section 76 of the regulation, for fiscal years beginning on or after january 1, 2011. Recognition is not the same as realization, although the two terms are sometimes used interchangeably in accounting literature and practice. Audited financial statements for the year ended march 31, 2010. Issue 1 sections financial statement concepts and 3400 revenue issue 2 section financial statement concepts and section 3031 inventories issue 3 section 3061 property, plant and equipment. Cica handbook reference student fees type of sales and service record as revenue in the year courses and seminars are held defer revenue if for future period course or seminar prorate revenue if course or seminar spans the fiscal yearend 3400. Read more activities of the canadian public sector accounting board and the cica public sector accounting handbook.
As this constitutes fresh start accounting, prior period comparative figures are not meaningful and have therefore not been recorded. Cica handbook pdf free ebooks download summary comparison of cica public sector accounting. You will gain timely information and resources about the national accounting standards set by the accounting standards board for entities that prepare financial statements in accordance with canadian generally accepted. Exposure draft ed which proposes amendments to section. Accounting standards for private enterprises aspe grant thornton.
Canadian private enterprises apply part ii of the cpa handbook accounting standards for private enterprises aspe. The cica handbook section 3862 and 3863 on disclosures and presentation of financial instruments are optional for notforprofit organizations. The handbook is accessible on campus or from offcampus with an internet connection. The gaap framework refers to guidelines, not rules, because judgement must be used in order to apply the accounting concepts and principles. The cica s guide to accounting standards for private enterprises in canada about this comparison as of december 31, 2009 this comparison has been prepared by the staff of the accounting standards board acsb and has not been approved by the acsb. Therefore the more a bookkeeper has studied and practiced exercising that judgement in a supervised environment before they go out on their own, the more likely they will be to make better decisions. General standards of financial statement presentation section 1400 under aspe and is not a substitute for the exercise of professional judgment and knowledge of authoritative pronouncements. Comparison of ifrss part i and canadian gaap part v ias plus.
Cica handbook accounting part ii accounting standards for private enterprises aspe references. This publication has been compiled to assist users in gaining a high level overview of accounting standards for private enterprises aspe included in part ii of the cpa canada handbook accounting as of december 1, 2018. This checklist reflects the disclosure requirements under the canadian accounting standards for private enterprises. Cica handbook, canadian institute of chartered accountants. The cpa canada standards and guidance collection is a complete electronic reference source, providing uptodate information on accounting and assurance standards, public sector accounting standards, and much more. Staff took the view that the concepts set out in that handbook section had been applied inconsistently, resulting in inappropriate patterns of income recognition on the impaired loans. Contracts accounted for using the percentage of completion method section 3400, revenue. The cica handbook accounting allows for a comprehensive revaluation of assets and liabilities by profitoriented enterprises when either all or. Cica handbook sections relevant for acc 2010 section title 1100 0 1400 1510 1520 1540 3000 3020 3030 3051 3061 3062 3063 3400 3475 3480 3820 3831 3855. The company has applied the provisions of cica hb 1625 comprehensive revaluation of assets and liabilities to record the implementation of the plan of arrangement, as described in note 2.
Electronic access to the cpa handbook can be obtained through the courselink site or the university of guelph library site. Cica handbook assurance by canadian institute of chartered accountants. Comparison of ifrss part i and canadian gaap part v. Gary sawyer aspe comes into effect for years beginning on or after january 1, 2011 after that date the existing handbook standards now found in part v of the handbook will no longer. Revenue is the inflow of cash, receivables, other consideration arising in the course of ordinary activities of an enterprise, normally from the sale of goods, rendering of services, interest, royalties, and dividends.
Service potential may be enhanced when there is an increase in the previously assessed physical output or service capacity, associated operating costs are lowered, the life or useful life is extended, or the quality of output is improved. Revenue does not include income from investments accounted for. Staff entered into an extended discussion with an issuer regarding the application of cica handbook section 3025,impaired loans. Fullylicensed manufacturers of the prime contractor or of the oem that. It is concerned with the recognition of revenue arising in the course of the ordinary activities of an enterprise from the sale of goods, the rendering of services, and the use by others of enterprise resources yielding interest, royalties and dividends. Accounting practices handbook to provide practical and professional guidance to canadian real estate investment and development companies applying accounting standards for private enterprises, that is, the accounting standards in part ii of the cica handbook accounting. The service and dla logistics organizations and defense contract management agency dcma assist the cognizant service esa in assessing value added. The standards in part i and part ii of the handbook are based on conceptual frameworks. Restructured cica handbook standards that apply to. Accounting standards for private enterprises aspe in part ii of the cpa canada. Capital disclosures pciis defines its capital as its net assets. Department of business acct4270 auditing ii fall 20. Module 1 student overview may 2011 page 9 of 9 copyright 2011 ca school of business casb. Accounting standards for private enterprises gordon heard principal advisor, the finance group mark walsh.
Biotechnology and healthcare issuers may have arrangements with a number of pharmaceutical companies. Summary comparison of canadian gaap accounting standards for private enterprises part ii and ifrss. It should be read in the context of policy statement 1 dealing with general matters. Acc 2010 intermediate accounting assets section a01. The cpa canada handbook accounting provides you with the direction you need to ensure your accounting practices are current and reflect the standards. Summary comparison of new accounting standards for private.
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