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In addition to Member Advisory and Public Practice Bulletins, the Institute publishes other technical publications and articles on an as-needed basis. These publications and articles are posted in this section of the website.
Most of Canada’s private companies will be adopting Canada’s new Accounting Standards for Private Enterprises (ASPE) as their financial reporting framework. For calendar year-end companies, the first reporting year under the new standards will end on December 31, 2011. Some companies are well advanced or have even completed their transition to ASPE; others are in process while some are yet to begin. Act now to ensure that you have sufficient time to properly evaluate the options, their relative impact on your company and implement the changes well in advance. Click here to view entire article.
by Kim G C Moody CA, TEP Courtesy of Moodys LLP Tax Advisor With much fanfare, the “kiddie tax” was introduced into Canadian tax law effective January 1, 2000. My, how time flies. It does not seem like it was 11.5 years ago that such a tax was introduced to prevent income splitting mischief. The “kiddie tax” applies on certain types of income (“split income”) received by a child (under the age of 18 throughout the year – the “minor”) who has a parent that is resident in Canada at any time during the year. If applicable, the minor child will end up paying income tax at the highest personal tax rate that would otherwise be payable on the type of income received. In addition, the parents generally have joint and several liability for the tax.
Click here to view entire article.
The Canadian Association of Petroleum Producers (CAPP) and the Small Explorers and Producers Association of Canada (SEPAC), with additional support from Alberta’s Chartered Accountants Education Foundation (CAEF), have prepared an information guide on the adoption and implementation of IFRS for the Canadian Upstream Oil & Gas Industry. This significant project aims to provide “best practices” solutions to the relevant issues. To view the document, click to view the IFRS for Oil & Gas Implementation Guide (pdf document, 1.78 MB).
The Alberta Securities Commission's (ASC) 2008 Continuous Disclosure Review Program Report has now been released. The Report summarizes the ASC’s review of continuous disclosure filings (CD reviews) made by Alberta-based reporting issuers (RIs) for the 2008 year. This document should help preparers of CD, management and advisors when completing their own filings. To view the 2008 report, click here (pdf )document, 216 KB.
The November 2008 News & Views publication of the Institute of Chartered Accountants of BC provides relevant information on a number of items, including private enterprise exemption on Financial Instruments and special reports for funding bodies or regulators. The publication also includes a section on questions CAs in public practice should ask themselves to avoid getting in trouble, and a reminder of monitoring requirements for practitioners. (Thanks to the ICABC for the use of the material.) To view the information, click here (pdf document, 48 KB).