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For summaries of the most recent regional, national and international news stories pertaining to chartered accountants and the Alberta CA profession, please see the articles below.
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If you are the owner of a private company, this is the year you will need to change your accounting framework for the fiscal year following Dec. 31, 2010. Instead of using generally accepted accounting principles (GAAP), you will have to choose either the new accounting standards for private enterprises (private enterprise GAAP) or International Financial Reporting Standards (IFRS). Many private companies’ bankers have already asked them which framework they’re planning to use. If you haven’t heard this question from your banker yet, you will likely hear it soon, especially if the bank requires monthly or quarterly internally prepared financial information. http://www.nationalpost.com/todays-paper/Sunil+Mistry+Decide+your+accounting+framework/4632629/story.html
National Post
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