2009-04-15 Closing the GAAP: New Canadian GAAP Pronouncements Affecting 2011 Financial Statements (updated to March 31, 2009)

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This Newsletter presents a summary of new Canadian GAAP pronouncements relevant to financial statements prepared for 2011 (updated to March 31, and including CICA Release No. 53, January 2009).

The following summarizes Canadian GAAP pronouncements that must be applied, if applicable, for the first time in 2011 to a company with a calendar year-end that is preparing financial statements in accordance with Canadian GAAP.

The listing includes the following pronouncements:

  • CICA Accounting Handbook Sections (“CICA”)
  • CICA Accounting Guidelines ("AcG")
  • Emerging Issues Committee Abstracts of Issues Discussed (“EIC”)

This R&Q Newsletter will be updated quarterly. R&Q Newsletter 2009-01-06 is superseded by this Newsletter. Developments since the previous Newsletter, if any, are highlighted in grey below.

Reference

 Pronouncement and Effective Date
CICA 1582
CICA 1601
CICA 1602
 Business combinations, consolidated financial statements and non-controlling interests

These sections replace the former CICA 1581, Business Combinations and CICA 1600, Consolidated Financial Statements and establish a new section for accounting for a non-controlling interest in a subsidiary.

These sections provide the Canadian equivalent to IFRS 3, Business Combinations (January 2008) and IAS 27, Consolidated and Separate Financial Statements (January 2008).

CICA 1582 is effective for business combinations for which the acquisition date is on/after the beginning of the first annual reporting period beginning on/after January 1, 2011. CICA 1601 and CICA 1602 apply to interim and annual consolidated financial statements relating to years beginning on/after January 1, 2011.

While we have attempted to make this Newsletter as complete as possible, it may not include all changes or modifications to existing authoritative literature that may affect a particular enterprise.