2009-07-03 Closing the GAAP: New Canadian GAAP Pronouncements Affecting 2010 Financial Statements (updated to June 30, 2009)

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This newsletter presents a summary of new Canadian GAAP pronouncements relevant to financial statements prepared for 2010 (updated to June 30, 2009 and including CICA Release No. 54, June 2009).

The following summarizes Canadian GAAP pronouncements that must be applied, if applicable, for the first time in 2010 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 newsletter will be updated quarterly. 2009-04-16 Closing the GAAP: New Canadian GAAP Pronouncements Affecting 2010 Financial Statements (updated to March 31, 2009) is superseded by this newsletter. Developments since the previous newsletter, if any, are highlighted in yellow grey.

Reference
 Pronouncement and Effective Date
CICA 1506
 Accounting changes

Amended to exclude from its scope changes in accounting policies upon the complete replacement of an entity's primary basis of accounting. Amendments apply to interim and annual financial statements relating to years beginning on/after July 1, 2009
EIC 174
 Mining exploration costs

Considers the issues of (i) when exploration costs related to mining properties may be capitalized, and (ii) if exploration costs are initially capitalized, when should impairment be assessed to determine whether a write-down is required, and what conditions indicate impairment. Applies to financial statements issued after March 27, 2009, except for entities that do not apply Section 3855 who may defer application to interim and annual financial statements relating to fiscal years beginning on or after January 1, 2010.

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.