2009-10-20 Closing the GAAP: New Canadian GAAP Pronouncements Affecting 2010 Financial Statements (updated to September 30, 2009)

This newsletter presents a summary of new Canadian GAAP pronouncements relevant to financial statements prepared for 2010 (updated to September 30, 2009 and including CICA Release No. 55, August 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. Newsletter 2009-07-03 Closing the GAAP: New Canadian GAAP Pronouncements Affecting 2010 Financial Statements (updated to June 30, 2009) is superseded by this Newsletter. Developments since the previous Newsletter, if any, are highlighted in grey below.

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 173
 Credit risk and the fair value of financial assets and financial liabilities

Considers whether an entity's own credit risk and the credit risk of the counterparty should be taken into account in determining the fair value of financial assets and financial liabilities, including derivative instruments, for presentation and disclosure purposes.

Applies for interim and annual financial statements for periods ending on or after January 20, 2009, except for entities that do not apply Section 3855 who may defer application to interim and annual financial statements relating to 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.