2008-01-11 Closing the GAAP: New Canadian GAAP Pronouncements Affecting 2009 Financial Statements (updated to December 31, 2007)

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The following presents a summary of new Canadian GAAP pronouncements relevant to financial statements prepared for 2009 (updated to December 31, 2007 and including CICA Release No. 47, December 2007).

The following summarizes Canadian GAAP pronouncements that must be applied, if applicable, for the first time in 2009 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 (“HB”)
  • CICA Accounting Guidelines ("AcG")
  • Emerging Issues Committee Abstracts of Issues Discussed (“EIC”)

This newsletter will be updated quarterly.

Reference

 Pronouncement and Effective Date
CICA 1100

CICA 3465

AcG 19

 Rate regulated accounting

Amendments have been made to certain sections of the Handbook related to rate regulated acccounting. CICA 1100 has been amended to remove a temporary exemption pertaining to its application to the recognition and measurement of assets and liabilities arising from rate regulation. CICA 3465 has been amended to require rate-regulated enterprises to recognize future income tax liabilitis and assets, as well as a regulatory asset or liability for the amount of future income taxes expected to be included in future rates and and recovered from or returned to future customers, and to present these amounts on a gross basis in the financial statements. These requirements are effective for fiscal years beginning on/after January 1, 2009. The disclosures required by entities subject to rate regulation (AcG 19) were also amended.

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.