2010-04-05 Closing the GAAP: New Canadian GAAP Pronouncements Affecting 2011 Financial Statements (updated to March 31, 2010)
View this page in: FrançaisThis Newsletter presents a summary of new Canadian GAAP pronouncements relevant to financial statements prepared for 2009 (updated to March 31, 2010 and including CICA Release No. 56, February 2010).
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 (“CICA”)
- CICA Accounting Guidelines ("AcG")
- Emerging Issues Committee Abstracts of Issues Discussed (“EIC”)
This Newsletter will be updated quarterly. Newsletter 2010-01-04 Closing the GAAP: New Canadian GAAP Pronouncements Affecting 2011 Financial Statements (updated to December 31, 2009) is superseded by this Newsletter. Developments since the previous Newsletter, if any, are highlighted in grey below.
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Reference
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Pronouncement and Effective Date |
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CICA 1582
CICA 1601 CICA 1602 CICA 1625 CICA 3251 |
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 3251, Equity, has been amended as a result of issuing CICA 1602. Amendments apply to entities that have adopted CICA 1602. |
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Reference
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Pronouncement and Effective Date |
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CICA 1582
CICA 1601 CICA 1602 CICA 1625 CICA 3251 |
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 3251, Equity, has been amended as a result of issuing CICA 1602. Amendments apply to entities that have adopted CICA 1602. |
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Reference
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Pronouncement and Effective Date |
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CICA 3855
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Financial instruments - recognition and measurement Amended to clarify when an embedded prepayment option is separated from its host debt instrument for accounting purposes. Amendments apply to interim and annual financial statements relating to years beginning on/after January 1, 2011. |
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CICA Handbook
Part II |
Accounting standards for private enterprises This part of the Handbook includes accounting standards for private enterprises effective for years ending on or after January 1, 2011. |
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EIC 175
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Multiple deliverable revenue arrangements Revises accounting requirements for arrangements under which a vendor will perform multiple revenue-generating activities. Applies to revenue arrangements with multiple deliverables entered into or materially modified in years beginning on or 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.
- For an indepth analysis of the most notable financial reporting developments, read our bi-annual review, Financial Reporting Release.
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