2011-01-11 Closing the GAAP: New US GAAP Pronouncements (Includes Developments to December 31, 2010)

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This Newsletter presents a summary of new US GAAP pronouncements relevant to financial statements prepared in accordance with US GAAP or reconciling its Canadian GAAP financial statements to US GAAP (includes developments to December 31, 2010).

The attached memorandum summarizes US GAAP pronouncements that must be applied, if applicable, for the first time to a company with a calendar year-end that either is preparing financial statements in accordance with US GAAP or reconciling its Canadian GAAP financial statements to US GAAP. This newsletter sets out new requirements by the calendar year in which they are first effective.

The listing includes updates from the FASB Accounting Standard Updates ("ASU").

Effective date information should be considered with care. The effective dates set out below are those specified in the standard. In situations where a company is reconciling its Canadian GAAP financial statements to US GAAP, the effective date in certain situations will depend on the frequency with which the company provides US GAAP information. For example, if a pronouncement specifies that it is effective for the first "reporting period" or "fiscal period" beginning after June 15, 2010, it would not apply to a company that provides an annual US GAAP reconciliation until 2011. This is because 2011 annual information constitutes the first "reporting period" or "fiscal period" for that company under US GAAP.

This ACS Newsletter supersedes the information in previous Newsletter
2010-10-18 Closing the GAAP: New US GAAP Pronouncements (Includes Developments to September 30, 2010) and will be updated quarterly.