Welcome to our first edition of US GAAP Today.
Several Canadian companies, public and private, continue to use US GAAP for their primary financial statements. Some of these companies are subsidiaries of US companies, while others are SEC issuers that have elected to use US GAAP instead of IFRS for various reasons. Those reasons include the fact that the companies may have significant operations in the US, their main competitors in North America are companies operating in the US or US GAAP provides a better reflection of the company’s operations.
We have launched this magazine to provide you with the highlights of quarterly developments and an in-depth analysis of new accounting standards updates issued by the FASB, the FASB work plan, new SEC rules and related developments. We have invited members of our US GAAP Reporting Group to provide perspectives on these developments and things you should think about.
We hope you find this information helpful in your understanding of US GAAP.