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. 2008-04-02 Closing the GAAP: New Canadian GAAP Pronouncements Affecting 2009 Financial Statements (updated to March 31, 2008) is superseded by this newsletter. Developments since the previous newsletter, if any, are highlighted in grey below.
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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 accounting. 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 liabilities 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 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. |
CICA 1535 | Capital disclosures
Amended in July 2008 to reduce disclosure requirements for non-publicly accountable enterprises. Amendments apply to interim and annual financial statements relating to years beginning on/after August 1, 2008. Early adoption is permitted. |
CICA 3064
CICA 1000
CICA 3450
EIC 27
AcG 11 | Goodwill and intangible assets
CICA 3064 replaces CICA 3062 and establishes standards for the recognition, measurement and disclosure of goodwill and intangible assets. The provisions relating to the definition and initial recognition of intangible assets are equivalent to the corresponding provisions of IAS 38, Intangible Assets. CICA 1000 is amended to clarify criteria for recognition of an asset. CICA 3450 is replaced by guidance in CICA 3064. EIC 27 is no longer applicable for entities that have adopted CICA 3064. AcG 11 is amended to delete references to deferred costs and to provide guidance on development costs as intangible assets under CICA 3064. Effective for interim and annual financial statements for years beginning on/after October 1, 2008. |
CICA 3855 | Financial instruments, non-publicly accountable enterprises and not-for profit organizations
CICA 3855 was amended in July 2008 to (i) provide certain accounting policy choices to non-publicly accountable enterprises and not-for-profit organizations for interim and annual financial statements for years beginning on/after August 1, 2008, and (ii) permit non-publicly accountable enterprises to elect the date of adoption of CICA 3855 as the transition date for recognizing embedded derivatives. Early adoption is permitted. |
CICA 3862
CICA 3863 | CICA 3862 and 3863 were amended in July 2008 to exempt non-publicly accountable enterprises from quantitative market risk disclosures, applicable for interim and annual financial statements relating to years beginning on/after August 1, 2008. Early adoption is permitted. |
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.
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