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December 26, 2008

International Financial Reporting Standards (IFRS)

The use of International Financial Reporting Standards (IFRS) will be required in 2011 for Canadian enterprises including public companies and other profit-orientated enterprises responsible to large or diverse groups of shareholders.

International Financial Reporting Standards are a series of standards and interpretations that have been adopted by the International Accounting Standards Board (IASB). Many of these standards that form FRS are known by the older name of International Accounting Standards (IAS) that were issued between 1973 and 2001 by the board of the International Accounting Standards Committee (IASC).

International Financial Reporting Standards comprise:

- International Financial Reporting Standards (IFRS) - standards issued after 2001
- International Accounting Standards (IAS) - standards issued before 2001
- Interpretations originated from the International Financial Reporting Interpretations Committee (IFRIC) - issued after 2001
- Standing Interpretations Committee (SIC) - issued before 2001

There is also a Framework for the Preparation and Presentation of Financial Statements which describes some of the principles underlying IFRS. The objective of financial statements is to provide information about the financial position, performance and changes in an enterprise, useful to a wide range of users in making economic decisions and to provide the current financial status of the entity to its shareholders and the general public.

For more information, see the IAS web site at

Posted by Editorial Team [permalink]

February 1, 2006

The Lighter Side of Accounting and Taxes

Need a little accounting and tax humour this time of year? Over the years, The Top Ten featured in "The Late Show with David Letterman" has included a number of lists related to accounting and taxation. While many of the responses may be US-centric, there's still some good humour to be found for Canadians while completing income tax returns.

Here are just a few choice selections from the archives:

Top Ten Accountant Pick-Up Lines
8. Technically, having sex with me is a charitable gift.
2. Lady, you make my pants file for an extension.

Top Ten Signs Your Accountant Is Nuts
10. "Arranged it so you get your refund in cashews"
8. "Brags that 17% of clients have never been convicted of tax evasion"

Top Ten Dumb Accountant Tax Tips
9. Answer every question "Wouldn't you like to know?"
8. Hide all money in mattress, on return write "No money hidden in mattress"
7. If you've just eaten, don't do taxes for at least half an hour

Top Ten Signs You've Hired a Bad Accountant
8. His "short form" looks suspiciously like a cocktail napkin

Search the Top Ten Archives

The Top Ten archives are online and searchable by date or keyword.

- View the Top Ten archives on the keyword "accountant"
- View the Top Ten archives on the keyword "tax"

Posted by Editorial Team [permalink]

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