 Copyright
Notice to Readers  What's New
Guide to Accounting Pronouncements and Sources, Sixth Edition
Significant Differences in GAAP in Canada, Chile, Mexico and the United States
Accounting and Reporting for Enterprises in the Development Stage
Accounting Bases Used in Canadian Government Budgeting
Accounting Changes Background Information and Basis for Conclusions Section 1506
Accounting for Infrastructure in the Public Sector
Accounting for Tangible Capital Assets Accrual Budgeting Issues
Accrual Budgeting by Canadian Federal, Provincial and Territorial Governments
Aligning Investment in Information Technology with Business Strategy: What CFOs Need to Consider (June 2005)
Application of Computer-assisted Audit Techniques, Second Edition
Assessing Risks & Controls of Investment Funds
Asset Retirement Obligations - Background Information and Basis for Conclusions Section 3110
Assurance Engagement Working Papers
Audit & Control Implications of XBRL
Audit Enquiry - Seeking More Reliable Evidence From Audit Enquiry
Audit Implications of EDI
Audit Implications of Electronic Document Management
Audit of a Small Entity
Audits of Non-profit Organizations
Canadian Performance Reporting
Cash Distributions Amendments to Section 1540 Background Information and Basis for Conclusions (September 2007)
Cash Flow and Other Per Share Information - Background Information and Basis for Conclusions Sections 1540 and 3500
Cash Flow Statements - Background Information and Basis for Conclusions - Section 1540
Comprehensive Income and Equity - Background Information and Basis for Conclusions Sections 1530 and 3251
Confirmation of Accounts Payable
Confirmation of Accounts Receivable
Continuous Auditing
Corporate Reporting to Stakeholders
Costing Government Services for Improved Performance Measurement & Accountability
Data Level Assurance
Differential Reporting - Background Information and Basis for Conclusions - Section 1300
Differential Reporting Amendments to Section 3062 and AcG-15 Background Information and Basis for Conclusions
Disclosures by Entities Subject to Rate Regulation - Background Information and Basis for Conclusions AcG-19
Disposal of Long-Lived Assets and Discontinued Operations - Background Information and Basis for Conclusions - Section 3475
Electronic Audit Evidence
Electronic Filing and Reporting - Emerging Technologies and Their Implications
Electronic Filing of Information
Employee Future Benefits - Additional Disclosures - Background Information and Basis for Conclusions - Section 3461
Employee Future Benefits Implementation Guide, Second Edition (Updated November 2001)
Engagements to Audit Greenhouse Gas Emissions Information Practice Guide
Financial Instrument Disclosures and Capital Disclosures - Background Information and Basis for Conclusions Sections 1535, 3862 and 3863 (July 2007)
Financial Instruments - Recognition and Measurement - Background Information and Basis for Conclusions Section 3855
Financial Instruments Recognition and Measurement Background Information and Basis For Conclusions Amendments to Section 3855 (December 2009)
Financial Reporting by Canadian School Boards
Financial Reporting by Investment Funds, Second Edition
Financial Reporting by Rate-regulated Enterprises
 Financial Reporting by Small Business Enterprises
Foreword Study Group Study Group Recommendations Chapter 6: Differential Financial Reporting 6.1 Differential financial reporting principle 6.2 How differential financial reporting would work 6.3 Financial statement concepts 6.4 Impact of SBE differential financial reporting on audit and review engagement reports 6.5 Audit engagement report on non-consolidated financial statements 6.6 Accounting standard-setting process Chapter 7: Analysis of Problematic Accounting Standards 7.1 Implementation guides Financial Instruments Disclosure and Presentation 7.2 3860 Financial instruments disclosure and presentation Other Recommendations Respecting SBE Financial Reporting 7.3 3475 Discontinued operations 7.4 3240 Share capital 7.5 3840.43 (a) Disclosures about the relationship between transacting parties 7.6 EIC-59 Long-term debt with covenant violations 7.7 EIC-64 Goodwill disclosures 7.8 Measurement of financial instruments at fair value Recommendations Respecting Financial Reporting for all Enterprises 7.9 1508 Measurement uncertainty 7.10 3025.01 Impaired loans 7.11 3065 Leases 7.12 3840.26 Measurement of a transaction not in the normal course of operations Executive Summary The Issue of Financial Reporting by Small Business Enterprises (SBEs) Needs of SBE Financial Statement users Alternatives Differential Financial Reporting Accounting Standard-setting Process Chapter 1 Introduction Purpose of the Project Objective of the Report Methodology Review of the literature and communication with other standard setters Consultation process Practitioners and other members of the profession Bankers Venture capital providers SBE owner / managers and other managers Other contacts Chapter 2 Identifying the Problem Introduction Defining SBEs for Financial Reporting Purposes Aspects of the Standards Overload Problem Relevance of GAAP financial statements for SBEs Cost / benefit effectiveness Professional practice issues International Perspective Introduction The United Kingdom New Zealand Australia The United States Differential financial reporting Chapter 3 Needs of SBE Financial Information Users Introduction Data Available in the Literature Conclusion Consultation Findings Bankers Tendency to automate the loan decision Credit scoring systems Small loans Major loans Usefulness of certain financial statement disclosures Financial instruments: Future income taxes: Leases: Related party transactions: Discontinued operations: Impaired loans: Measurement uncertainty: Employee future benefits: Long-term debt with covenant violations: Goodwill disclosures: Differences between accounting rules currently applicable to private enterprises and public enterprises: Additional information bankers would like to obtain: Conclusion Venture capital providers Usefulness of certain financial statement disclosures Financial instruments: Related party transactions: Future income taxes: Discontinued operations: Impaired loans: Consolidation: Measurement uncertainty: Leases: Long-term debt with covenant violations: Employee future benefits: Conclusion Owner / managers and other SBE managers Usefulness of GAAP financial statements Problems relating to GAAP application Discussion of the standards overload problem and possible solutions Conclusion Practitioners Usefulness of GAAP financial statements Downgrading of engagements Financial reports for management purposes Conclusion Chapter 4 Defining SBEs for Financial Reporting Purposes Introduction Criterion Selected to Define SBEs for Financial Reporting Purposes Eliminated Criteria Size of the enterprise Complexity of transactions Few shareholders, owner / manager Chapter 5 Analysis of Alternatives Introduction Alternatives Considered Analysis of Alternatives 1. Status quo Consultation findings Conclusion 2. A different set of GAAP for SBEs Consultation findings Conclusion 3. Financial statements prepared in accordance with an appropriate disclosed basis of accounting other than GAAP Consultation findings Conclusion 4. General purpose financial statements prepared in accordance with a basis of accounting other than GAAP Consultation findings Conclusion 5. A new type of financial report more useful for management decisions Consultation findings Conclusion 6. A single set of GAAP with differential rules for SBEs Consultation findings Conclusion 7. Other alternatives Conclusion Chapter 6 Differential Financial Reporting Introduction Differential Financial Reporting Recommendation 6.1 Differential financial reporting principle How differential financial reporting would work Recommendation 6.2 How differential financial reporting would work Financial Statement Concepts Introduction Objective of financial statements Cost / benefit effectiveness Recommendation 6.3 Financial statement concepts Impact of SBE Differential Financial Reporting on Audit and Review Engagement Reports Impact of differential accounting rules Recommendation 6.4 Impact of SBE differential financial reporting on audit and review engagement reports Audit and review engagement reports on non-consolidated financial statements Recommendation 6.5 Audit engagement report on non-consolidated financial statements Accounting Standard-setting Process Introduction Proposed mechanisms Recommendation 6.6 Accounting standard-setting process Chapter 7 Analysis of Problematic Accounting Standards Introduction General Problems most often Reported Disclosure Exercising professional judgment Complexity of accounting standards Recommendation 7.1 Implementation guides Financial Instruments Disclosure and Presentation Introduction Purpose and scope of Section 3860 3860.18 Classification of a financial instrument by the issuer No distinction between ownership and management Financial instruments issued in tax planning arrangements Options examined Exempt all retractable preferred shares issued in tax planning arrangements by SBEs Classify the instrument on the basis of the holder's intentions Treat financial instruments held by related parties differently Exempt all SBE financial instruments from the application of paragraph 3860.18 Conclusion 3860.24 Classification of the components of a compound financial instrument by the issuer Relevance of the information for SBE financial statement users User needs and cost / benefit effectiveness Conclusion 3860.31 Reporting of interest, dividends, losses and gains relating to a financial instrument 3860.34 Offsetting of a financial asset and a financial liability and balance sheet presentation 3860.52 Disclosures about the extent and nature of financial instruments and their terms and conditions 3860.57 Disclosures about the entity's exposure to interest rate risk 3860.67 Disclosures about the entity's exposure to credit risk Conclusion 3860.78 Disclosures about the fair value of financial instruments Conclusion 3860.89 Disclosures about financial assets carried at an amount in excess of fair value Conclusion 3860.92 Disclosures about financial instruments accounted for as hedges of risks associated with anticipated future transactions Derivative financial instruments Recommendation 7.2 Financial instruments disclosure and presentation Other Recommendations Respecting SBE Financial Reporting Introduction 3475 Discontinued operations Recommendation 7.3 Discontinued operations 3240 Share capital Recommendation 7.4 Share capital 3840 Related party transactions Disclosures about the relationship between transacting parties Recommendation 7.5 Disclosures about the relationship between contracting parties Emerging Issues Committee Abstract no. 59 (EIC-59), Long-term debt with covenant violations Recommendation 7.6 Long-term debt with covenant violations Emerging Issues Committee Abstract no. 64 (EIC-64), Goodwill disclosures Recommendation 7.7 Goodwill disclosures 3025.48 and .49 Impaired loans Review of Certain Complex Measurement Standards 3465 Income taxes Conclusion 3461 Employees' future benefits Conclusion Measurement of financial instruments at fair value Recommendation 7.8 Measurement of financial instruments at fair value Recommendations Respecting Financial Reporting by all Enterprises 1508 Measurement uncertainty Recommendation 7.9 Measurement uncertainty 3025.01 Impaired loans Recommendation 7.10 Impaired loans 3065 Leases Recommendation 7.11 Leases 3840.26 Measurement of a transaction not in the normal course of operations Recommendation 7.12 Measurement of a transaction not in the normal course of operations Appendix A List of Questions that the Study Group Discussed with Practitioners and Other Members of the Profession Appendix B Shareholders' interests Bibliography Financial Reporting in North America - Highlights of a Joint Study
The First Audit Engagement
Full Cost Accounting from an Environmental Perspective
General Standards of Financial Statement Presentation - Background Information and Basis for Conclusions - Section 1400
Generally Accepted Accounting Principles - Background Information and Basis for Conclusions - Section 1100
Going Concern - Amendments to Section 1400 - Background Information and Basis for Conclusions (June 2007)
Guide for Developing Quality Control Systems in Public Accounting
Hedges - Background Information and Basis for Conclusions Section 3865
The Impact of Technology on Financial and Business Reporting
Impairment of Long-Lived Assets - Background Information and Basis for Conclusions - Section 3063
Improving Disclosures About Financial Instruments (Amendments to Financial Instruments Disclosures, Section 3862) (June 2009)
Income Taxes - Background Information and Basis for Conclusions - Section 3465
Indicators of Government Financial Condition
Intangible Assets Background Information and Basis for Conclusions Section 3064 (September 2008)
Interactive Data Building XBRL Into Accounting Information Systems
Interim Financial Statements - Background Information and Basis for Conclusions - CICA Handbook Accounting Section 1751
Inventories - Background Information and Basis for Conclusions Section 3031 (June 2007)
Investment Companies - Background Information and Basis for Conclusions - AcG-18
Investment Companies - Amendments to AcG-15 and AcG-18 - Background Information and Basis for Conclusions (June 2007)
Liabilities and Equity - Background Information and Basis for Conclusions - Section 3860
Links between the Budget and the Estimates Accrual budgeting Issues
Maintaining Quality Capital Markets Through Quality Information
Non-Monetary Transactions - Background Information and Basis for Conclusions Section 3831
Not-for-Profit Financial Reporting Guide
Not-for-Profit Organizations Background Information and Basis for Conclusions 4400 Series (November 2008)
Professional Judgment and the Auditor
Rate-Regulated Operations Amendments to Sections 1100 and 3465 and AcG-19 Background Information and Basis for Conclusions (December 2007)
Reporting on Environmental Performance
The Role of Information Technology in Achieving Sustained Regulatory Compliance
Secure IT Infrastructure for E-commerce
Security for Wireless Systems (revised)
Segment Disclosures - Background Information and Basis for Conclusions - CICA Handbook Section 1701
Stakeholder Relationships, Social Capital and Business Value Creation
Understanding Disclosure Controls and Procedures: Helping CEOs and CFOs Respond to the Need for Better Disclosure
Use of Specialists in Assurance Engagements
Using Graphics in Corporate Reporting
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