First Reference Talks

Discussions on Human Resources, Employment Law, Payroll and Internal Controls

Accounting Standards for Private Enterprises

By | 2 Minutes Read

Generally accepted accounting principles for interim reporting

In many small and even medium-sized companies, financial reporting during the year does not include all of the adjustments made at the year-end (often in connection with the audit or review of the annual financial statements by an independent professional accountant).

By | 2 Minutes Read

Revenue recognition

“Revenue recognition” refers to when sales and other revenues are recorded. Recognizing revenue is fundamental to accounting. In theory, you recognize revenue when you earn it. It sounds like it should be simple, but it isn’t.

By | 3 Minutes Read

New rules for financial reporting by not-for-profit organizations

The financial reporting standards that must be used by not-for-profit organizations are determined in Canada by the Accounting Standards Board and the Public Sector Accounting Board. New rules for accounting standards for not-for-profit organizations are effective January 1, 2012.

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Established in 1995, First Reference Inc. (known as La Référence in Quebec) provides Canadian organizations of any size with practical and authoritative resources to help ensure compliance.

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