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International Financial Reporting Standards

By Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) | 5 Minutes Read August 7, 2019

GAAP closes gaps in interpreting financial information

Generally accepted accounting principles (GAAP) closes gaps in interpreting financial information, by providing rules for the financial reporting road.

Article by Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) / Administration, Business, Finance and Accounting, Not for Profit / 52-112 Non-GAAP and Other Financial Measures Disclosure, Alternative Performance Measures, APMs, Apolone Gentles, Apolone Gentles JD CPA CGA, generally accepted accounting principles, IFRS, International Financial Reporting Standards, Net Promoter Score, Non-GAAP financial measures, NPS

By Marie-Yosie Saint-Cyr, LL.B. Managing Editor | 2 Minutes Read January 23, 2017

Substantively enacted corporate income tax rates

corporate income tax ratesErnst and Young’s tables of substantively enacted corporate income tax rates have been updated to December 31, 2016. The tables are prepared on a monthly basis and you can subscribe to them on Knotia.ca.
The determination of the substantively enacted date of a corporate income tax rate change follows the guideline provided in EIC-111 (generally first reading in the House of Commons for majority governments and third reading in the House of Commons for minority governments).
When tax rate changes are considered enacted or ”substantively enacted”, the effect of the change in corporate income tax rate is reflected in the period in which the changes are enacted or “substantively enacted”. The effect of the change is recorded in income as a component of deferred tax expense in the period that includes the date of enactment or substantive enactment. For example, if a Bill becomes “substantively enacted” on December 31, … Continue reading “Substantively enacted corporate income tax rates”

Article by Marie-Yosie Saint-Cyr, LL.B. Managing Editor / Business, Finance and Accounting / Canada Revenue Agency, Canadian generally accepted accounting principles, future tax asset or liability, income tax, International Financial Reporting Standards, small business tax rate, Substantively enacted corporate income tax rates

By Jeffrey Sherman, MBA, FCPA, FCA | 2 Minutes Read June 3, 2013

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.

Article by Jeffrey Sherman, MBA, FCPA, FCA / Business, Finance and Accounting / accounting rules, Accounting Standards for Private Enterprises, ASPE, GAAP, generally accepted accounting practices, IFRS, International Financial Reporting Standards, percentage-of-completion method, revenue recognition, risk management, sales, when is revenue recognized

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