Thursday, December 31, 2009

Evolution of Accounting Standards in Canada

As the end of the first decade of the new millennium draws to a close, it is time to review the current status of standard-setting activities in Canada, ponder the future and reflect on the past. A special edition of FYI Accounting Standards, a periodic newsletter issued by staff of the Canadian Accounting Standards Board (AcSB), describes the implementation of the new strategic plan for publicly-accountable enterprises, private enterprises and not-for-profit organizations.


The FYI newsletter explains the changes in the accounting standards applicable to each type of reporting entity by listing those amendments to the CICA Handbook-Accounting that took effect in 2009 or that have been issued but are not yet effective. It also notes that the AcSB expects to include International Financial Reporting Standards (IFRS) in the Handbook early in 2010. In that regard, it lists amendments to IFRS that are effective for 2009, issued but not yet effective, and expected to be issued in 2010.


Migrating to IFRS will mean significant changes to both the accounting standards and the due process for developing future standards. Lest we forget, the standard-setting processes in Canada have evolved considerably over the years (as explained in CAmagazine articles spanning the period from 1976 to 1992). The evolution continues…

Thursday, November 26, 2009

Digital Archives Advisory Committee (DAAC) - first meeting on October 23, 2009

The newly-established Digital Archives Advisory Committee (DAAC) serves under the Knowledge Development Group (now the Guidance and Support Group) at The Canadian Institute of Chartered Accountants (CICA). At its first meeting on October 23, 2009 in Toronto, the committee engaged in a lively debate on a variety of questions such as:
  1. What is there to learn about accounting history in Canada?
  2. What does the CICA have to offer?
  3. What existing CICA archival materials can be accessed now?
  4. What are the current CICA technology realities?
  5. What is the CICA records retention policy?
  6. What key connections need to be made?
  7. What should Canadian accounting history initiatives cover?
  8. What risks and opportunites await?

Tuesday, October 13, 2009

The Canadian Institute of Chartered Accountants (CICA) - One Hundred Years

The Dominion Association of Chartered Accountants - now the Canadian Institute of Chartered Accountants (CICA) - was established in 1902. Its goal was to develop the highest professional standards for the young country that was Canada. Now, a hundred years later, Canada is recognized as one of the most influential standard-setters in the world and is a leader in the global effort to create and implement international standards that will allow investors to compare reliable financial information from companies everywhere. For an overview of the CICA's history, read the online article "Setting the standard" in the May 2002 edition of CAmagazine.

Thursday, October 8, 2009

CICA establishes Digital Archives Advisory Committee

The Canadian Institute of Chartered Accountants (CICA) has established a Digital Archives Advisory Committee (DAAC). DAAC comprises seven members representing the academic community (2), public accounting firms (2) and CICA alumni (3). Staff liaison is provided by the CICA Information Services Officer.

The committee will provide leadership in identifying areas where digital archives are needed, explore and recommend potential accounting history initiatives, and provide advice on establishing a potential joint venture with a Canadian university to host and maintain the CICA digital archives that would be accessible by interested parties over the Internet.

It is anticipated that DAAC will meet two or three times a year in Toronto with the first meeting being scheduled for October 23, 2009. The objective of this blog is to communicate with interested parties about DAAC's deliberations and to disseminate information on digital archives of interest to Chartered Accountants both in Canada and internationally.