http://www.mnp.ca/media-centre/blog/tags/gaapGAAP Blog Post RSS FeedCopyright 2012MNP All rights reserved.For years, there has been a cry for simplified financial reporting standards by the millions of private entities in Canada, their auditors and stakeholders. In 2002, the Accounting Standards Board (AcSB) approved the existing Differential Reporting model to address the concerns of private enterprises. http://www.mnp.ca/en/media-centre/blog/2009/6/22/private-enterprise-standards-the-call-has-been-answered/Mon, 22 Jun 2009 00:00:00 GMTUnder Canadian GAAP, management is required to test long-lived assets for impairment whenever circumstances indicate that their carrying amount may not be recoverable. The decline in the current economic environment, including reduced market prices for assets, may result in such a circumstance. http://www.mnp.ca/en/media-centre/blog/2009/8/18/evaluation-of-management-assumptions-during-the-economic-crisis-impairment-of-long-lived-assets/Tue, 18 Aug 2009 00:00:00 GMTIn the past, there was some differentiation in the public sector accounting standards applicable to each level of government, i.e. federal, provincial, territorial and local governments. http://www.mnp.ca/en/media-centre/blog/2009/8/25/one-set-of-accounting-standards-for-all-levels-of-government/Tue, 25 Aug 2009 00:00:00 GMTOver the past several years, the Accounting Standards Board (AcSB) and the Public Sector Accounting Board (PSAB) have been deliberating the appropriateness of financial reporting frameworks for all types of Canadian entities. http://www.mnp.ca/en/media-centre/blog/2009/10/13/the-financial-reporting-framework-for-government-business-enterprises/Tue, 13 Oct 2009 00:00:00 GMTIt’s official! The new generally accepted accounting principles for private enterprises (PE GAAP) have been released. The date you need to mark in your calendar is January 1, 2011, when your private enterprise must choose to adopt either the new PE GAAP or International Financial Reporting Standards (IFRS).http://www.mnp.ca/en/media-centre/blog/2010/2/16/pe-gaap-vs-ifrs-the-choice-is-yours/Tue, 16 Feb 2010 00:00:00 GMTThe Accounting Standards Board (AcSB) is another step closer to determining the future for Canadian not-for-profit organizations (NFPOs).http://www.mnp.ca/en/media-centre/blog/2010/5/4/not-for-profit-organizations-one-step-closer/Tue, 04 May 2010 00:00:00 GMTThere really are only two types of value in a company, the value of the tangible assets, and the value of the intangible assets. The fair market value of a company is the sum of these two types of assets. While this may seem obvious, the twist is that the value of the intangible assets is often not calculated directly.http://www.mnp.ca/en/media-centre/blog/2010/7/26/net-tangible-asset-value-part-1-fair-market-value/Mon, 26 Jul 2010 00:00:00 GMT