http://www.mnp.ca/media-centre/blog/tags/ifrsIFRS Blog Post RSS FeedCopyright 2012MNP All rights reserved.The conversion to IFRS will have a significant impact on Canadian oil and gas production companies. With the adoption of IFRS, oil and gas companies will be expected, for the most part, to abandon or significantly change their current accounting policies.http://www.mnp.ca/en/media-centre/blog/2009/4/28/ifrs-guidance-for-the-oil-and-gas-industry/Tue, 28 Apr 2009 00:00:00 GMTFor 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 GMTSince becoming effective in 1997, there have been few revisions to the CICA Section 4400 Series of standards for NFPOs. However, this is about to change! http://www.mnp.ca/en/media-centre/blog/2009/9/14/the-future-of-financial-reporting-by-not-for-profit-organizations/Mon, 14 Sep 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 GMTIf you haven’t planned your transition to IFRS - the time to start is now! In part I of this II part series of blogs, I will highlight some of the key things you need to consider for your transition to IFRS, all to help ease the transition and save your company time and money.http://www.mnp.ca/en/media-centre/blog/2009/12/16/so-your-company-is-adopting-international-financial-reporting-standards-ifrs-part-i/Wed, 16 Dec 2009 00:00:00 GMTIn part I of this blog series, I discussed the financial reporting impact of transitioning to IFRS for your company. In part II, I will discuss some additional impacts of converting your company’s financial statements to IFRS. http://www.mnp.ca/en/media-centre/blog/2009/12/18/so-your-company-is-adopting-international-financial-reporting-standards-ifrs-part-ii/Fri, 18 Dec 2009 00:00:00 GMTPublic issuers will be required to adopt IFRS for financial years commencing on or after January 1, 2011 with 2010 comparative IFRS figures. The transition to IFRS is expected to result in significant changes to the financial reporting process.http://www.mnp.ca/en/media-centre/blog/2009/12/22/ifrs-impact-on-certification-of-internal-controls/Tue, 22 Dec 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 GMTIn 2011 (or maybe earlier), many Canadian enterprises are going to be adopting IFRS. If your company or organization is adopting IFRS, you have most likely just begun your transition. You may want to consider some of the issues these areas identified when they transitioned to IFRS, and learn from them.http://www.mnp.ca/en/media-centre/blog/2010/3/31/the-transition-to-international-financial-reporting-standards-ifrs-lets-learn-from-others/Wed, 31 Mar 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 GMTAfter choosing whether to adopt IFRS or the newly developed ASPE, our Private Enterprise clients ask us what they need to consider before deciding to “fair value” their property, plant and equipment upon adoption of their new accounting framework. This is what we tell them.http://www.mnp.ca/en/media-centre/blog/2010/12/1/fair-value-increase-on-adoption-of-new-accounting-standards-for-private-enterprises/Wed, 01 Dec 2010 00:00:00 GMT