Financial Reporting Seminar –
Accounting and Audit Update
1 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Agenda:
• Introduction
• What’s new?
–Auditing Standards
–Accounting Standards
–International Financial Reporting Standards (IFRS)
• Wrap –up and Questions
2 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Introduction
3 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
14
©2006 Deloitte & Touche LLP and related entities.
Our Firm Experience
• Largest professional services firm
providing a full range of professional
services.
• Over 6,600 highly qualified
professionals serve clients from
offices in 46 Canadian cities
• Deloitte is a leader in serving Higher
Education institutions across North
America.
• Our Public Sector Group include
research institutions, colleges, multicampus systems, private and public
universities, and a broad range of
professional and other schools.
University of
Ottawa
University of
Calgary
Carleton
University
University du
Québec en
Outaouais
University du
Québec à
Montréal
University du
Québec à
Rimouski
University du
Québec à Trois
Rivières
St-Paul
University
University of
Guelph
McMaster
University
Queen
University
Ryerson
University
University of
Toronto
4 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
École des
Hautes Études
Commerciales
Université de
Sherbrooke
McGill
University
St. Francis
Xavier
University
University of
New Brunswick
Memorial
University of
Newfondland
University of
Waterloo
University of
Western
Ontario
University of
Windsor
Université
Laval
Concordia
University
©2006 Deloitte & Touche LLP and related entities.
Speakers
• Christopher Wiegand – Christopher is an audit partner in the
Montreal office. He is the engagement partner on the audit of McGill
University, and has quality assurance roles on audits of three other
universities. He also has extensive experience with not-for-profit
organizations.
• Eric Girard – Eric is a senior manager specializing in the public sector.
He is the engagement senior manager on the audit of University of
Ottawa and has extensive experience with not-for-profit organizations.
• Eric Graham - Eric Graham is the Ottawa leader of our Complex
Accounting & Transaction Expertise group. In his role, Eric helps
organizations understand complex financial accounting and disclosure
issues.
5 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
What’s New in
Auditing
Standards
6 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
New Standards of Behaviour
•The assurance practice now lives strictly according to
rules
•Compliance with those rules is the major challenge
of auditing – and of those who associate with
auditors in a multi-disciplinary firm
•Day-to-day behaviour is driven by the objective of
compliance – and the consequences of noncompliance
7 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
New Auditing Standards
•Previously:
– the auditor is permitted to rely upon the assumption of
management’s good faith and integrity:
•Now…
8 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Fraud and Error
• Error: an unintentional misstatement in financial statements,
including the omission of an amount or a disclosure, such as:
– A mistake in gathering or processing data from which financial
statements are prepared;
– An incorrect accounting estimate arising from oversight or
misinterpretation of facts; and
– A mistake in application of accounting principles relating to
measurement, recognition, classification, presentation, or
disclosure.
• Fraud: an intentional act by one or more individuals among
management, other employees, those charged with governance
or third parties, involving the use of deception to obtain an
unjust or illegal advantage.
– Misstatements resulting from fraudulent financial reporting
– Misstatements arising from misappropriation of assets
[CICA Handbook]
9 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Fraud and Error – Impact on the
Universities
• The primary responsibility for the prevention and detection of
fraud rests with both those charged with governance of the
entity and with management…
• It is the responsibility of those charged with governance of the
entity to ensure, through oversight of management, ….that the
entity establishes and maintains internal control to provide
reasonable assurance with regard to the reliability of financial
reporting…and compliance with laws and regulations…
• In exercising oversight responsibility, the audit committee or
equivalent considers the potential for management override of
internal controls or other inappropriate influence over the
financial reporting process, such as efforts by management to
manage earnings in order to influence the perceptions of
analysts as to the entity’s performance and profitability.
10 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Changes in Handbook Auditing Standards
• Fraud and Error:
– An auditor conducting an audit in accordance with GAAS
obtains reasonable assurance that the financial statements
taken as a whole are free from material misstatement,
whether caused by fraud or error…
– An auditor considers the potential for management override of
controls and recognizes the fact that audit procedures that are
effective for detecting error may not be appropriate in the
context of an identified risk of material misstatement due to
fraud…
– Members of the engagement team should discuss the
susceptibility of the entity’s financial statements to material
misstatement due to fraud…
– That discussion occurs with a questioning mind, setting aside
any beliefs that the engagement team members may have
that management and the audit committee are honest and
have integrity…
11 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Changes in Handbook Auditing Standards
•Specific risk areas:
–Management override of internal controls
–Journal entries and other “consolidating adjustments” to
the statements
–Complex transactions with no business rational
–Biased accounting estimates
–Material misstatements of revenue
12 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Assurance Developments
•
A number of new assurance standards were issued or modified
during 2005 in connection with an international audit risk
project which has been in progress since 2001.
•
The changes in the assurance standards relate to the auditor's
understanding of the entity and its internal control and are
intended to achieve the following objectives:
•

Improve risk assessments and better link assessed
risks of material misstatement to the auditor's
evidence gathering procedures.

Ensure that Canadian standards are harmonized
with the equivalent US and international standards.
The most significant changes include the performance of
control testing on the design and implementation of controls
each year on all significant business cycles and entity level
controls. Additionally, changes have been made to audit
planning standards, documentation standards and levels of
substantive testing.
13 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Assurance Developments
CICA Handbook Section
Withdrawn Added
Modified
5130
Materiality and Audit Risk in Conducting an Audit

5140
Knowledge of the Entity’s Business

5200
Internal Control in the Context of an Audit

5205
Understanding Internal Control for Audit Planning Purposes

5210
Assessing Control Risk

AuG-31
Applying Materiality and Audit Risk Concepts in Conducting an
Audit

5095
Reasonable Assurance and Audit Risk

5141
Understanding the Entity and its Environment and Assessing
the Risks of Material Misstatement

5142
Materiality

5143
The Auditor’s Procedures in Response to Assessed Risks

AuG-41
Applying the Concept of Materiality

5145
Documentation

5300
Audit Evidence

14 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Changes to Auditing Standards
•Previous standards required a basic understanding of
the control environment sufficient to assess whether
or not a control reliance audit approach would be
employed.
•New standards require an auditor to evaluate the
design of internal controls over financial reporting
and to determine if key controls have been
implemented.
•These new standards require the auditor to spend
time evaluating key internal controls over financial
reporting even when no reliance is contemplated.
15 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Changes to Auditing Standards - Auditor
Responsibilities
• Auditors are now required to undertake an assessment of the
design of key controls for the company including
– entity wide processes;
– business cycle processes; and
– information technology processes
• Requirements are regardless of whether we intend to rely on
such controls in conducting our audit, as well as determine if
the controls identified exist and are implemented.
• The primary objective of these procedures is to identify any
areas of risk that may be inherent in these processes so that
we can appropriately plan the nature and extent of our audit
tests.
16 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Changes to Auditing Standards – Impact
on the Universities
•Management is responsible for preparing the
financial statements in accordance with GAAP
•In this regard, Management is also responsible for
establishing and documenting internal controls to
provide reasonable assurance around the reliability
of
– the financial reporting process;
– the effectiveness and efficiency of operations; and
– compliance with applicable laws and regulations.
17 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Changes to Auditing Standards – Impact
on the Universities
How to efficiently prepare for those changes:
•Meet with your auditors to determine the level of
required documentation
•Start early preparing the missing documentation
•Ask your internal auditors to support you
•Ask your external auditors for guidance
18 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
What’s New in
Accounting
Standards
19 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Non-Monetary Transactions
Section 3831
June 2005
20 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
What has changed?
•No culmination of the earnings process test – no
more need to evaluate whether productive
assets are “similar”
•Definition of non-monetary transaction excludes
reference to 10% maximum monetary
consideration
21 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Overview
•Record non-monetary transactions at fair value
unless:
–Transaction has no commercial substance
–Fair values not reliably measurable
–Transaction is exchange of inventory
–Transaction is non-monetary, non-reciprocal
transfer to owners
•Gains and losses recognized in net income
22 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Commercial Substance
Transactions have commercial substance if there is a:
• Significant change in the configuration of
cash flows
OR
• The entity-specific value of the asset
received differs from the entity-specific value of
the asset given up and the difference is significant
relative to the fair values of the items.
23 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Configuration of Cash Flows
•Consider changes in timing, amount, or risk of
cash flows
•Significant change – matter of professional
judgement
24 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Entity-Specific Value
•The present value of expected future
cash flows from the continuing use of an asset
and its ultimate disposal, or from settling a liability.
•Value dependent on specific use to the reporting
entity, not on how it could be used by others
•When transaction has commercial
substance, measure it at fair value rather than
entity-specific value
25 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Reliably Measurable Fair Values
•When comparable market transactions do not exist,
fair value is reliably measurable if:
–Variability in range of estimates not significant,
OR
–Probabilities can be assigned to each estimate
and used in estimating fair value
26 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Scope Exclusions
•Business combinations
•Employee future benefits
•Transactions between related parties
•Stock-based compensation payments
•Contributions received by not-for-profit
organizations
27 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Disclosure - Non-Monetary Transactions
•Nature of transaction
•Basis of measurement and amount
•Related gains and losses
28 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Transitional Provisions
•Transactions initiated in periods beginning on or
after January 1, 2006
•Early adoption permitted for transactions initiated
in periods beginning on or after July 1, 2005
•A transaction is initiated on earlier of:
–Date a binding contract is executed, and
–Date of the exchange
•No retroactive application and no restatements
29 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
The New Financial Instruments
Standards for NPOs
Section 3855, 3865, 4410
30 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Overview of New Financial Instruments
Standards for NPOs
• Financial instrument framework has a broad scope that will affect virtually all
entities.
• Increased use of fair value measurement – potential impact is more volatility in
the statement of operations. Now is the time to assess the potential impact.
• Framework consists primarily of 3 new Handbook Sections, as follows:
– S.1530, “Comprehensive Income”
– S.3855, “Financial Instruments – Recognition and Measurement”
– S.3865, “Hedges”
• S.1530 will not apply to NPOs; instead S.4400 has been amended
– Revenue, expenses, gains and losses recorded in statement of operations
unless GAAP states otherwise.
– Separate disclosure of items recorded directly to the statement of changes in
net assets.
31 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Effective date
• Effective for financial statements relating to fiscal years beginning on
or after October 1, 2006.
– Deferral to fiscal years beginning on or after October 1, 2007 does not apply
to not-for-profit organizations.
• Earlier adoption is permitted, but only as of the beginning of a fiscal
year and it requires adoption of all 3 components
• There are decisions that need to be made as a result of this standard
and possible documentation. Therefore, assessing the impact prior to
the implementation date is recommended.
32 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Transition
With respect to transition to Sections 3855, 3865 and 4400:
• Restatement of prior period financial statements is not permitted
• All financial assets and liabilities at the date of adopting the new
standards are classified and measured in accordance with the new
standards
• Qualifying hedging relationships at the date of adopting the new
standards are accounted for in accordance with the new standards
• Subject to the requirements of Section 4410 “Contributions – Revenue
Recognition”, any adjustments to the previous carrying values of financial
assets and liabilities at the date of adopting the new standards are
included in the appropriate components of net assets at that date
33 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
What is a Financial Instrument?
Under Section 3855:
• A Financial instrument is “any contract that gives rise to a financial asset of
one party and a financial liability or equity instrument of another party”
• Some examples: Cash, A/R, portfolio investments, loans payable and
receivable, capital leases, A/P, bank indebtedness, derivatives…etc.
• Some examples of assets that are not financial instruments: inventory and
prepaids
Financial asset
• Cash
• Contractual right
– to receive cash or another financial
asset
– to exchange financial instruments
under potentially favorable
conditions
Financial liability
• A contractual obligation to:
– Deliver cash or another financial
instrument
– Exchange financial instruments with
another party under potentially
unfavorable conditions
• Equity instrument in another
entity
34 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Sample Statement of Net Assets
Current Assets
Cash and term deposits
20X2
$
 Accounts receivable
 Grants receivable
Prepaid expenses
 Investments (market value $260,000)
Capital assets (net)
122,000
20X1
$
160,000
20,000
10,000
30,000
25,000
10,000
10,000
182,000
205,000
240,000
100,000
617,000
125,000
$
1,039,000
$
430,000
$
25,000
$
20,000
Current liabilities
 Accounts payable and accrued liabilities
 Mortgage payable - current
 Mortgage payable - long term
-
31,000
20,000
441,000
Deferred contributions
Deferred contributions related to capital
assets
Deferred building campaign contributions
and related investment income
Net assets (summarized)
$
35 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
6,000
-
118,000
105,000
67,000
70,000
80,000
-
265,000
175,000
302,000
235,000
1,039,000
$
430,000
©2006 Deloitte & Touche LLP and related entities.
Financial Asset Classification
Held for Trading
• Active and frequent buying
and selling – debentures,
shares
• Short-term profit generation
• All derivatives
• Record at fair value
Financial Assets
• Can irrevocably decide to
designate any financial asset
or liability as held for trading
• No reclassifications permitted
in or out
36 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Financial Asset Classification
Held For
Trading
Held To
Maturity
• Assets with fixed and determinable
payments – i.e. Bonds, and other
debt instruments
• Holder must have the ability and
intention to hold to maturity
• Record at amortized cost
Financial Assets
• Reclassifications out are permitted
under certain circumstances
• If “more than insignificant” sales
occur:
– The company cannot use the “Held
to Maturity” classification for two
years
– All “Held to Maturity” assets must
be reclassified as “Available for
Sale”
37 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Financial Asset Classification
Held For
Trading
Held To
Maturity
Loans &
Notes
Receivable
• Example: bank loans,
A/R
• Excludes debt
securities
Financial Assets
38 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
• Record at amortized
cost
©2006 Deloitte & Touche LLP and related entities.
Financial Asset Classification
Held For
Trading
Held To
Maturity
Loans &
Notes
Receivable
Financial Assets
Available for Sale
39 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Reclassifications Between Categories
Held for Trading
• NO reclassifications permitted in or out
• Difference with US GAAP – in accordance with IAS
Held to Maturity
• Reclassifications out are permitted if they occur:
– Within few months of maturity
– After 85% of principal is collected
– Due to isolated event beyond control of entity
• If “more than insignificant” sales/reclassifications occur:
– Company cannot use “Held to Maturity” category for two years
– All “Held to Maturity” assets reclassified to “Available for Sale”
40 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Classification of Financial Liabilities
Financial
Liabilities
Held for Trading
• Fair value
• Short-term profit making
• Active and frequent buying and
selling
• Can irrevocably designate any
financial liability as held for trading
Other than Held for
Trading
• Amortized cost
• E.g. accounts
payable, notes
payable, bonds
payable…etc
• E.g. all derivatives
41 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Reclassification of Financial Liabilities
• NO reclassifications into or out of Held for Trading Liabilities
• Difference with US GAAP – in accordance with IAS
• Reclassifications may occur between Held for Trading financial assets
and liabilities
42 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
The New Financial Instruments Standards, Assets
and Liabilities, Changes in Value
Under Section 3855, (subject to the requirements of Section 4410
“Contributions – Revenue Recognition”):
• Trading assets and liabilities
 All gains and losses (realized and unrealized) included in current period
net investment income.
• Held-to-maturity assets, loans and receivables and non-trading liabilities
 Amortization of premium or discount in current period net investment
income; and
 losses on impairment of assets in current period net investment income.
• Available-for-sale assets
 Amortization of premium or discount in current period net investment
income; and
 unrealized fair value gains and losses included directly in current period
changes in net assets, until the financial asset is
derecognized/impaired.
43 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Impacts of New Standard
• Balance sheet and equity volatility as most investments will be at fair
value
• Significant impact on accounting systems
– Fair value calculation
– Keep a classification trail for all financials instruments
44 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Example Financial Statement Implications –
Designate Investments as Available-for-sale
Pre 3855
20X2
Current Assets (excerpt only)
Cash and term deposits
$
Post 3855
20X2
122,000
$
122,000
Accounts receivable
20,000
20,000
Grants receivable
30,000
30,000
Prepaid expenses
10,000
10,000
182,000
182,000
Investments (market value 20X2 $260,000; 20X1 - $115,000)
240,000
260,000
Capital assets (net)
617,000
617,000
$
1,039,000
$
1,059,000
Statement of Changes in Net Assets (excerpt only)
Pre 3855
20X2 Total
Balance, beginning of year
$
Post 3855
20X2 Total
235,000
$ 235,000
Excess (deficiency) of revenues over expenses
17,000
17,000
Endowment contributions
Change in fair value of investments classified as
available for sale
50,000
50,000
N/A
20,000
Investment in capital assets
-
-
Internally imposed restriction
-
-
Balance, end of year
45 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
$
302,000
$
322,000
©2006 Deloitte & Touche LLP and related entities.
Definition of a Derivative
• A derivative is a financial instrument or other contract with three
characteristics
Value changes
with underlying
variable
+
Financial Derivative
Requires little or
no initial net
investment
OR
46 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
+
Settled at future
date
Non-Financial Derivative
©2006 Deloitte & Touche LLP and related entities.
Embedded Derivatives
• Examples:
Nonderivative
host contract
– Lease
– Debt instrument
– Insurance contract
– Equity instrument
– Investment
– etc.
Hybrid
Contract
• Clause that affects payoff profile:
– Inflationary increases
Embedded
derivative
47 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
– Conversion option
– etc.
©2006 Deloitte & Touche LLP and related entities.
Non-traditional Derivatives and
Embedded Derivatives
• Need to review and inventory contracts
• Difficult to identify
• Look for unusual features in debt contracts, lease contracts,
service contracts and other relationships
48 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
What’s up with
IFRS
49 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
IFRS
•What is IFRS?
•Why change?
•Why IFRS instead of US GAAP?
•When is this going to happen?
•How does this affect NPOs?
50 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
IFRS
• IFRS does not specifically address Not-for-profit organizations
– sense that Canadian GAAP will retain NPO accounting
– harmonization will therefore relate to sections of Handbook
outside 4400 applicable to NPOs
• Potential areas of difference
– no choice of whether to record non-monetary transactions
(e.g. donated services and materials)
– challenge in meeting definition of an asset when recording
pledges receivable
– donated collections must be recorded and capitalized
– consolidation is required if criteria are met (no choice)
• Handbook includes a CICA Comparison between IFRS and
Canadian GAAP as at April 1, 2005
51 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
IFRS
•What does it mean for me?
–Harmonization is coming
–S.1100 – increases relevance of IFRS as secondary
source of GAAP when Cdn GAAP not clear
•Timing & education
52 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
A Little Nomenclature….…………
•
IFRS – “International Financial
Reporting Standards”
•
Comprised of:
•
–
IFRS’s (1-7) – International Financial
Reporting Standards
–
IAS’s (1-41) – International Accounting
Standards
–
SICs – Standing Interpretation Committee
–
IFRICs – International Financial Reporting
Interpretations Committee
In addition, ISA’s (International Standards
on Auditing) exist and will affect Canada
53 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Questions
?
54 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
©2006 Deloitte & Touche LLP and related entities.
Any further questions please
contact us
• Eric Girard
egirard@deloitte.ca
(613) 751-5344
• Eric Graham
ergraham@deloitte.ca
(613) 751-5416
• Christopher Wiegand cwiegand@deloitte.ca
55 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
(514) 393-7343
©2006 Deloitte & Touche LLP and related entities.
Deloitte, Canada's leading professional services firm, provides audit, tax, financial advisory services
and consulting through more than 6,100 people in more than 47 offices. Deloitte & Touche LLP,
operates in Québec as Samson Bélair/Deloitte & Touche s.e.n.c.r.l. The firm is dedicated to helping
its clients and its people excel. Deloitte is the only professional services firm to be named to the
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consecutive years: 35 Best Companies to Work for in Canada in 2001 and 50 Best Companies to
Work for in Canada in 2002. "Deloitte" refers to Deloitte & Touche LLP and affiliated entities.
Deloitte is the Canadian member firm of Deloitte Touche Tohmatsu. Deloitte Touche Tohmatsu is a
Swiss Verein (association), and, as such, neither Deloitte Touche Tohmatsu nor any of its member
firms has any liability for each other's acts or omissions. Each of the member firms is a separate
and independent legal entity operating under the name "Deloitte", "Deloitte & Touche", "Deloitte
Touche Tohmatsu" or other related names. The services described herein are provided by the
Canadian member firm and not by the Deloitte Touche Tohmatsu Verein.
56 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006
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