A client of mine just met with their auditors in order to prepare for their 2009 audit.  One of the questions the auditors asked was:
are you going to embrace International Financial Reporting Standards (”IFRS“) in 2010 or will you move towards private enterprise GAAP?
As many of you know IFRS is mandatory for Canadian publicly traded [...]

When you first start out all you really care about, from a revenue perspective, is invoicing customers and receiving the cash.  Most sales people call the invoicing “bookings” or just “sales” which is very different from “revenue”.  The term “revenue” implies (a) GAAP is at play, which you will have to switch to eventually, and [...]

Whether your company’s growth is entirely sales-dependent or you have the benefit of external financing to boost your product development and marketing efforts, chances are your finance practices have grown on an as-needed basis. It’s not unusual for start-ups to discover that the best documentation they can hope for is on a scattering of post-it [...]

The Canadian Accounting Standards Board (AcSB) confirmed this week that International Financial Reporting Standards (IFRS) will replace Canadian GAAP effective January 1, 2011 for publicly accountable profit-oriented enterprises. Why the move? Businesses increasingly work in a global context - look at Business Ready: we provide our examples in both US and Canadian GAAP. [...]