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• Latest News
• Bill 198 and IFRS
• IFRS – IAS 37 – Provisions, Contingent Liabilities and Contingent Assets
• Ontario HST
Archive for April, 2010IFRS vs Canadian GAAP – IAS 37 – Provisions, Contingent Liabilities and Contingent AssetsFound in IFRSThe International Accounting Standards Board (IASB) is in the process of reviewing IAS 37 in order to improve the guidance on identifying liabilities, reduce differences between IAS 37 and US GAAP, make the recognition requirements for liabilities in the scope of IAS 37 consistent with those for other liabilities, and clarify the requirements for measuring liabilities. The IASB plans to complete the standard during 2010, so it will be important to monitor the changes. Read more » Effective July 1, 2010, Ontario’s Retail Sales Tax (RST) be replaced with the Ontario Harmonized Sales Tax (HST). The HST will have a combined tax rate of 13 per cent — combining the existing five per cent federal Goods and Services Tax (GST) and an eight per cent Ontario component. The HST will be administered by the Canada Revenue Agency. Read more » Tags: Bill 198, Budgets, Internal Controls, Ontario HST |
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