International Financial Reporting Standards (IFRS) will replace Canadian generally accepted accounting principles (GAAP) for fiscal years beginning on or after January 1, 2011. Read more »

Similar to the Revenue recognition process, for most companies the $ value of their Accounts Receivable represents one of the largest assets on their Balance Sheets, and accordingly, these amounts are usually very significant / material. Therefore, the SOX Business Process should be carefully reviewed and tested to ensure that no internal control gaps exist that could result in financial reporting misstatements. Read more »

C-SOX / Bill 198 – Update August 2008

During recent years, organizations have dedicated significant resources to internal controls – primarily publicly traded companies, to ensure compliance with the various “SOX” regulations in Canada and USA. Read more »

What is strategic planning and why is it so important? Read more »

Hot Topics

In other sections of this web-site there is discussion and information about C-SOX, Risk Management and Strategic Planning – all of which have been highlighted as top priorities for senior financial managers these days. There are two areas that we would like to point out – one is an emerging accounting development that will significantly change Canadian GAAP in the upcoming years (International Financial Reporting Standards), and another is a time saving, value adding process that will provide significant benefits to any organization (Performance Metrics). Read more »

The bankruptcies of Enron in 2001 and Worldcom in 2002 were due, in large part, from financial reporting irregularities. The sheer magnitude of Enron’s collapse (Enron had revenues of over $100 billion), the nature of some of their accounting practices, and complicity of other firms who turned a “blind eye” to the questionable transactions, created a crisis in confidence for investors who rely upon the financial statements of publicly traded companies in making investment decisions. Read more »