Introduction To Canadian Advanced Accounting

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Presentation transcript:

Introduction To Canadian Advanced Accounting Chapter 1 Introduction To Canadian Advanced Accounting

International Convergence The Problem Multi-nationals operate in many different countries. Multi-nationals raise funds in many different capital markets. Creates need for international standards. © 2008 C. Byrd Inc.

International Convergence The Solution: Adoption of IFRSs Already in place in Europe Canada: Publicly accountable by 2011 Non-publicly accountable under discussion U.S. is moving towards convergence © 2008 C. Byrd Inc.

Content Of This Text Reflects CICA Handbook to 1st quarter of 2007 Additional emphasis on concepts Discussion of current and anticipated IFRSs Examples of the application of IFRSs © 2008 C. Byrd Inc.

Investments In Equity Securities Separate Legal Entities Cash – Other Consideration Investor Investee Equity Securities © 2008 C. Byrd Inc.

Investments In Equity Securities Strategic Investments Control present: Subsidiary Significant influence present: Significantly Influenced Company Joint control present: Joint Venture © 2008 C. Byrd Inc.

Investments In Equity Securities Non-Strategic Investments Held-For-Trading Objective is generating a profit from short term fluctuations in price Available-For-Sale Non-strategic investments that are not classified as held-for-trading © 2008 C. Byrd Inc.

Business Combinations Separate Economic Entities Business Entity A Business Entity B Combined Entity © 2008 C. Byrd Inc.

Business Combinations Classification Current view is that all business combinations involve an acquirer This means they must be treated as a purchase (acquisition of assets) © 2008 C. Byrd Inc.

Business Combinations Alternatives to the “purchase” method Pooling of interests New entity approach © 2008 C. Byrd Inc.

The Overlap Investments Business In Equity Combinations Securities The © 2008 C. Byrd Inc.

The Overlap Investments In Equity Securities Business Combinations Separate legal entities Business Combinations One economic entity Overlap: Business combinations where the combining entities remain legally separate (consolidations) © 2008 C. Byrd Inc.

Standards Business Combinations CICA Section 1581: Business Combinations CICA Section 3062: Goodwill IFRS No. 3: Business Combinations IAS No. 38: Intangible Assets © 2008 C. Byrd Inc.

Standards Equity Investments CICA Section 1590: Subsidiaries CICA Section 1600: Consolidated Statements IAS No. 27: Consolidated and Separate Financial Statements © 2008 C. Byrd Inc.

Standards Significantly Influenced Companies CICA Section 3051: Investments IAS No. 28: Investments In Associates © 2008 C. Byrd Inc.

Standards Joint Ventures CICA Section 3055: Interests In Joint Ventures IAS No. 31: Interests In Joint Ventures © 2008 C. Byrd Inc.

End Of Chapter 1 © 2008 C. Byrd Inc.