Canada - English


  • Service: Audit, Audit, Internal Control, Public Sector Services, Not for profit services, Audit Committee Institute, Audit & Financial Reporting
  • Industry: KPMG Enterprise, Financial Reporting Standards, For Private Companies
  • Type: Business and industry issue, Regulatory update
  • Date: 12/16/2013

Focus on Financial Reporting – 2013 Annual Update 

For most Canadian organizations, the implementation of a new financial reporting framework is nearly complete. These entities, with the exception of those that apply US GAAP, have adopted one of the five different financial reporting frameworks issued or approved by Canada’s Accounting Standards Board (AcSB) and Public Sector Accounting Board (PSAB).

Canadian organizations have to now focus on the ongoing changes to financial reporting frameworks as the AcSB and PSAB continue to modify standards in order to achieve greater user relevance, and the IASB and FASB continue to work together in an attempt to converge significant standards.


New standards for not-for-profit organizations (NPOs) and government not-for-profit organizations (GNPOs) were effective for fiscal years beginning on or after January 1, 2012.  Most GNPOs and NPOs have adopted the standards issued by PSAB (for GNPOs) or by AcSB (for NPOs).  The previous edition of Focus on Financial Reporting discusses the differences between NPOs and GNPOs and the standards applicable to each.


Focus on Financial Reporting provides information to help boards of directors, audit committee members, corporate management, and other interested parties to identify and address recently released Canadian, International, and US regulatory and financial reporting developments that may affect their organizations.


In this edition:


  • Publicly Accountable Enterprises
  • Update on IFRS
  • Canadian Regulatory Developments Applicable to All Issuers
  • US GAAP Update & US Regulatory Developments
  • Private Enterprises
  • Not-for-Profit Organizations
  • Public Sector Enterprises


The information in this edition of Focus on Financial Reporting is based on pronouncements released prior to November 15, 2013. For pronouncements released after this date, please refer to the official document in question or contact your KPMG adviser.



Robert G. Young

Robert G. Young

Partner, Department of Professional Practice, KPMG LLP


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