Shape the Future of Private Company Financial Reporting.  Private company accounting standards are changing and you have the opportunity to influence how.

Financial Reporting by Private Enterprises

Those interested in shaping the future of financial reporting for private companies are being asked to provide feedback on three options being considered for new private enterprise reporting standards. The proposals are published in a discussion paper and invitation to comment by the Accounting Standards Board of Canada (AcSB).

Changes to reporting by private companies are being considered as Canada transitions to international financial reporting standards (IFRS) for public companies. Currently, private companies are subject to the same accounting principles as all other companies in Canada. As public company accounting standards change to IFRS, it provides an opportunity to separately consider a preferred model for private enterprises.

Discussion and feedback received during the comment period, which ends October 31, will inform the board’s decision and, in turn, impact the way financial reporting will be carried out by private companies in Canada.  By getting involved in the process, stakeholders can help chart the direction of private company financial reporting for many years to come. 

You can access the discussion paper and invitation to comment from the AcSB web site at www.acsbcanada.org.