Standards & guidance

Department Profile

A summary of current CICA projcts and initiatives ISSUED

*CICA Handbook - Accounting

* International Accounting Standards, Section 1501 - the Appendix, comparing International Accounting Standards with corresponding Handbook pronouncements, has been updated.

* Business Combinations, Section 1581 - replaces existing Section 1580. It establishes revised standards for the recognition, measurement and disclosure of business combinations, including requiring that all business combinations be accounted for using the purchase method of accounting.

* Property, Plant and Equipment, Section 3061 - replaces Section 3060, carrying forward the content of that Section as it pertains to tangible capital assets.

* Goodwill and Other Intangible Assets, Section 3062 -- replaces portions of existing Section 1580 and Capital Assets, Section 3060. It establishes standards for recognition, measurement, presentation and disclosure of goodwill and other intangible assets, including the replacement of amortization of goodwill and indefinite life intangible assets with impairment testing.

*CICA Public Sector Accounting Handbook

Retirement Benefits, Section PS 3250 - replaces existing Section PS 3250, Employee Pension Obligations. It establishes standards for recognition, measurement, presentation and disclosure of all retirement benefits including pensions, health-care benefits, life insurance and any other benefits provided to employees after retirement. This new section applies to all levels of government.

See our Web site (www. cica.ca) for the most recent information on activities in progress.