Serving Niagara for over 70 years. HomeSitemapContact Us
Crawford Smith & Swallow Crawford Smith & Swallow Crawford Smith & Swallow Crawford Smith & Swallow Crawford Smith & Swallow
Crawford Smith & Swallow

Our Services

Accounting FAQ

What are the International Financial Reporting Standards (IFRS)?
IFRS are accounting standards set by the International Accounting Standards Board. IFRS are the global standard for accounting. IFRS provide stakeholders with comparable information between companies which allows them to make better decisions. IFRS are included as Part 1 of the CICA Handbook.

When do the International Financial Reporting Standards (IFRS) come into effect?
Those required to adopt IFRS must do so for their fiscal year beginning on or after January 1, 2011. Earlier adoption is available. Please contact our accounting professionals to determine your reporting requirements.

What are the Accounting Standards for Private Enterprise (ASPE)?
The ASPE were introduced to better meet the needs of private enterprises, recognizing that the primary users of private enterprise financial statements are owner/managers and lenders, not equity investors. The ASPE helps reduce the financial reporting requirements, reflecting the reduced scope of users of the financial statements. ASPE are included as Part II of the CICA Handbook.

When do the new Accounting Standards for Private Enterprise (ASPE) come into effect?
Private companies that choose not to adopt International Financial Reporting Standards (IFRS) must transition to the ASPE for fiscal years beginning after January 1, 2011. Earlier adoption is available. Please contact our accounting professionals to determine your reporting requirements.

What options are available for Not for profit organizations?
Not-for-Profit organizations have the option of adopting International Financial Reporting Standards (IFRS) or the new Accounting Standards for Not-for-Profit Organizations. These standards require not-for-profit organizations also follow the Accounting Standards for Private Enterprise (ASPE) as there are topics included which are not addressed in the Accounting Standards for Not-for-Profit Organizations. These standards are intended to improve financial reporting by not-for-profit organizations while providing a reduction in the financial reporting requirements as compared to IFRS. These new standards are included as Part III of the CICA Handbook.

When do the new Accounting Standards for Not-for-Profit Organizations come into effect?
The new Accounting standards for Not-for-Profit Organizations will be effective for fiscal years beginning on or after January 1, 2012. Earlier adoption is available. Please contact our accounting professionals to determine your reporting requirements.

How should Accounting information be organized and retained?
Accounting systems can be kept manually or using commercial accounting software. If your company does not have a significant number of transactions, a synoptic journal kept in excel or another spreadsheet program would be sufficient. However, for companies with a significant number of transactions, commercial accounting software can be a more efficient method to organize your financial information. Two popular accounting software packages are QuickBooks and Simply Accounting. Each of these programs have different versions based on user needs. Please contact our professionals to determine the best method to organize your financial information.

I have a problem with my accounting software! Where can I get help?
We have staff who specialize in Simply Accounting and Quickbooks. Please contact our professionals to direct you to the staff who can help serve you best.