Examples of Canadian GAAP in a sentence
The preparation of financial statements in conformity with Canadian GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenditures during the reporting period.
This requires adjustment to amounts reported previously under Canadian GAAP for assets and liabilities with corresponding adjustments to retained earnings as at the Transition Date.
These unaudited interim financial statements have been prepared by the Company in accordance with Canadian GAAP for interim financial information using the same accounting policies and methods of application as the audited financial statements of the Company for the year ended January 31, 2010.
Unwinding of the discount is required to be presented as a finance expense under IFRS, whereas, under Canadian GAAP, the Group previously presented accretion charges as a separate line item.
FIT is not considered in the assessment of liquidity as it is an accounting estimate, required under Canadian GAAP, representing the potential future tax liability attached to Shafter.