More deliberations from EIC

Article Abstract:

The Canadian Institute of Chartered Accountants' Emerging Issues Committee (EIC) has reached an agreement on two important issues. EIC-38, which deals with 'accounting by newly formed joint ventures,' states that capital contributions made in joint ventures may be valued either at fair value, venturer's carrying value of the assets, or the carrying value of the investment made by the joint venturer in the project. EIC-39, on the other hand, deals with 'Accounting for the issue of certain derivative instruments.' The EIC intends to address other relevant issues during its future meetings.

Laws, regulations and rules, Accounting and auditing, Joint ventures, Financial instruments, Canadian Institute of Chartered Accountants

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Mind over matter: how current accounting practices hobble innovative companies

Article Abstract:

Accounting standards and practices should be changed to reflect the value of knowledge-based companies. These companies apply technology to provide services and acquire assets which can not be reflected in financial statements under current accounting rules. This hampers a company's quest for financing. Present accounting procedures should be reformulated to quantify these 'invisible assets.' Such a change can help technology-intensive industries and provide a big boost to the Canadian economy.

Methods, Evaluation, Competition (Economics), Financial statements

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