Words and Phrases - "generally accepted accounting principles"

a
88
b
44
c
79
d
52
e
38
f
31
g
19
h
14
i
74
j
2
k
2
l
32
m
56
n
25
o
38
p
81
q
3
r
76
s
90
t
47
u
16
v
9
w
23
y
2

11 May 2005 Roundtable, 2005-0127081C6 F - États financiers - Impôt de la Partie I.3

Summary Under
Tax Topics - Income Tax Act - Section 181 - Subsection 181(3)
GAAP refers to Canadian GAAP

Where a Canadian public corporation prepares its financial statements in accordance with US GAAP, will this be accepted as GAAP under s. 181(3)(b): CRA responded:

GAAP refers to the current accounting standards or principles established by the … CICA … .

… Where the balance sheet is prepared in accordance with U.S. GAAP, the CRA will accept the amounts shown on that balance sheet to the extent that it can be demonstrated that such amounts are those that would have been shown on the balance sheet had it been prepared in accordance with Canadian GAAP.

Words and Phrases
generally accepted accounting principles