The Ledger, Dec. 23: The week that was in Canadian accounting news
Head-scratching decisions, rulebooks, tempests and taking the high road
TORONTO, Dec. 23, 2017 – Canadian Accountant's weekly round-up of Canadian accounting news stories:
A supremely complex ruling on Deloitte by top court
The biggest news of the week may qualify for the biggest news of the year in Canadian accounting — quite a feat. On Wednesday, the Supreme Court of Canada ruled on “Deloitte & Touche v. Livent Inc.,” and right away the media commented on the ruling’s complexity. We covered the decision with a wide range of reactions.
While the Globe and Mail article said the decision was split, and did not note that the dissenting justices dissented only “in part,” iPolitics said the former chief justice “essentially agreed” with the majority. The Financial Post finally gave interpretation a try on Friday, saying analysis was still a work in progress.
OSC to publish non-GAAP rulebook this spring
Last Saturday, the Globe and Mail reported that the Ontario Securities Commission would release formal guidance in the spring on the use of non-GAAP measures. The article is based largely on a recent Veritas Investment Research report, singling out the use of non-GAAP measures by Metro Inc.
Tax treaty tempest in a tea pot
Much ado about nothing at the CBC, as it pointed out that Canada’s largest pension funds “have an interest” in money parked in offshore tax havens. It’s only when you get halfway through the article that you learn that Canada doesn’t tax pension plan investments, so the use of offshore vehicles is largely so pension plans can invest in foreign companies. An interesting footnote to the offshore debate, nothing more.
High River takes the high road on municipal accounting
The finance tam at the Town of High River got some well-deserved local coverage for winning the 2017 Canadian Award for Financial Reporting Achievement.
Finally, Happy Holidays to all our readers. We will be on hiatus and will return with the Ledger on January 6, 2018. Happy New Year!
Colin Ellis is editor-in-chief of Canadian Accountant.