TORONTO, Nov. 7 /CNW/ - The Canadian Institute of Chartered Accountants
(CICA) today released a draft version of a simplified accounting framework
aimed at owner-managed businesses.
Most owner-managed businesses have straightforward accounting and
financial reporting needs when compared to public companies and private
businesses with large creditors and/or investors. There are 1.7 million
owner-managed businesses in Canada employing approximately 32 per cent of
"We believe the proposed framework will make the financial statements for
these businesses easier to understand and more relevant to their needs,"
stressed Ron Salole, CICA Vice-President, Standards. "The framework is based
on the existing CICA Accounting Handbook but has its focus strictly on
supporting owner-managed businesses."
The CICA believes developing an accounting framework for this sector will
strengthen its ability to act as a key engine of Canada's economy.
"The draft framework will ensure owner-managers have the quality of
financial information they need to make sound decisions and grow their
businesses," said Salole. "It's our hope that the draft framework will be
widely accepted within the business community."
Comments are being invited on the framework until January 31, 2008. The
draft document, Framework for Owner Managed Enterprises, can be found on the
CICA web site (www.cica.ca). The framework will be finalized as soon as
possible after the comment period and then incorporated into the CICA
The Canadian Institute of Chartered Accountants (CICA), together with the
provincial, territorial and Bermuda Institutes/Ordre of Chartered Accountants,
represents a membership of approximately 72,000 CAs and 10,000 students in
Canada and Bermuda. The CICA conducts research into current business issues
and supports the setting of accounting, auditing and assurance standards for
business, not-for-profit organizations and government. It issues guidance on
control and governance, publishes professional literature, develops continuing
education programs and represents the CA profession nationally and
internationally. CICA is a founding member of the International Federation of
Accountants (IFAC) and the Global Accounting Alliance (GAA).
For further information:
For further information: or to arrange an interview, contact: Tobin
Lambie, Manager, Media, CICA, (416) 204-3228, firstname.lastname@example.org