Searching Content indexed under Accounting and Audit by Torys LLP ordered by Published Date Descending.
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SCC: Auditors May Be Liable For Losses Related To Audit Opinions
On December 20, the Supreme Court of Canada (SCC) released its decision in Deloitte & Touche v. Livent Inc. In a 4-3 decision, the majority held that auditors may be liable for losses ...
3 Jan 2018
Financial Statements Of Cross-Border Issuers: SEC To Require Use Of XBRL
The SEC has published a taxonomy so that companies that prepare their financial statements under International Financial Reporting Standards can submit them to the SEC using XBRL (eXtensible Business Reporting Language).
13 Mar 2017
U.S. Internal Revenue Service Announces Deferred Compensation Audit Initiative
The IRS recently announced that it has started a formal audit initiative to evaluate compliance with the rules for nonqualified deferred compensation.
21 May 2014
Mind The Gap: Protecting Canadian Assets In Cross-Border Insolvencies Under The Companies’ Creditors Arrangement Act
This article explains how one such gap was bridged in the context of the Canada-U.S. crossborder filing of TLC Vision Corporation, a New Brunswick corporation with U.S. subsidiaries.
18 Aug 2010
OSC Staff Urges Companies To Provide Better IFRS Disclosure
Staff of the Ontario Securities Commission (OSC) recently conducted a review of the quality of public companies’ disclosures in their MD&A (management’s discussion and analysis) about the impact of the upcoming transition to International Financial Reporting Standards (IFRS).
17 Mar 2010
Canadian Securities Regulators Propose IFRS-Related Rule Changes
In preparation for the changeover in 2011 to International Financial Reporting Standards (IFRS), Canadian securities regulators have proposed revisions to National Instrument 52-107, Acceptable Accounting Principles and Auditing Standards.
7 Oct 2009
Enhanced Protection For Licensees Of Intellectual Property In The Event Of Licensor Bankruptcy
The long-awaited amendments to Canada’s Bankruptcy and Insolvency Act (BIA) and Companies’ Creditors Arrangements Act (CCAA) came into force on September 18, 2009.
28 Sep 2009
Reviewing Outsourcing And Technology Arrangements In Uncertain Times
There is no doubt that vendors of software and technology services will be adversely affected by the current global financial crisis.
22 Jun 2009
Banking & Finance Law Reveiw
Canada has taken steps to enact portions of the Model Law on Cross-Border Insolvency, which was adopted on May 30, 1997, by the UN Commission on International Trade Law (UNCITRAL).
5 Oct 2008
Canada To Adopt International Financial Reporting Standards: An Update
Earlier this year, the Canadian Accounting Standards Board confirmed January 1, 2011 as the date that International Financial Reporting Standards (IFRS) will replace Canadian generally accepted accounting principles (Canadian GAAP) for all Canadian publicly traded companies as well as for non-listed financial institutions, securities dealers and many cooperative enterprises that qualify as “publicly accountable enterprises.”
8 Aug 2008
SEC Grants Smaller Companies A Year´s Extension For Auditor Attestation
The SEC has granted a one-year extension for smaller public companies to comply with the auditor attestation requirement under section 404 of the Sarbanes-Oxley Act.
9 Jul 2008
SEC Proposes Rule Changes Affecting Foreign Private Issuers
The SEC is proposing several rule changes affecting foreign private issuers. Under U.S. law, a “foreign private issuer” is an issuer that is incorporated or organized outside the United States, as long as no more than 50% of its outstanding voting securities are owned by U.S. residents.
16 Apr 2008
Asset/Equipment Finance And Leasing
According to the Canadian Finance and Leasing Association (a prominent industry organization that represents participants in this industry), the asset-based financing and leasing industry in Canada finances as much as 25 per cent of annual new investment in machinery, equipment and commercial vehicles in Canada.
6 Nov 2007
Competition: The Key To A Better Deal
Perhaps the most significant new and evolving development in outsourcing is competitive procurement. More and more customers are approaching the process of choosing an outsourcing service provider through a competitive bidding process with the use of more effective RFPs and a more disciplined process governing responses.
26 Sep 2007
Pensions In The Context Of Cross-Border Merger And Acquisitions: A Canadian Perspective
Being able to navigate through the complicated pension landscape in Canada has become increasingly important with the surge in M&A activity in recent years and the phenomenal growth particularly in cross-border transactions.
26 Sep 2007
Canadian Issues In Asset Equipment Finance/Leasing
Asset/equipment finance and leasing is the financing of equipment, vehicles and related assets by way of specific asset-based priority financing, primarily through leases, but also through conditional sales contracts, secured loans or securitizations.
11 Jul 2007
SEC Issues Guidance On Internal Control Rules And Redefines "Material Weakness"
The SEC has taken several steps to help issuers comply more cost-effectively with the internal control rules under section 404 of the Sarbanes-Oxley Act of 2002.
9 Jul 2007
New Rules Make It Easier For Non-U.S. Issuers To Terminate Their SEC Reporting Obligations
Since the Sarbanes-Oxley Act was adopted in 2002, non-U.S. issuers have become increasingly disenchanted with the regulatory burden of being listed on a U.S. stock exchange or otherwise having SEC reporting obligations.
28 May 2007
Proposed New Requirements For Certification Of Internal Control Over Financial Reporting
Canada’s securities regulators have proposed new requirements for CEO and CFO certifications and related disclosure in management’s discussion and analysis (MD&A) pertaining to internal control over financial reporting.
28 May 2007
Outlook For The Income Trust Sector
On Halloween night, Jim Flaherty, the federal minister of finance, stunned investors by announcing proposals to significantly change the income tax treatment of most publicly traded trusts and limited partnerships.
24 Apr 2007
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