CICA I and CICA V
by Liza Mong
(Vancouver, Canada)
Differences between CICA I and CICA V of the CICA Handbook?
Hi Liza,
As I understand it, Part I is the new IFRS GAAP standards and Part V is the "old" Canadian GAAP handbook prior to the restructuring. The new sections I through IV now make up the "new" Canadian GAAP.
In the first comment after the post on IFRS and ASPE, you will find a CICA website reference where each section is described.
GAAP is changing (as you are aware) ... but the basic conceptual framework around which it was built ... the accounting concepts and principles are still being maintained ... and continue to be its foundation.
What we as bookkeepers now have to grasp, is that there is now more than one GAAP standard in Canada ... but they are all considered Canadian GAAP.