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For all things accounting and bookkeeping.

December 31st has come and gone. Was this the end of your fiscal year? If so, then it’s time to start thinking about taxes and organizing the shoebox of receipts to send off to your accountant. Despite year-ends being the source of numerous sleepless nights and headaches, they are also the most important reports for any business to issue. They will be used for tax preparation, future reference, and smarter decision making. Below is a simple checklist of items you should prepare for your tax professional:

We will be away for the holidays for a day on either side of the weekend, so chat, emails, and phones will be unmanned. We will be up and operational as normal on Tuesday, December 29th.

Prepared by Tyler Hudson,, Articling CA Student

For private companies January 1, 2011 is an optional conversion date, but PAE’s (Publicly Accountable Enterprises) will have no choice, they are required to report under IFRS for 2011. This also means that they need to be taking action now as opening balance for the 2011 year ends will need to be IFRS compatible. In practical terms PAE’s need to be up and running with their IFRS plans in less than one month, implementing the changes required to ensure a seamless transition from GAAP to IFRS come year end.

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