Section 1400 - General standards of financial statement presentation
Effective date: |
January 1, 2011 except for subsequent amendments |
Published by AcSB: |
December 2009 |
Overview
Financial reporting is essentially a process of communication of information. While the success of this communication depends upon the appropriateness of the accounting principles followed and ultimately upon the degree of understanding by the readers of the financial statements, it also depends upon the extent and clarity of presentation and disclosure in the financial statements. This Section establishes general standards of financial statement presentation.
History of Section 1400
Date |
|
Development |
|
Comments |
December 2009 |
|
Part II of the CPA Canada Handbook issued |
|
Effective for fiscal years beginning on or after January 1, 2011. |
April 2010 |
|
Minor amendments to address certain drafting issues. |
|
Paragraph .16, has been amended to conform with the basis of presentation requirements set out in the Preface to the CPA Canada Handbook – Accounting and the Introduction to Part II. |
October 2011 |
|
Annual improvements |
|
Paragraph .11A, has been added to require an enterprise to:
|
October 2012 |
|
Annual improvements |
|
Paragraph .19 has been added to eliminate an inconsistency with Section 1520 Income statement. Effective for fiscal years beginning on or after January 1, 2013. |
Note: The above summary does not include details of consequential amendments made as the result of other projects.