Financial Reporting Requirements

By: MNP Valuations  09-12-2011

In today’s complex regulatory environment and dynamic economy, fair value in financial reporting has become more important than ever before. Whether your company must comply with Canada’s Private Enterprise Generally Accepted Accounting Principles (PE GAAP), U.S. Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), our team of experienced Chartered Business Valuators and Accredited Appraisers, complemented by a network of Chartered Accountants, helps you meet the valuation requirements included in financial reporting standards.

  • The fair value of property, plant and equipment as part of transitioning to new accounting standards for private and public enterprises in Canada.
  • The fair value of intangible and tangible assets in connection with business combinations in accordance with:
    • Canadian Institute of Chartered Accountants Section 1582,
    • Financial Accounting Standards Board, Statement of Financial Accounting Standard 141R, now superseded by Accounting Standard Codification Topic 805 with reference to Accounting Standard Codification Topic 820, and
    • International Financial Reporting Standards 3
  • The fair value of goodwill, intangible and tangible assets for the purpose of impairment testing in accordance with:
    • Canadian Institute of Chartered Accountants Section 3064,
    • Financial Accounting Standards Board, Statement of Financial Accounting Standard 142, now superseded by Accounting Standard Codification Topic 350, and
    • International Accounting Standards 36 and 38
  • The fair value of investment fund holdings in accordance with the fund’s applicable reporting standards, including:
    • Canadian Institute of Chartered Accountants Section 3855,
    • Financial Accounting Standards Board, Accounting Standard Codification Topic 323, and
    • National Instrument 80-106

How You Benefit

Meeting your regulatory compliance requirements can be daunting. It is often challenging for management to dedicate the internal resources to implement complex financial reporting standards and find the time to keep up- to- date on new accounting standards and emerging issues.

At MNP, our partner-led engagements ensure senior-level involvement through the entire process. Our cost-effective approach not only allows us to focus on the important tasks but also enables us to deliver timely solutions that support your financial reporting requirements.

Our valuation reports present our analysis and calculations in sufficient detail so that you and your auditors understand how the fair value conclusions have been developed. Also, by engaging MNP to prepare valuation analyses for financial reporting purposes your organization will realize additional benefits such as:

  • Management can allocate resources to other accounting, finance, operational or, in the case of business combinations, integration issues
  • Minimal questions from external auditors to management
  • Helps management formulate responses to questions from the external auditor


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