Following the right Generally Accepted Accounting Principles (GAAP) provides a communication and deal-making tool to help move your business plans forward. Opportunities in today's volatile marketplace come and go quickly, and those who have put in the work of advanced planning will be prepared to seize opportunities as they arise.

In this episode of Accounting for the Future, host Armand Capisciolto, BDO's National Accounting Standards Partner and Accounting Advisory Services Leader, welcomes BDO partners Mikaela Taylor and Dave Rasmussen. Both Partners advise engagement teams and clients on accounting, regulatory, and audit matters and have joined the podcast for a conversation about choosing the right GAAP, shareholder decisions, options available in Canada, and the benefits of being prepared to act when opportunities arise.

What You'll Hear In This Episode:

[1:51] What are GAAP for businesses in Canada, IFRS, and ASPE, and are they required?

[3:18] Some private enterprises are opting to use U.S. GAAP, which is permitted if they are incorporated and have unanimous approval.

[5:02] Not using any GAAP at all is an option under certain circumstances.

[6:40] If GAAP isn't required, why would an entity choose to use it at all?

[8:53] Common drivers behind choosing to utilize GAAP.

[12:16] Dave offers examples of scenarios in which a client would want to adopt IFRS.

[17:43] Mikaela highlights ideal times when companies should consider U.S. GAAP.

[20:41] Strategic planning tips to help move a client forward.

[22:51] When are ASPE accounting standards enough?

[24:33] Questions companies need to ask when beginning to follow an accounting framework.

Mentioned:

BDO Mikaela Taylor Dave Rasmussen

Additional Insights:

ASPE vs. IFRS (vs. U.S. GAAP): Choosing Accounting Standards