Slowly tax problem solutions are evolving, as accounting systems evove at the rate of melting ice in the Arctic.

Slowly the world evolves, slowly the world wakes up,,, old accounting methods from the long gone era of paper, and little scrouges, sitting in dark corners labouring over numbers, is gone. Yet we slowly change the electronic accounting methods.

We live in a world where business needs to keep records in spreadsheets because accounting packages do not give meaningful data feedback.

Our accounting system that we use for audit ready bookkeeping leads the industry. Stay tuned as we are close to being able to launch our new and improved, high end accounting package that you will be able to operate with a web browser.

See what Jamie Golombec, has to say below, about the GAAP to IFRS standards

Dan White
New accounting standards will have no direct impact on individuals

Jamie Golombek, Financial Post  Published: Thursday, September 24, 2009
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International Accounting Standards Board

While accountants and businesses scramble to put together a plan for converting their financial accounting systems and statements from Canadian Generally Accepted Accounting Principles (GAAP) to the new International Financial Reporting Standards (IFRS), the good news is that IFRS shouldn’t impact your personal tax situation — at least not directly. IFRS is basically a set of accounting rules and principles designed to provide guidance to accountants and others to prepare financial statements. “There are not that many direct implications for individuals since individuals don’t have personal financial statements with respect to themselves,” said Stan Maj, a tax partner in the financial services group at Ernst and Young LLP in Toronto. However, IFRS might have an impact on public companies that will have to begin following International Accounting Standard 12 (IAS 12) on Income Taxes for fiscal periods beginning Jan. 1, 2011.

While IAS 12 is similar to current Canadian GAAP, the International Accounting Standards Board released an exposure draft on income tax in March 2009 that would effectively replace IAS 12. Included are proposals on the treatment of uncertain tax amounts, which might have an impact on how corporate taxes will be disclosed on financial statements. If the draft is adopted, financial statements would be expected to reflect a probability-weighted average of all possible outcomes under the assumption that the tax authority (i. e. the Canada Revenue Agency) has “full knowledge of all relevant information.” “The [corporate] veil is being lifted more than it currently is,” Mr. Maj said. “The transition to IFRS is more than a technical accounting exercise — it’s a major change-management project that will take some focus, planning and advice to prepare for.” - Jamie Golombek, CA, CPA, CFP, CLU, TEP, is the managing director, tax and estate planning, with CIBC Private Wealth Management in Toronto.

Read more: http://www.financialpost.com/story.html?id=2026226#ixzz0S2PUEaQ7