Accounting Advisory & Standards

Sound financial statements are only as good as the judgments behind them. RN Canada's accounting advisory service helps owner-managed businesses across Alberta and British Columbia apply the right accounting framework correctly — whether that is Accounting Standards for Private Enterprises (ASPE), International Financial Reporting Standards (IFRS) or US GAAP — and account for the transactions that fall outside everyday bookkeeping. The goal is reporting that holds up: to lenders, to investors, to a parent company, to an auditor and to a future buyer.

What RN Canada does

• Framework application. Applying ASPE, IFRS or US GAAP to your facts, and helping you choose the framework that fits your stakeholders rather than the one that is simply most familiar.
• Complex-transaction accounting. Working through the entries and disclosures for transactions that do not have an obvious answer — business combinations, financial instruments, revenue arrangements, leases, impairments and equity transactions.
• Financial-reporting process design. Building the close process, schedules and review steps that make period-end reporting repeatable and reliable instead of a scramble.
• Audit-readiness. Preparing documentation, reconciliations and support for significant judgments before fieldwork begins, so the audit is shorter and cleaner.
• Technical position papers. Documenting the reasoning behind a significant accounting policy or one-off judgment, so the position is defensible if it is ever questioned.

What's included

Accounting advisory is engagement-shaped rather than a fixed package. A typical engagement starts by establishing which framework you report under and why, then moves to the specific questions in front of you — how to recognise revenue on a particular contract, how to account for an acquisition, how to present a financing arrangement, or how to transition cleanly when you adopt a new framework. We then help you embed the answer in your reporting process so the same question does not have to be re-litigated every period.

Standards and frameworks we work with

ASPE for private enterprises. Most Canadian private companies report under ASPE because it is proportionate to the needs of a privately held business and its lenders. We help you apply it consistently and document where management judgment was required.

IFRS for publicly accountable enterprises. Companies that are publicly accountable — or that are positioning for that path, for outside investors, or for consolidation into an IFRS parent — report under IFRS. We help you bridge the differences when a private company moves toward IFRS reporting.

US GAAP where it is required. Businesses with a US parent, US investors or US reporting obligations may need US GAAP figures alongside their Canadian statements. We help reconcile and prepare those.

Because financial reporting and tax sit side by side, we keep the tax framework in view as we work. Accounting choices flow through to your T2 corporation return, and the small-business deduction applies to active business income up to the $500,000 business limit, taxed at roughly 11% combined in Alberta and about 23% above the limit. Source: Corporation tax rates — Canada.ca and Corporate income tax — Alberta.ca. We also keep reporting aligned with your filing calendar, since a T2 is due within six months of year-end. Source: Corporation income tax filing and payment deadlines — Canada.ca.

Who it's for

This service fits owner-managed businesses facing a transaction or reporting question their internal team has not handled before, companies preparing for their first audit or review, businesses adopting or transitioning between frameworks, and finance teams that want a technical sounding board for significant judgments. It suits Alberta and BC companies whose statements are read by lenders, investors, parent companies or prospective buyers, where getting the accounting right the first time matters.

How RN Canada helps

We work from your actual transactions and stakeholder needs to apply the right framework, resolve the hard judgment calls, document the reasoning and design a reporting process that stays reliable. Our founder, Ozgur Duymaz, holds a Ph.D. in accounting and finance and is a CPA (Canada), ACCA (UK) and CMA (US). To get a technical accounting question answered properly, talk to us or browse the full services overview.

This page is general information, not personalized accounting advice. Speak to us about your specific situation.