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Convenient ways to purchase the Accounting Practices Handbook...
(1) Online Version - Available 24/7, a fully searchable, electronic version is offered through KnotiaTM. The Online Version includes all amendments to date at no additional charge. The Handbook is hyperlinked to the CICA Handbook.
To place and pay for your order, simply go to http://www.knotia.ca/, click on "Shop the Knotia Store" and search for "REALpac" or go directly to http://www.knotia.ca/store/REALpac
(2) Hard Cover 3-Ring Binder - The easily updatable, 3-ring binder allows for timely updates in this fast-changing industry and includes all Amendments to date.
To place and pay for your order by cheque or credit card, click on the following link for the PDF Order Form.
(3) Amendments to the Hard Cover 3-Ring Binder
Those who already hold the REALpac Accounting Practices Handbook can update their copy by purchasing the appropriate Amendments.
To place and pay for your amendments to the 3-ring binder, click on the following link for the PDF Order Form.
Amendment No. 12 (11/2007), Click here for a description of the changes.
Amendment No. 11 (03/2006), Click here for a description of the changes.
Amendment No. 10 (03/2005), Click here for a description of the changes. Please note that as of Amendment No. 10, Filing Instructions are no longer being produced for the "black" binder. It is strongly suggested that holders of the "black" binder purchase an updated version of the handbook.
Amendment No. 9 (03/2004), Click here for a description of the changes.
Please note that the following amendments are no longer offered for sale. Descriptions of the changes are being retained on this website for archive and reference purposes only.
Amendment No. 8 (07/2003), Click here for a description of the changes.
Amendment No. 7 (01/2002), Click here for a description of the changes.
Amendment No. 6 (05/2000), Click here for a description of the changes.
Amendment No. 5 (09/1999), Click here for a description of the changes.
Amendment No. 4 (06/1998), Click here for a description of the changes.
Frequently Asked Questions...
Click here for a list of frequently asked questions.
For more information contact...
Office Manager, info@realpac.ca, 416.642.2700 ext. 221.
History...
In 1970, REALpac (the Canadian Institute of Public Real Estate Companies as it was then known) recognized the need to improve financial reporting within the real estate investment and development industry. At that time, there were considerable variations in accounting practices from company to company for similar transactions. REALpac supported generally accepted accounting principles (GAAP) as standards for financial reporting and also recognized that the Canadian Institute of Chartered Accountants (CICA) was the sole standard setting body for accounting principles in Canada. However, since CICA had not issued rules for particular industries, a gap had developed in applying the CICA rules to transactions within the real estate industry. REALpac believed that the nature of the real estate industry was such that in certain areas, specialized accounting practices, consistent with GAAP must be formulated and adopted together with a more meaningful disclosure of the practices used to enable investors and others to more fully understand the financial affairs of the companies involved. As a result, REALpac published the first edition of its handbook, "Recommended Accounting Practices for Real Estate Companies".
Since 1970, the REALpac recommendations have received widespread acceptance in the industry. Many companies financial statements have policies and standards of disclosure that are substantially in accordance with the REALpac recommendations.
REALpac's Financial Best Practices Committee is comprised primarily of the Chief Financial Officers of member organizations. In addition, carefully selected individuals from the accounting firms of PricewaterhouseCoopers, Deloitte & Touche and KPMG act as ongoing resources for the Committee.
Because of the complexity within the industry and the evolution both in the industry and in GAAP and practices, REALpac must continually monitor change and update the handbook. The year 2000, the need to develop a digital version of the handbook, and significant additions to the body of the handbook, were motivations to completely reprint the handbook in June 2000. The handbook is currently known as "Recommended Accounting Practices for Real Estate Investment and Development Companies".
REALpac continues to acknowledge that the CICA is the organization authorized to establish financial accounting standards in Canada. REALpac believes that it has a responsibility to provide guidance to its members on the application of GAAP to enable them to both reflect the uniqueness of complex transactions and more consistently account for similar transactions. Accordingly, the handbook has been written to document currently acceptable practice in Canada, including that intended in the Emerging Issues Committee pronouncements of CICA, for transactions that are occurring today. As a matter of courtesy, REALpac encourages CICA to review and comment on proposed amendments to the handbook. However, the amendments and any suggested changes remain the sole discretion of REALpac.
REALpac acknowledges the role of CICA, and accordingly, no recommendation is intended to override the requirements of a governing statute or a recommendation of CICA.
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