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Winds of Regulatory and Legislative Change in Canada

The impetus for greater international harmonization in the law of pre-sale franchise disclosure is about to get a boost in Ontario, Canada. At press time, financial statements to be attached to compliant disclosure documents under Ontario's Arthur Wishart Act ("Franchise Disclosure"), 2000 ("The Wishart Act") are required to be prepared only in accordance with generally accepted auditing standards ("GAAS") — if audited — or, if not audited, then prepared under the review engagement standards in accordance with generally accepted accounting principles ("GAAP") set out in the Canadian Institute of Chartered Accountants' Handbook ("CICA Handbook"). No other standards are currently acceptable.

9 minute read June 27, 2005 at 10:54 AM
By
Markus Cohen, Q.C.
Winds of Regulatory and Legislative Change in Canada

The impetus for greater international harmonization in the law of pre-sale franchise disclosure is about to get a boost in Ontario, Canada.

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