Letters

The GAAP evolution

I am compelled to respond to Melanie Hepburn's letter, "Death of a Canadian accountant" (June/July 2001).

In it she states, "OSC Chairman David Brown calls for the elimination of Canadian GAAP." A Toronto Star article, "Adopt US GAAP: OSC chair" (February 14, 2001), relates to comments by Brown that were made in his speech "Maintaining confidence and competitiveness in Canadian capital markets," given in Toronto on February 13, 2001, at The Canadian Institute's 11th Annual Securities Super conference. Unfortunately, the headline doesn't match the story. Brown didn't call for the elimination of Canadian GAAP or the adoption of US GAAP. He raised some …