| Fortis TCI changes to US GAAP |
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| Wednesday, 18 April 2012 20:05 | |||
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Officials from Fortis are celebrating a new development that will help align the company closer to the rest of the Fortis Group. As of Jan. 1, 2013, the company will be adopting the Generally Accepted Accounting Principles (US GAAP) for their financial statements. In January 2012 Fortis, a Canadian company, and all its subsidiaries except for Fortis TCI adopted US GAAP for the preparation of financial statements. In 2010, Fortis TCI having reported under International Financial Reporting Standards (IFRS) since it was introduced, opted to continue reporting under the same standards as it was assessed that the potential impact on financial reporting may not be significant, particularly on a consolidated (Fortis Inc.) basis. However, management has now decided to switch to US GAAP The company says the benefits of using GAAP will include alignment with its parent company Fortis and its subsequent subsidiaries. US GAAP experts Chris Johnston from Deloitte, Eric Clarke, PWC Partner and Heather Horn, partner National Professional Service Group, were on hand this week to hold a one day seminar to educate relevant staff on the changes.
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