Quarterly Survey of Financial Statistics for Enterprises

Summary of changes

Activity on this program started: 1951

Reference period of change - first quarter 2011

Quarterly financial statistics are compiled using financial information provided by enterprises that derive this data from their financial statements. Starting on January 1, 2011, Canadian publicly accountable enterprises are required to replace Canadian Generally Accepted Accounting Principles (CGAAP) with International Financial Reporting Standards (IFRS) when preparing their financial statements for fiscal years starting on or after January 1, 2011. Canadian private enterprises are required to replace CGAAP by Accounting Standards for Private Enterprises or IFRS. The adoption of new accounting standards by some enterprises since the beginning of 2011 may affect comparability with prior periods.

Reference period of change - first quarter 2010

Quarterly financial statistics for the first quarter 2010 forward are based on the 2012 North American Industry Classification System (NAICS). For the period prior to the first quarter 2010, the financial statistics are based on the 2007 NAICS.

Reference period of change - first quarter 2008

Target population - Effective this quarter, the program has converted to the 2007 version of the North American Industry Classification System (NAICS). All data from 1988 onwards have been revised to reflect this update. However, the impact on the historical series has been minimal.

Reference period of change - second quarter 2007

Instrument design - The questionnaires used in the Quarterly Survey of Financial Statements have been modified as of the second quarter of 2007. These changes were implemented in response to evolving financial reporting standards as outlined by the Canadian Institute of Chartered Accountants as well as requirements of the System of National Accounts.

Reference period of change - first quarter 2004

Beginning with the first quarter of 2004 publication, the quarterly financial series switched to the North American Industry Classification System (NAICS Canada 2002) basis of industrial classification from the previously used NAICS Canada 1997 basis. The previous set of industrial aggregations consisting of 157, 58 and 24 groups has been replaced by a new set of 67, 48 and 22 industry groups, and a group of 10 financial instruments. Historical data on a NAICS Canada 2002 basis were created using a concordance that converted the old NAICS Canada 1997 codes to the new NAICS Canada 2002 codes.