Translation of "commis de comptabilité et d'inventaires " (French → English) :

The dealer will be doing his inventory accounting that we have organized.

(b) for the purpose of computing the income of the new corporation, where the property described in the inventory, if any, of the new corporation at the beginning of its first taxation year includes property that was described in the inventory of a predecessor corporation at the end of the taxation year of the predecessor corporation that ended immediately before the amalgamation (which taxation year of a predecessor corporation is referred to in this section as its “last taxation year”), the property so included shall be deemed to have been acquired by the new corporation at the beginning of its first taxation year for an amount determi ...[+++]ned in accordance with section 10 as the value thereof for the purpose of computing the income of the predecessor corporation for its last taxation year, except that where the income of the predecessor corporation for its last taxation year from a farming business was computed in accordance with the cash method, the amount so determined in respect of inventory owned in connection with that business shall be deemed to be the total of all amounts each of which is an amount included because of paragraph 28(1)(b) or 28(1)(c) in computing that income for that year and, where the income of the new corporation from a farming business is computed in accordance with the cash method, for the purpose of section 28,

Over and above that, because accrual accounting implies more than just fixed assets—it involves setting up inventories and prepaid expenses—with respect to inventories we would be setting those up based on generally accepted accounting principles.

As regards the keeping of the accounts, it is necessary to specify the principles applicable to the accounting ledgers, the trial balance, the periodical reconciliation of the totals in that balance and the inventory, and to specify the components of the chart of accounts adopted by the Commission’s accounting officer.

It's now called modified cash basis of accounting, if you will, because cash basis allows a taxpayer to write off the cost of inventory, and horses are considered inventory.

In addition, the Commission has adopted proposals for Council regulations in the following areas: - introduction of an annual physical inventory of public stocks and reconciliation with the accounts; - physical checks of the accounting documents of undertakings receiving funds from or owing funds to the EAGGF Guarantee section.