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Canadian GAAP
Generally Accepted Accounting Principles (GAAP) of Canada provided the framework of broad guidelines, conventions, rules and procedures of accounting. In early 2006, the AcSB decided to completely converge Canadian GAAP with international GAAP, i.e. International Financial Reporting Standards (IFRS), as set by the International Accounting Standards Board (IASB), for most entities that must follow AcSB standards. For publicly accountable enterprises, IFRS became mandatory in Canada for fiscal periods beginning after January 1, 2011. Privately accountable enterprises had the option of adopting IFRS, or a new set of standards called Accounting Standard for Private Enterprises (ASPE). History In Canada, professional development paralleled that of the United States. In 1936, the Terminology Committee of the Canadian Institute of Chartered Accountants (CICA) formed and was asked to take steps to encourage greater uniformity in the use of accounting terms by its members. In 1939, th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by total area. Its southern and western border with the United States, stretching , is the world's longest binational land border. Canada's capital is Ottawa, and its three largest metropolitan areas are Toronto, Montreal, and Vancouver. Indigenous peoples have continuously inhabited what is now Canada for thousands of years. Beginning in the 16th century, British and French expeditions explored and later settled along the Atlantic coast. As a consequence of various armed conflicts, France ceded nearly all of its colonies in North America in 1763. In 1867, with the union of three British North American colonies through Confederation, Canada was formed as a federal dominion of four provinces. This began an accretion of provinces an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting
Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers; and management accounting focuses on the measurement ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting Standards Board (Canada)
The Accounting Standards Board (AcSB) establishes accounting standards for use by private enterprises and private sector not-for-profit organizations. The AcSB contributes to the development of International Financial Reporting Standards (IFRSs) by participating in consultations and activities of the International Accounting Standards Board (IASB) to ensure Canadian publicly accountable entities' financial reporting needs are considered. The AcSB develops and participates in the development of high-quality financial reporting standards. As an independent body, the AcSB is intended to make clients confident and promote objectivity , which helps organizations make informed decisions on where to allocate their financial assets. Responsibilities According to their Terms of Reference, their responsibilities include: * the creation of financial accounting standards following review, * implementing effective working standards for themselves, * researching financial reporting standard ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Financial Reporting Standards
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable and comparable across international boundaries. They are particularly relevant for companies with shares or securities listed on a public stock exchange. IFRS have replaced many different national accounting standards around the world but have not replaced the separate accounting standards in the United States where U.S. GAAP is applied. History The International Accounting Standards Committee (IASC) was established in June 1973 by accountancy bodies representing ten countries. It devised and published International Accounting Standards (IAS), interpretations and a conceptual framework. These were looked to by many national accounting standard-set ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Accounting Standards Board
The International Accounting Standards Board (IASB) is the independent accounting standard-setting body of the IFRS Foundation. The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). It is responsible for developing International Financial Reporting Standards (IFRS) and for promoting their use and application."About the IASB" IFRS Foundation, 2018. Background and semantics The (IASC) had been established in 1973 and had issued a number of standards known as International Accounting Standards (IAS). As t ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Americ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canadian Institute Of Chartered Accountants
The Canadian Institute of Chartered Accountants (CICA) was incorporated by an Act of the Parliament of Canada in 1902, which later became known as the ''Canadian Institute of Chartered Accountants Act''. The CICA developed and supported accounting, auditing and assurance standards for organizations in Canada, developed and delivered education programs, and issued the professional designation of Chartered Accountant. The CICA was a founding member of the International Federation of Accountants and the Global Accounting Alliance. In 2014, CICA merged with Canada's two other major accounting designations to form the Chartered Professional Accountants of Canada. History * 1902 – The Dominion Association of Chartered Accountants (DACA) is incorporated by Private Act of the Parliament of Canada. (SC 1902, c. 58) * 1934 – The Canada Companies Act is amended to provide for the involvement of the DACA in setting standards for accounting policies. * 1938 – All provinces agree that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Queen's University At Kingston
Queen's University at Kingston, commonly known as Queen's University or simply Queen's, is a public research university in Kingston, Ontario, Canada. Queen's holds more than of land throughout Ontario and owns Herstmonceux Castle in East Sussex, England. Queen's is organized into eight faculties and schools. The Church of Scotland established Queen's College in October 1841 via a royal charter from Queen Victoria. The first classes, intended to prepare students for the ministry, were held 7 March 1842 with 13 students and two professors. In 1869, Queen's was the first Canadian university west of the Maritime provinces to admit women. In 1883, a women's college for medical education affiliated with Queen's University was established after male staff and students reacted with hostility to the admission of women to the university's medical classes. In 1912, Queen's ended its affiliation with the Presbyterian Church, and adopted its present name. During the mid-20th century, the u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auditing
An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditors consider the propositions before them, obtain evidence, and evaluate the propositions in their auditing report. Audits provide third-party assurance to various stakeholders that the subject matter is free from material misstatement. The term is most frequently applied to audits of the financial information relating to a legal person. Other commonly audited areas include: secretarial and compliance, internal controls, quality management, project management, water management, and energy conservation. As a result of an audit, stakeholders may evaluate and improve the effectiveness of risk management, control, and governanc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Accounting
Financial accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. This involves the preparation of financial statements available for public use. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes. Financial accountancy is governed by both local and international accounting standards. Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction. It includes the standards, conventions and rules that accountants follow in recording and summarizing and in the preparation of financial statements. On the other hand, International Financial Reporting Standards (IFRS) is a set of accounting standards stating how particular types of transactions and other events should be repo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Certified General Accountant
Certified General Accountant (CGA) is a professional designation granted to Canadian accountants. A person who meets the education, experience and examination requirements of the Certified General Accountants of Canada (CGA-Canada) is entitled to use the professional designation and add the letters "CGA" to their title. A CGA is jointly a member of CGA-Canada and a provincial or territorial CGA association, or a CGA association overseas. CGAs work throughout the world in industry, commerce, finance, government, public practice and the not-for-profit sector. CGA-Canada is working with the Chartered Professional Accountants of Canada (CPA Canada) to integrate operations under the CPA banner in 2014. Those with a CGA designation will be automatically granted the Chartered Professional Accountant (CPA) designation and are required to use both concurrently until 2024, (noted as CPA, CGA) and then adjust to the CPA designation alone just for it. History The national association, first ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Society Of Management Accountants Of Canada
The Society of Management Accountants of Canada (french: La Société des comptables en management du Canada), also known as Certified Management Accountants of Canada (french: Comptables en management accrédités du Canada) and CMA Canada, awards the Certified Management Accountant designation in Canada. Activities Until September 2015, CMA Canada, through its provincial and territorial affiliates, granted the CMA professional designation in accounting and was responsible for standards-setting, accreditation and the continuing professional development of CMAs. CMAs applied expertise in accounting, management and strategy to ensure corporate accountability and help organizations maintain a long-term competitive advantage. In that regard, CMA Canada offered executive development programs, online courses, and knowledge management publications. Management Accounting Guidelines and Management Accounting Practices were published by CMA Canada to specify the best practice on key topic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
