Intermediate Accounting Volume 1, Sixth Canadian Edition Lecture Notes

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Copyright2014McGraw-Hill Ryerson Ltd. All rights reservedInstructor’sManual toaccompanyIntermediate Accounting,6thedition1CHAPTER 1THEFRAMEWORK FORFINANCIAL REPORTINGLearning ObjectivesAfter you have studied this chapter, you should:LO-1Understand the various accounting standards used by Canadian entities.LO-2Understand the objectives of financial reporting.LO-3Understand the financial reporting needs of external users of financialinformation.LO-4Understand the motivations of preparers of financial information.Lecture Notes1.ACCOUNTING STANDARDS IN CANADAAuthoritative Source of Canadian StandardsThe accounting standard-setting body in Canada is the Accounting Standards Board(AcSB).The AcSB is part of the Canadian Institute of Chartered Accountants(CICA).The authority of the CICA comes from the corporations acts of thefederal and provincial governments. The GAAP requirement for public companiesis enforceable by the provincial securities commissions.The commissions areresponsible for enforcing the reporting standards for companies that are traded intheir province.AcSB had for many decades maintained standards by regular revisions andadditions to the CICA Handbook. Currently they have a two-pronged approach forCanadian enterprises:For public companies or publicly accountable enterprises,IFRS is required forfinancial reporting for all reporting periods beginning on or after January 1, 2011.All the IFRS standards are included in the CICA Handbook as Part 1.Privatenonpublicly accountable enterpriseshave a choice between using full IFRSor Canadian accounting standards for private companies (ASPE) as prescribed inthe CICA Handbook, Part II. ASPE is somewhat less complex and is based moreon historical-cost accounting, and has far fewer disclosure requirements.IFRSOverviewMotivation for ChangeThe rapid development of international financial markets in the 1990s stimulatedinterest in developing a worldwide set of accounting standards.

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Intermediate Accounting by Thomas B...

Intermediate Accounting Volume 1, Sixth Canadian Edition Lecture Notes

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