Study Notes For Intermediate Accounting Volume 1, Seventh Canadian Edition

Get the edge on your exam prep with Study Notes For Intermediate Accounting Volume 1, Seventh Canadian Edition, offering chapter summaries and key revision papers.

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Intermediate Accounting,7thedition1CHAPTER 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 CanadianCharteredProfessional Accountants ofCanada (CPA Canada).The authority of CPA Canadacomes from the corporationacts of the federal and provincial governments. The GAAP requirement for publiccompanies is enforceable by the provincial securities commissions.Thecommissions are responsible for enforcing the reporting standards for companiesthat are traded in their province.TheAcSB had for many decades maintained standards by regular revisions andadditions to theCPA CanadaHandbook. Currently the AcSB hasa two-prongedapproach for Canadian enterprises:For public companies or publicly accountable enterprises,InternationalFinancialReportingStandards (IFRS)is required for financial reporting for all reportingperiods beginning on or after January 1, 2011. All the IFRS standards are includedin theCPA CanadaHandbook as Part 1.Privatenonpublicly accountable enterpriseshave a choice between using full IFRSor Canadian Accounting Standards for PrivateEnterprises(ASPE) as prescribed inthe CPA CanadaHandbook, Part II. ASPE is somewhat less complex,is basedmore on historical-cost accounting, and has far fewer disclosure requirements.

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Intermediate Accounting by Thomas B...

Study Notes For Intermediate Accounting Volume 1, Seventh Canadian Edition

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