Drawing the line

Article Abstract:

The Canadian Institute of Chartered Accountant's Audit Standards Board approved a new section, to be included in the CICA's Handbook, on the treatment of misstatements due to illegal acts. Many accountants criticized the section for its apparent failure to clearly outline the proper procedure for handling misstatements due to illegal acts. They also expressed concern that the guidelines will only increase their liability to lawsuits for improper treatment of misstatements. Clarifications regarding most of these concerns are presented.

Laws, regulations and rules, Financial statements

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Renewing reviews: the Auditing Standards Board has approved an updated and more comprehensive guideline on performing reviews of financial statements

Article Abstract:

The Auditing Standards Board is in the process of revising the present guidelines contained in the handbook of the Canadian Institute of Chartered Accountants. The items being reviewed include environmental issues and illegal acts, documentation, letters of representation, contingencies and contractual obligations. The updated version of the handbook, to be referred to as Handbook Release No. 85, will be introduced in Sep. 1995.

Accounting Standards Board

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Four-part harmony: a pressing need exists to harmonize life insurers, banks, trust companies and securities dealers under one GAAP model

Article Abstract:

The Canadian Institute of Chartered Accountants and the Office of the Superintendent of Financial Institutions is developing procedures to harmonize accounting procedures for life insurance companies, banks and trust funds. Both institutions realized that these companies often deal with similar products and that a harmonized accounting system is needed to ensure accurate reporting.

Financial Services, Finance and Insurance, Financial services industry

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• Abstracts: Alternative disclosure: the Auditing Standards Board examines the when, why and how of financial statements designed to meet special needs

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