OSC looks for "stretched" rules

Article Abstract:

The 1990-91 edition of Ontario Securities Commission's Report on Financial Statement Issues has been released by the Commission's Office of the Chief Accountant. The report is part of an ongoing Canadian program for reviewing and enhancing financial reporting. It helps promote compliance with generally accepted accounting practices and pinpoints areas where new accounting methods are emerging and old ones can be improved. The report is based on a random sampling of financial reports from amomng the 300 biggest companies on the Toronto Stock Exchange.

Regulation misc. commercial sectors, Canada, Evaluation, Economic aspects, Financial statements, Corporation reports, Company reports, Ontario. Securities Commission

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Creating standards for standards

Article Abstract:

A careful reading of the CICA Handbook shows that Section 5100 lists all the basic auditing standards known as the generally accepted auditing standards (GAAS). Other recommendations for auditing practice not included in the GAAS list should therefore be considered as being recommendations issued by the CICA to assist auditors in complying with GAAS principles. From a legal perspective, accountants should remember that GAAS and non-GAAS recommendations carry equal weight provided that these recommendations are specified in the CICA Handbook.

Standards, Auditing, Canadian Institute of Chartered Accountants

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