Tailor-made, or one-size-fits-all?
Article Abstract:
The use of differential reporting in the preparation of financial statements has certain advantages. This is particularly true for small and medium-sized businesses which need to prepare their financial statements in accordance with standard accounting rules to make the reports credible and to avoid confusion arising from two different standards. However, using different reporting methods can make similar financial statements quite different to the reader. Thus, clearly defined, consistent and harmonized reporting standards are necessary to allow for comparison and standardization across industries in terms of valuation, covenant reporting, benchmarking and other relevant financial issues.
Publication Name: CA Magazine
Subject: Business
ISSN: 0317-6878
Year: 1999
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Putting it all together
Article Abstract:
The Public Sector Accounting and Auditing Board of the Canadian Institute of Chartered Accountants (CICA) has revised its recommendations on public sector accounting. Section PS 1300 of the CICA Public Sector Accounting Handbook offers a detailed guidance on the preparation of a financial reporting entity in summary financial statements. All government institutions in the reporting entity would be consolidated in the summary financial statements under the revised proposals.
Publication Name: CA Magazine
Subject: Business
ISSN: 0317-6878
Year: 1999
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Filling in the gaps
Article Abstract:
Canada's Public Sector Accounting and Auditing Board has issued an exposure draft following its assessment of the Canadian Institute of Chartered Accountants' handbook. Its recommendations include the establishment of conditions for adjusting financial statements for events subsequent to the financial statement date and the expansion of disclosure requirements in Sections PS 1500 and PS 1800.
Publication Name: CA Magazine
Subject: Business
ISSN: 0317-6878
Year: 1997
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