Accounting standards and national tax laws: the IASC and the ban on LIFO

Article Abstract:

The link between tax laws and the preference by some countries for the First-In-Last Out (LIFO) inventory method is analyzed. The LIFO method has been discouraged by the International Accounting Standards Committee in favor of the First-In-First-Out (FIFO) method. Nevertheless, some firms in such countries as Canada and South Africa have persisted in the use of LIFO. It was found out that the reason for such choice was the tax advantage that LIFO provides.

Standards, Interpretation and construction, Tax law, Accounting and auditing, Economic policy, International Accounting Standards Board, Inventories, Inventory accounting

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Recognition of CPAs not in public practice

Article Abstract:

The right of accountants who are not employed with the government to reveal their qualification as duly certified CPAs is discussed. This has been an issue ever since State Boards of Accountancy decided to restrict the circumstances under which privately employed CPAs could reveal their licensed status. It has been found out that such reasons, often made in the name of public interest, are not persuasive enough.

Practice

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The disciplinary process of the accounting profession: protecting the public or the profession? The Quebec experience

Article Abstract:

Information on the regulatory system governing the accounting profession in Quebec, Canada is offered. Additional information on the Quebec Chartered Accountants' (OCAQ) enforcement system regarding accounting practice and disciplinary actions and sanctions ordered by OCAQ is included.

Canada, Quebec, Statistical Data Included, Services, Professional ethics

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