GAAP under fire

Article Abstract:

Canada's Generally Accepted Accounting Principles (GAAP) may need to be changed in view of international and legal requirements. GAAP was put into trial in the Kripps vs Touche Ross Co case. Touche Ross & Co blames Kripp's insufficient auditing report for the losses it incurred from the failure of Victoria Mortgage Corporation Ltd. The first trial ruled for Kripp's because it conformed to the GAAP standards. However, the Court of Appeals reversed the decision because the auditor's opinion has not provided the clients with a fair presentation of all relevant business details.

Cases, Laws, regulations and rules, Accounting firms, Accounting services, Touche Ross and Co., Kripps

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Relative risks

Article Abstract:

The Accounting Standards Board has released two new sections in the 'CICA Handbook - Accounting' on related party transactions. 'Related party transactions, Section 3840, and 'Disclosure of related party transactions by not-for-profit organizations, Section 4460, are the new sections that updated related sections in the 1979 version of the handbook. Meanwhile, the Assurance Standards Board has released 'Audit of related party transactions,' Section 6010, for reporting of financial statements and reports relating to periods starting on or after Apr 1, 1999.

Auditing, Accounting Standards Board, Related party transactions

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Natural Solution

Article Abstract:

Full cost accounting allows economic and environmental information to be blended into business decisions. It allows not only internal costs, such as those needed to meet environmental rules, but also externalities such as a firm operation's impact on the environment. These externalities may be integrated into the costs by monetizing them, either by ascribing the costs of controls or by estimating the damages.

Accounting Methods NEC, Accounting and auditing, Environmental impact analysis

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