Make or buy? The future of Canadian standards

Article Abstract:

The Canadian Institute of Chartered Accountants' (CICA) task force on standard-setting has finally published its recommendations on the management of standard-setting resources in Canada. The report also outlines vital programs on strategic areas. The task force focused on all aspects of standard-setting presently undertaken by CICA, namely, accounting, auditing, public sector accounting and auditing, control, and research studies. Its recommendations include the creation of a 'center for innovation' that would promote programs and activities responsive to emerging market needs, and the continued development of accounting standards by the CICA but with the Accounting Standards Board forging a parallel course. The report is obviously intended to preserve the CICA's standard-setting role in Canada as well as its international stature and influence.

Reports

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Quietly influential

Article Abstract:

National accounting standard-setters are increasingly compelled to align their standards with International Accounting Standards (IASs). Exerting pressure on these regulatory bodies are the International Accounting Standards Committee's (IASC) accelerated work program and the International Organization of Securities Commissions' possible endorsement of the IASs. Canada's Accounting Standards Board is among those feeling the pressure to adopt American and international standards. Fortunately, Canadian and international standards can easily be harmonized by choosing alternative treatments offered by IASs or Canadian generally accepted accounting principles. Differences between such standards are expected to decrease in the coming years as the IASC and the Canadian Institute of Chartered Accountants continue to work together.

International Accounting Standards Board

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Along the American way

Article Abstract:

The Canadian Institute of Chartered Accountants (CICA) has vowed to do its best to support the International Accounting Standards Committee (IASC) in its bid to create a truly international system of accounting. That promise, which includes convincing the regulatory authorities and the industrial and business communities to comply with the International Accounting Standards (IASs) generated by the IASC, will be put to the test with the IASC's decision to develop original accounting standards that will greatly differ from existing US accounting standards. The dilemma faced by CICA lies in the fact that, despite its major role in the creation of the IASC, the US continues to be Canada's biggest trading partner and as such wants its accounting practices to be closer to that of the US.

Accounting, auditing, & bookkeeping, Accounting & Auditing Services, Accounting, Tax Preparation, Bookkeeping, and Payroll Services, Associations, Accountants

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