Tangible, but transitional

Article Abstract:

The new accounting standards issued by the Public Sector Accounting and Auditing Board (PSAAB) for evaluating tangible capital assets offer numerous benefits to federal, provincial and territorial government applications. Aside from providing substantial information on stewardship, accountability, security and insurance, they are also effective decision-making tools for resource allocation, taxation and budget allocation. Contrary to private sector reporting, the approach has been designed to meet the varying needs of end users. These guidelines take into account various elements including statement of financial positions, operating statements accounts and others.

Evaluation, Capital assets, Government securities

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A need for uniformity

Article Abstract:

The CICA Accounting Standards Board and the International Accounting Standards Committee have recognized the need for standards regarding liabilities and assets and are taking steps to formulate such standards. Accounting principles were primarily intended for the manufacturing industry but current requirement render accounting standards in great need for reevaluation.

Liabilities (Accounting), Accounting and auditing, Financial markets, Assets (Accounting)

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