Tuning our instruments: two members of the FASB's financial instruments project compare US practices to a recent CICA exposure draft on the same subject

Article Abstract:

The US Financial Accounting Standards Board began a program in 1986 with the goal of developing standards in financial accounting and reporting in relation to financial instruments. The Canadian Institute of Chartered Accountants' Accounting Standards Committee published an exposure draft on the same subject in 1991 in a joint project with the International Accounting Standards Committee. The similarities between these Canadian and US practices concerning financial instruments are examined, as are their differences, especially in the areas of hedge accounting and derecognition.

Financial Accounting Standards Board

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A new grip on internal control: auditors will soon be required to gain an understanding of internal control for planning purposes on each and every audit

Article Abstract:

New regulations of the Auditing Standards Board require auditors to document and understand internal control for planning purposes on every audit. These rules are an offshoot of new revisions to accounting examination standards. In the past, only internal controls that had a direct bearing on the audit had to be studied and evaluated. These new recommendations will take effect on Oct 1, 1992.

Regulation misc. commercial sectors, Practice, Auditors, Financial statements, Internal auditing

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Delivering the goods on opinion shopping

Article Abstract:

The Auditing Standards Board has released Section 7600 that seeks to control opinion shopping among accountants. The new standards recommmends that second opinions be based on similar circumstances that incumbent accountants originally recieved from their clients. The idea fora review came after a survey of the public's perceptions toward auditing standards and accounting principles.

Ethical aspects, Accountants

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