AR101 Lecture Notes - Lecture 16: Historical Cost, Gross Profit, International Accounting Standards Board
31 Jan 2017
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Document Summary
Canadian securities administrators protect investors and maintain the integrity of the securities market. Accounting standards board set generally accepted accounting standards. Canadian public accountability board is federal agency which oversees canadian accounting firms that perform auditing engagements of public companies. Corporate governance standards are along with provincial governments and set overally corporate governance standards. Management is responsible for the information in the financial statements and disclosures. Chief executive officer is the highest officer of the company. Chief financial officer is the highest officer associated with the financial and accounting side of the business. Account staff prepare the details of the reports and bear professional responsibility for the accuracy of the information. Responsible for ensuring that processes are in place for maintaining the integrity of the companies accounting, financial statement preparation, and financial reporting. Composed of non-management directors with financial knowledge and is responsible for hiring the company"s independent auditors.
