AFM291 Study Guide - Final Guide: International Accounting Standards Committee, International Accounting Standards Board, Public Company Accounting Oversight Board

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM291
• Professor: Mindy Wolfe

Document Summary

By the time the proposed standard gets to the ed stage, many key decisions already made: accounting professionals have often relied on more prescriptive, specific guidance provided in us. Gaap: in addition, to be listed on us exchange, the companies must follow us gaap or ifrs. Allows interested persons opportunity to make views known: from 2011, acsb develops standards for private, nfp, pension plans. Sme: bring about convergence of national standards and ifrss to solutions. Ifrs foundation monitors + evaluates + appoints members to + funds the. Commission standards indicates position on various financial reporting issues through reporting releases: provincial securities commissions oversee + monitor capital marketplace. Ceos/cfos certify statements + forfeit bonuses/profits if restatement of disclosures report on effectiveness of financial reporting internal control systems: auditors must assess and report on these internal controls. Csa now requires greater disclosures, including ratings, legal proceedings, details. Audit committees must have independent members + ones with financial expertise.