Pigman

Topics: Balance sheet, Accounts receivable, Generally Accepted Accounting Principles Pages: 1 (347 words) Published: November 4, 2014

1.The Canadian Institute of Chartered Accountants has established the standards for Canadian accountants. These standard are made available in the CICA Handbook. 2. CICA Handbook is the publication, which are most of the rules of accounting found. 3. AcSB is one separate governing body called the Accounting Standards Board. 4.IFRS stand for International Financial Reporting Standards, which are set by the IASB. 5. Canadian public companies using IFRS started on January 1, 2011. 6. ASPE stand for Accounting Standards for Private Enterprises. 7. Private businesses use ASPE, they started using them on January 1, 2011. Since ASPE was developed from traditional Canadian standards, its guidelines force fewer changes in accounting procedures than the guidelines in IFRS. Therefore, they use them instead of IFRS. 8. The business entity concept is a long-standing principle that keeps the accounting for a business organization separate from the personal affairs of its owner, or from any other business or organization. 9. The ASPE uphold the traditional cost principle, which requires accountants to record the value of assets at their historical cost price. 10. Continuing concern concept is related to the cost principle and balance sheet interpretation. The continuing concern concept assumes that a business will continue to operate unless it is known that it will not. This assumption frees the reader of a balance sheet from worrying about the market values of assets and whether debts will have to be paid before they are due. 11. IFRS procedure gives a new perspective on the cost principle is the Revaluation Model. The Revaluation Model outlines an accounting procedure that allows accountants to change the value of particular assets based on market conditions. 12. Current assets are cash and assets that will be converted into cash within one year, such as accounts receivable. Current assets also include assets that will be used up within a year, like supplies. 13. Current...
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